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Saturday, December 1, 2012

Your forexlive.com ENewsletter

Link to ForexLive

Moody’s downgrades ESM and EFSF

Posted: 30 Nov 2012 02:11 PM PST

USD/NOK in a tenner?

Posted: 30 Nov 2012 12:48 PM PST

Norwegian sovereign wealth fund says its to invest $11 bln in US real estate. Should put a bid under USD/NOK, EUR/NOK.

EU’s Rehn: Strong commitment to ensure euro area will not break up

Posted: 30 Nov 2012 12:45 PM PST

  • No specific target on Greek debt buy-back; important partof Greek package
  • Spain fullly committed to meeting fiscal targets
  • Once there is a request for aid from any member, we are ready to act (Cyprus on line 3, Olli!)

Mr. Market loves him some USD/JPY

Posted: 30 Nov 2012 12:40 PM PST

Net Yen Short Position $12.1 Billion, Increases 54%, According to WSJ Analysis of CFTC Data

I’m beginning to nod off here…

Posted: 30 Nov 2012 12:31 PM PST

Time for some kick-ass rock and roll.

This one goes out to Gerry.

Minor support for USD/JPY at 82.34

Posted: 30 Nov 2012 12:04 PM PST

USD/JPY is giving back some of its overnight gains, eying some support at the 82.34 level. We had an hourly low there earlier in the day and that spot is also the 38.2% retracement of the 81.68/82.75 rally.

In the bigger picture, a move below the 81.68 level would trigger a double top pattern after repeated stalls in the 82.75/77 area.

ForexLive US wrap: Top of range extended marginally but no follow-through

Posted: 30 Nov 2012 12:00 PM PST

  • US personal income flat in October, spending falls 0.3%; Core PCE price index up 0.1%
  • Q3 Canadian GDP up 0.6% annualized rate; below 0.9% forecast
  • Chicago PMI rises to 50.4 in November from 49.9 in October; new orders plunge to 45.3 from 50.6
  • US GDP Q4 forecasts slashed after income/spending data
  • House Speaker Boehner: There is a stalemate in fiscal cliff negotiations; not posturing
  • Minority Leader McConnell proposes tax revenue increase in exchange for entitlement reform

EUR/USD made on fundamentally-based move, sliding from 1.2995 to 1.2968 on the poor US personal income and spending data. Prices recovered to unchanged levels before a late European rally which coincided with the month-end 16:00 GMT fixing took us up to 1.30235 briefly. Much of the afternoon was spent in a listless range around 1.3000.

USD/JPY was unable to muster the momentum to challenge exotic options in the 82.90/83.00 area and slipped off of earlier highs to spend much of the New York session in the 82.50s.

Cable was pounded for much of the session, falling as low as 1.5988 with cross-related GBP sale for month-end the most notable flow. Traditional month-end EUR/GBP demand was very much in evidence today, taking that cross to the highest level in a month.

France to boost exports to Greece

Posted: 30 Nov 2012 11:30 AM PST

They’d better be exports of cash, ’cause Greece ain’t buyin’.

Senate minority leader: Obama offer almost comical

Posted: 30 Nov 2012 10:42 AM PST

Not almost. It’s a joke…

McConnell calls for entitlement reform in exchange for higher tax revenue in an interview with the WSJ.

So divisive!

Boehner: Obama proposal would hit small business

Posted: 30 Nov 2012 09:52 AM PST

  • Washington continues to spend to much
  • Fiscal cliff needs real spending cuts
  • White House proposal not serious
  • Seeking a bipartisan solution
  • Says ready to work with President in good faith
  • There is a stalemate; not posturing
  • We are almost nowhere

Many small businesses are taxed at personal income tax rates…

Beware the month-end Friday afternoon

Posted: 30 Nov 2012 09:45 AM PST

Once the month-end fixings have passed many traders try and pull in their horns and preserve what ever P&L they have on the books for the month rather than risk it.

Markets become extremely illiquid and vulnerable to sharp, illogical swings if a decent sized flows hits a market that is at less than full strength.

If you feel compelled to trade amid such conditions, keep position sizes smaller than normal to limit risk.

Obama: “Handful of Republicans” holding tax cuts hostage

Posted: 30 Nov 2012 09:28 AM PST

Umm, that handful is a majority of the House of Representatives. Must have some pretty big hands…

Canadian FinMin Flaherty: I’ll stay until the budget is balanced

Posted: 30 Nov 2012 09:04 AM PST

Than goodness his neighbor to the south has not made the same pledge…

  • No government timeline to decide CNOOC-Nexen bid that he is aware of

Bloomberg: Speaker Boehner to speak on fiscal cliff at 17:45 GMT

Posted: 30 Nov 2012 08:51 AM PST

A bit less than an hour from now.

European markets close little changed

Posted: 30 Nov 2012 08:32 AM PST

  • Ftse100 up 0.1%
  • DAX up 0.2%
  • CAC-40 down 0.1%
  • Spain down 0.8%
  • Italy down 0.5%

Goldman sees US growth of near 2% in 2013

Posted: 30 Nov 2012 08:07 AM PST

  • Suggests buying stocks, selling bonds in new year
  • Economy will gather steam in 2013

Some serious gyrations at the month-end fixing

Posted: 30 Nov 2012 08:03 AM PST

Cable soars after being sold all day. Jumps to almost 1.6030 from 1.5995. AUD/USD launched as well, jumping from 1.0413 to 1.0431. EUR/USD catches a mild bid, relatively speaking, now at 1.3007.

ESM downgrade rumored

Posted: 30 Nov 2012 07:58 AM PST

Very vague from a dodgy wire. There is a kernel of truth to the talk, however, as the recent French downgrade does put the bailout fund’s AAA rating in jeopardy.

EUR/USD at 1.3000 from 1.30235 NY highs on the chatter.

DSK denies he’s reached $6 mln settlement with hotel maid–BBG

Posted: 30 Nov 2012 07:46 AM PST

Though his lawyer confirms talks are underway.

I wonder who would handle the FX if Strauss-Kahn needs to sell EUR/USD?

Greek FinMin hails German aid vote

Posted: 30 Nov 2012 07:41 AM PST

Thanks, Mom!


at 6:07 PM

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