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EURUSD above 1.3100 – us investment house seen buying
Japan JDP lawmaker: Govt to present BOJ candidates on thursday
France’s Moscovici hopes Bersani can form solid. strong and reformist government
Order board : EURGBP
EURCHF thoughts…
German Econ Min Roesler on the wires
EURUSD: sell orders still keeping a lid on this pair
EURSEK: european sovereign seen buying
WSJ article: RBA board member Corbett rejects cutting interest rates to send $A lower
Member of Merkel’s CDU says Italy needs a functioning government that must stick to Monti’s reform path
Cable toying around the 1.5150 support
EURJPY: middle-east names seen buying this morning
EURGBP: month-end buying helps to support the euro
Italy market regulator, bourse to monitor exchanges…
EURUSD rallies again to test 1.3090-3100 sell orders
Swiss employment rises slightly to 4.12m
Equities latest: markets lower across the board
Anyone remember Greece ? Economy to contract in 2013, recover in 2014
London wants some euros
Shares in Italy’s Banking Sector fail to open for excessive losses

EURUSD above 1.3100 – us investment house seen buying

Posted: 26 Feb 2013 01:59 AM PST

ok , that was always scenario number two – if it’s not going down any further when the buying elsewhere dries up, Add: or indeed the buying pressure elsewhere remains
currently 1.3119

Add: just ran into the sell orders at 1.3120 I mentioned earlier in my order board post

currently 1.3109

well, as a mentor of mine once wisely taught me, these are moving fx prices. not door numbers.

Japan JDP lawmaker: Govt to present BOJ candidates on thursday

Posted: 26 Feb 2013 01:50 AM PST

more to come (hopefully)

Democrats policy chief Mitsuru Sakurai said there was no intention to delay the process of selection. It was re-iterated that likely candidates are widely reported: Haruhiko Kuroda from the ADB with Kikuo Iwata, an academic, and Hiroshi Nakaso, a BOJ executive director

France’s Moscovici hopes Bersani can form solid. strong and reformist government

Posted: 26 Feb 2013 01:46 AM PST

I suspect so does Sr Bersani !

Italy a ‘worry’ but not a risk factor for euro zone
Monti’s reforms were necessary but Italy and europe must foster growth

Order board : EURGBP

Posted: 26 Feb 2013 01:39 AM PST

here’s what I’m hearing now after the buying earlier

offers ( sell orders ) 0.8650, 0.8665-70, 08695-8700, 0.8720
bids ( buy orders ) 0.8610, 0.8600, 0.8575-80, 0.8550-55, 0.8520, 0.8500-05

EURCHF thoughts…

Posted: 26 Feb 2013 01:35 AM PST

EURCHF H1

EURCHF H4

Now I must say I am not a huge follower of the technical side with this pair as the SNB actions negate a lot of ‘normal’ tech reaction.

However the hourly and four hourly show the support channel which we bounced off.

I have noticed over the last few months that when there is a technical Positive Support signal that would encourage buyers that the SNB often coincide with words of encouragement. Next time I notice one I will point it out.

So, 1.2120 ish looks supportive; I hear of sellers at 1.2180 and 1.2200 but regaining the 1.22oo handle should encourage buyers again.

Personally I stay long but that’s just me and it comes back to risk management. To me every sell off is another opportunity.

German Econ Min Roesler on the wires

Posted: 26 Feb 2013 01:00 AM PST

no alternative to structural reforms already launched in Italy

could have imagined a better outcome for Italian pro-reform parties

EURUSD: sell orders still keeping a lid on this pair

Posted: 26 Feb 2013 12:55 AM PST

given all the euro buying elsewhere this is a significant hold for the moment

just a thought…if the buying elsewhere dries up a little this could come a tumbling again..

EURSEK: european sovereign seen buying

Posted: 26 Feb 2013 12:50 AM PST

I’m being told that a european sovereign name is buying euro/selling swedish kroner for month-end requirements
same name normally seen also buying month-end eur/gbp

anyone see a theme developing this morning ? !

WSJ article: RBA board member Corbett rejects cutting interest rates to send $A lower

Posted: 26 Feb 2013 12:48 AM PST

An article in the Wall Street Journal quotes RBA board member Roger Corbett from an interview on Tuesday: “You don’t adjust fiscal and monetary policy, in my view, to force the dollar down because if you do that you will do enormous damage”

Says the strength of the $A wouldn’t be a deciding factor in any decision to lower interest rates
Says its important for Australia to boost growth in non-resources sectors

Europe is much better than it was, America is much better than it was, China is doing well,” he said. “I think we can look forward to quite a buoyant world economy in the next two to five years.”

RBA Board Member Resists Currency Pressure (WSJ – gated)

Doesn’t look like there’s an interest rate cut coming up in Australia any time soon.

Member of Merkel’s CDU says Italy needs a functioning government that must stick to Monti’s reform path

Posted: 26 Feb 2013 12:48 AM PST

Hardly deep and meaningful and pretty damned obvious !

came across wires

Cable toying around the 1.5150 support

Posted: 26 Feb 2013 12:46 AM PST

As Mike just mentioned the bids in EURGBP are pretty strong and Cable is trying the downside for a break through support at 1.5150; if we clear it we should see at test of 1.5100 fairly soon; saw signs of a major clearer helping it on it’s way.

Currently 1.5152

EDIT – hearing that a macro fund was in the EURGBP market buying heavily from 0.8575

EURJPY: middle-east names seen buying this morning

Posted: 26 Feb 2013 12:43 AM PST

sources telling me some good size buying interest adding to general euro demand so far

EURGBP: month-end buying helps to support the euro

Posted: 26 Feb 2013 12:36 AM PST

traders talking of month-end buying on this pair as usual
if it’s not bundesbank already then it’s being bought in anticipation, and is giving support to the euro across the board
sell orders around 0.8620 absorbed
currently 0.8640 ( correction)
more sell orders seen at 0.8650

Italy market regulator, bourse to monitor exchanges…

Posted: 26 Feb 2013 12:32 AM PST

…and use all instruments to calm the markets

across the wires via Reuters

EURUSD rallies again to test 1.3090-3100 sell orders

Posted: 26 Feb 2013 12:31 AM PST

the last time I posted a headline like that was yesterday as we approached 1.3320 sell orders and look what happened !
high posted so far 1.3091

Swiss employment rises slightly to 4.12m

Posted: 26 Feb 2013 12:30 AM PST

essentially as expected; nothing to affect the USDCHF which is holding it’s own above 0.9300 again and EURCHF is off the floor at 1.2175 after a low of 1.2118

Equities latest: markets lower across the board

Posted: 26 Feb 2013 12:27 AM PST

an understandably shaky start to the european equity markets
ftse 100 down 100 points at 6262

and here’s what my sources tell me on today’s company news:

rio tinto: warned by S&P of possible rating cut in 12-18mth. FT
rbs: WSJ lukewarm on idea of possible Citizens sale
bp: declined offer to settle GOM spill for £10.5bn. D.Mail
vodafone: puts idea of listing Indian unit on hold. India press
fresensius: figures ok, top pick in the sector, buy into dips
vivendi: numbers look in line. Outlook ok
basf: q2 sales, net income touch ahead. EBIT, div inline
imperial tobacco: Investor Day today
gemalto: China Unicom selects co in China’s 1st NFC pay system

Anyone remember Greece ? Economy to contract in 2013, recover in 2014

Posted: 26 Feb 2013 12:18 AM PST

So says Central Bank chief George Provopoulos (article from yesterday)

economy contracted 20% since ’08

CB sticks to forecast for a 4.5% contraction in national output

strict adherence to targets will ensure funding and eliminate risk of Grexit once and for all

the worst is behind us – time to attract new investment

Fin Min Yannis Stournaras