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• European authorities say reform of Spain’s financial sector on track
• US small business borrowings fall in January
• Eurozone February Retail Sales + 1.2%, – 1.3% y/y
• GBP surges after Services PMI
• China’s CB Chief Zhou : 13% M2 forecast emphasises credit growth should not be too fast
• Further to my Yen post, anyone else for USDJPY @ 200 ?
• UK Services PMI Feb 51.8 vs 51.0 exp
• Coming up : UK Services PMI
• USDJPY support down to 92.50
• Euro lifted by better Services PMI data
• Eurozone Services PMI Feb 47.9 vs 47.3 exp
• German Services PMI Feb 54.7 vs 54.1 exp
• French Services PMI Feb 43.7 vs 42.7 exp
• Italian Services PMI Feb 43.6 vs 43.6 exp
• Cable strength – talk of stonger than expected Services PMI cited
• Order board : GBPUSD
• Spanish Services PMI Feb 44.7 vs 46.0 exp
• Order board : EURUSD
• GBPUSD – tech view
• European equity markets – company news

European authorities say reform of Spain’s financial sector on track Posted: 05 Mar 2013 02:05 AM PST Spain’s bad banks should have robust and credible business plan

US small business borrowings fall in January Posted: 05 Mar 2013 02:04 AM PST via Reuters (headline)

Eurozone February Retail Sales + 1.2%, – 1.3% y/y Posted: 05 Mar 2013 02:00 AM PST expected 0.2% January print was – 0.8% EURUSD a few pips lower at 1.3057 December Sale confirmed at – 0.8% m/m, -3.0% y/y vs previous – 3.4 %

GBP surges after Services PMI Posted: 05 Mar 2013 01:46 AM PST Market still wants GBP after the confirmation on better than expected data even though it was loading up beforehand GBPUSD now 1.5194. high posted 1.5200 EURGBP 0.8591. 0.8589 GBPJPY  141.38. high 141.46 GBPAUD 1.4843. high 1.4851

China’s CB Chief Zhou : 13% M2 forecast emphasises credit growth should not be too fast Posted: 05 Mar 2013 01:37 AM PST across wires via Reuters

Further to my Yen post, anyone else for USDJPY @ 200 ? Posted: 05 Mar 2013 01:28 AM PST Adam covered the exciting prospect that Jeffrey Gundlach, one of the globe’s leading bond fund legends is rather bearish on the yen and bullish long-term treasuries… But 200 ?

UK Services PMI Feb 51.8 vs 51.0 exp Posted: 05 Mar 2013 01:28 AM PST previously 51.5 Market talk prior of this being a better than expected number was true eh? GBPUSD 1.5179 posted EURGBP 0.8610 dealing

Coming up : UK Services PMI Posted: 05 Mar 2013 01:15 AM PST The key risk event of the morning given the previous price actions after manufacturing andconstruction PMI Be warned that this sometimes comes out a tad earlier than 09.30 gmt Expectations of 51.0 vs 51.5 prev

USDJPY support down to 92.50 Posted: 05 Mar 2013 01:04 AM PST The pair has drifted overnight with a brief test below the 92.00 level and found buyers down to 92.90; in fact buyers are reported at all stages down to 92.50. It broke out of both hourly and 4-hourly channels and soon found it’s way back. Personally I am happy to be (and am) long at this level and would increase on dips; I expect ongoing further BOJ comments to merely reinforce. The market seems long and happy. I did mention at the end of last week that March is the year-end and a traditional yen repatriation period however I suspect that will have little impact this year. USDJPY H4

Euro lifted by better Services PMI data Posted: 05 Mar 2013 01:01 AM PST Better German and EZ services PMI data helping to lift the euro EURUSD 1.3073 EURGBP  0.8629 EURJPY  121.73

Eurozone Services PMI Feb 47.9 vs 47.3 exp Posted: 05 Mar 2013 12:58 AM PST previously 47.3 EZ Composite PMI  47.9  vs 47.3 exp  v 47.3 prev

German Services PMI Feb 54.7 vs 54.1 exp Posted: 05 Mar 2013 12:53 AM PST previously 54.1

French Services PMI Feb 43.7 vs 42.7 exp Posted: 05 Mar 2013 12:48 AM PST previously 42.7 Composite PMI 43.1 vs 42.3 exp vs 42.3 prev

Italian Services PMI Feb 43.6 vs 43.6 exp Posted: 05 Mar 2013 12:43 AM PST previously  43.9

Cable strength – talk of stonger than expected Services PMI cited Posted: 05 Mar 2013 12:37 AM PST 1.5150 just breached but now back down 1.5144 High post 1.5158 Talk of better than expected upcoming UK Services PMI data fuelling the demand A case of buy rumour sell fact ?  We shall see soon enough.

Order board : GBPUSD Posted: 05 Mar 2013 12:31 AM PST and here’s what’s out there for this pair offers 1.5150, stop loss buying if breached, 1.5165, 1.5180, 1.5200, 1.5220, 1.5250 bids  1.5110, 1.5100, 1.5070, 1.5050, 1.5035,  1.5000, 1.4985, 1.4965

Spanish Services PMI Feb 44.7 vs 46.0 exp Posted: 05 Mar 2013 12:23 AM PST out just now previously 47.0 explains EURUSD capping for the moment apart from the sell orders

Order board : EURUSD Posted: 05 Mar 2013 12:15 AM PST With some early demand showing for this pair here’s what I’m hearing so far re orders offers 1.3055-60, 1.3080, 1.3100, stop loss buying if 1.3110 breached bids  1.3020, 1.3000, 1.2980, 1.2950, 1.2920, 1.2900

GBPUSD – tech view Posted: 04 Mar 2013 11:54 PM PST As it’s oh so quiet here’s another pretty picture to go up on the wall. The pair is obviously toppish at 1.5150 but beware stop-loss buying if breached up to further resistance between 1.5165-80 Support 1.5090, 1.5070 and 1.5050. Currently 1.5114 It all makes the Services PMI data at 09.30 just that more interesting.

European equity markets – company news Posted: 04 Mar 2013 11:12 PM PST What my London equity markets sources are looking at this morning Lloyds: tops list for bank complaints, PPI claims soar Luxury goods: Italy’s Moleskine plan €300mln IPO Roche: EU approval for Perjeta (breast cancer). Small +ve Elekta: Q3s weak on US/Middle East probs. Adjusts FY forecast Ford sees European car market at bottom Neopost: Q4 revs €299.8mln vs €295mln cons HSBC: co not capable of investing capital to better share px Cegedim: FY sales €921.8mln vs €917mln exp.  Sees slight growth PPR: name change to Kering will be 5th change since 1988 IPO RWE: mulls RWE DEA sale in oil, gas exploration exit

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