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• Berlusconi strikes election deal with Northern League, wants to be economy minister
• Eurozone sentix investor confidence -7 in January
• SNB’s Zurbruegg: Raising Swiss interest rates unthinkable
• A dire showing from a dismal bunch
• Eurozone sentix investor confidence for January due 09:30 GMT
• Italian 10 year govt bond yield rises 5 bps to 4.31%
• EUR/USD slips back again
• Draghi seeks extended calm in 2013 on fading euro economy
• Swiss December foreign currency reserves 427.2 bln francs
• Spanish 2 year note yield falls 5 bps to 2.38%
• Japanese business lobby head Yonekura: Current level of 88.00 in USD/JPY acceptable
• Berlusconi close to Northern league pact
• European stocks seen opening marginally lower
• Cameron’s absurd behaviour over EU membership
• EUR/USD gives ground in Asia
• Welfare: The elephant in every room
• Here is why USD/JPY big upside move is already behind us – Nomura
• Ideas Corner/January 7th
• ForexLive Asia Wrap for Monday 07Jan2013: Looks like the Yen needs some new news
• Reuters article on Abe’s latest comments

Berlusconi strikes election deal with Northern League, wants to be economy minister Posted: 07 Jan 2013 01:40 AM PST Heaven help us, or more to the point heaven help Italy….

Eurozone sentix investor confidence -7 in January Posted: 07 Jan 2013 01:31 AM PST Nice rise from -16.8 in December and demonstrably better than Reuters’ median forecast of -15.0. Sentiment rises for fifth month in a row (yippeeeeee, jelly and icecream for everyone!!) EUR/USD sits at 1.3035, exactly where it was when I arrived around four hours ago. What day is it? Monday by any chance?

SNB’s Zurbruegg: Raising Swiss interest rates unthinkable Posted: 07 Jan 2013 01:20 AM PST Ummm, but nobody was thinking about higher Swiss interest rates. Just sayin Worried about housing market Concerned about volume of swiss mortgage market ‘Very special situation. with 0% interest rates Will constantly review mortgage situation

A dire showing from a dismal bunch Posted: 07 Jan 2013 01:16 AM PST Oh dear

Eurozone sentix investor confidence for January due 09:30 GMT Posted: 07 Jan 2013 12:51 AM PST Expected to see improvement to around -13.8 from previous -16.8. UPDATE:   Sorry due 09:30 GMT not 09:00 GMT.    Would help if I could read my own writing

Italian 10 year govt bond yield rises 5 bps to 4.31% Posted: 07 Jan 2013 12:25 AM PST Cue the jaws music……..

EUR/USD slips back again Posted: 07 Jan 2013 12:18 AM PST Talk sovereign player active seller of both EUR/USD and EUR/JPY in recent trade. EUR/USD at 1.3028. Buy orders seen clustered 1.3000/1.3020. EUR/USD at 114.25. Sell stops seen through 114.00.

Draghi seeks extended calm in 2013 on fading euro economy Posted: 07 Jan 2013 12:12 AM PST Bloomberg article. First ECB meeting of the year this week. Rate decision due Thursday January 10th. No rate change widely expected.

Swiss December foreign currency reserves 427.2 bln francs Posted: 07 Jan 2013 12:05 AM PST  Not a million miles away from Bloombergs’ median forecast of 423 bln.

Spanish 2 year note yield falls 5 bps to 2.38% Posted: 06 Jan 2013 11:39 PM PST Lowest since March 21. EUR/USD has ticked a little higher in early European trade, presently at 1.3050.

Japanese business lobby head Yonekura: Current level of 88.00 in USD/JPY acceptable Posted: 06 Jan 2013 11:32 PM PST Expects USD/JPY range of 75-90.

Berlusconi close to Northern league pact Posted: 06 Jan 2013 11:08 PM PST If you’re interested in the upcoming Italian elections, guess you should read this FT article. NOTE:  Do a google search using the headline if you want to read it.

European stocks seen opening marginally lower Posted: 06 Jan 2013 10:50 PM PST Financial bookies see FTSE opening down around -0.1%, DAX and CAC 40 down around -0.2%.

Cameron’s absurd behaviour over EU membership Posted: 06 Jan 2013 10:44 PM PST Placing a question mark over Britain’s European Union membership and its benefits is economically disastrous, says Peter Mandelson in The Guardian Cable trading down around session lows, presently at 1.6020.  Talk of buy orders clustered 1.5990/1.6010. Slightly conflicting reports of sell stops gathered below 1.5990 and 1.5980.  Take your pick, what’s 10 pips between friends.

EUR/USD gives ground in Asia Posted: 06 Jan 2013 10:28 PM PST Down at 1.3035 from a North American close Friday up around 1.3075. Single currency not helped by bout of EUR/JPY selling.  Buy orders seen clustered 1.3000/20.    Talk of sell stops through 1.2980 before more buy orders clustered 1.2950/60. More sell stops gathered below there. Until I see 1.2980 give way I’ll take it we’re still rangebound, parameters 1.3000-1.3300. Sell orders clustered up at 1.3090/1.3110.   Talk of buy stops gathered just above there.

Welfare: The elephant in every room Posted: 06 Jan 2013 10:10 PM PST Latest from David Smith at economicsuk

Here is why USD/JPY big upside move is already behind us – Nomura Posted: 06 Jan 2013 09:52 PM PST This will have been noted in Asia USD/JPY down at 87.85 from a North American close Friday up around 88.15 and an overnight high of 88.37. Talk of sell stops through 87.50. EUR/JPY down at 114.45 from a North American close Friday up around 115.25.  Talk of sell stops through 114.00 and more through 113.80.

Ideas Corner/January 7th Posted: 06 Jan 2013 09:47 PM PST Got any ideas you’d like to share with your fellow readers, then here’s where to stick ‘em.

ForexLive Asia Wrap for Monday 07Jan2013: Looks like the Yen needs some new news Posted: 06 Jan 2013 08:57 PM PST The Yen had a relatively flat day today, which after the consistent losses all last week counts as a strong performance I suppose. News/data/economic releases: Japanese newspaper Yomiuri reported the size of the Fiscal 2012 Supplementary Budget would be in the order of ¥12 to 13Trillion. Prior market expectations were for an amount of around ¥10Trillion. (Bloomberg article) Weekend reports of Australian banks to cut mortgage rates (by a tiny amount) led to speculation of less pressure on the RBA to ease Some items from the Japanese weekend press Japanese Finance Minister Aso: "Government does not necessarily have to conclude a policy accord with BOJ" Japan December Monetary Base Avg Outstanding YOY +11.8% (vs. +5.0% for November) UK December Lloyds TSB Consumer Barometer Job Prospects % Balance unchanged at -42 (also -42 in November) Abe unlikely to attend Davos economic forum And more “Yen weakness/fight deflation” talk from Abe (notable because the Yen seemed to not weaken on these comments today) France: Hollande to spend extra 2 bln EUR for job creation Global Regulators Agree to Loosen International Bank Liquidity Requirements The EUR/USD, GBP/USD and AUD/USD all ticked a little higher in the early hours of the week but soon lost the ground they had covered as Tokyo liquidity arrived in the market. The USD went into early Europe with overall strength on the day.

Reuters article on Abe’s latest comments Posted: 06 Jan 2013 08:11 PM PST At a meeting of officials and members of the LDP and New Komeito (his coalition partner). “A bold monetary policy, a flexible fiscal policy and a growth strategy are aimed at stimulating private investment. With these three pillars, we must aim to beat deflation.” Japan PM: Will pursue bold monetary policy, big fiscal spending

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