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Eurozone Q4 GDP 2nd reading -0.6% vs -0.6% exp
King and Bailey
King link…
Cable Techs
Morning All ! Everyone waiting with baited breath for Mr King ?
Order board : JPY
USDCHF- good demand in asia and early europe
Spanish Treasury Minister – any revision of budget deficit would be downwards
EURCHF- the trend is your friend
Order board: GBPUSD
Order board : AUDUSD
Order board: EURUSD
UK Halifax House Price Index Feb +0.5 m/m % vs +0.2% exp
IG Metall and AGV Stahl reach a 3% wage agreement
Ideas Corner
EURUSD running into sell orders again at 1.3080
European equity markets seen opening lower
Nikkei 225 Index closes up 2.13% at 11,932.27
What the papers say
Bonus caps – the UK and EU at loggerheads again

Eurozone Q4 GDP 2nd reading -0.6% vs -0.6% exp

Posted: 06 Mar 2013 02:00 AM PST

unchanged at -0.6%
y/y -0.9% vs -0.9 exp/-0.9 prev

King and Bailey

Posted: 06 Mar 2013 01:56 AM PST

banks are still too big to fail, single biggest issue for supervisors
financial policy committee would like to have greater powers on leverage
unknown question if BOE has enough powers to solve too big to fail problem
Bailey; EU proposals to cap bankers’ bonuses runs risk of pushing up fixed pay
Bailey: concerned EU proposals remove ability to claw back large parts of bankers’ remuneration before too big to fail is solved
King: would be much happier with leverage ratios of 10-20 in the very long run

So far the comments are nothing that hasn’t been bandied about for a while; the inevitable requirement for banks to ringfence their risk divisions by splitting from the main institution is clearly in the background, the dissatisfaction from banks with these proposals is still there and the stance of the UK’s attitude to bonus caps vs europe was underlined again yesterday by Osborne

King link…

Posted: 06 Mar 2013 01:43 AM PST

http://bbc.co.uk/tv/bbcparliament/live

the above for UK license holders only

or this maybe better

http://www.parliamentlive.tv/Main/Player.aspx?meetingId=12753

Cable Techs

Posted: 06 Mar 2013 01:33 AM PST

GBPUSD H1Negative news will certainly target the 1.5040 and then last weeks lows; topside 1.5220 will likely see some strong resistance - personally I would be happy selling there !

Morning All ! Everyone waiting with baited breath for Mr King ?

Posted: 06 Mar 2013 01:16 AM PST

I see cable has popped through the 15m 200ma in it’s recent slide and EURGBP looks rather perky after yesterday’s hit; in fact the pair is knocking on the door of the hourly 200ma at 0.8645.

One could be forgiven for thinking that King is unlikely to stir the possum too much this morning, after all he is making way for the ‘Clooney’ of the financial markets Mr Carney very soon.

Expect him to stay on a dovish message with threats of more QE and perhaps the soft tone in sterling is in expectation with a few traders pulling back their cable longs.

Order board : JPY

Posted: 06 Mar 2013 01:12 AM PST

USDJPY

offers 93.50, 93.70, 94.00, (stop loss buying if breached ), 94.30, 94.50
bids 93.20, 93.00, 92.90, 92.65, 92.45, 92.10-20, 92.00

EURJPY

offers 122.05, ( stop loss buying if 122.10 breached ), 122.50, 123.00 123.20, 123.45
bids 121.75, 121.50, 121.00, 120.80
Note: The offers between 122.00-10 now partly taken out and capping current rally .
Rate now 121.97 after 122.09 posted.

USDCHF- good demand in asia and early europe

Posted: 06 Mar 2013 12:52 AM PST

Further to my previous post on EURCHF

Real money buying around 0.9400 and below
Pushing the pair up through the 200 DMA at 94.26
Supporting EURCHF and vice versa

Spanish Treasury Minister – any revision of budget deficit would be downwards

Posted: 06 Mar 2013 12:44 AM PST

just out on the wires
Mr Montoro commenting on the current 6.7% budget deficit figure

EURCHF- the trend is your friend

Posted: 06 Mar 2013 12:38 AM PST

David posted a buy/be patient recommendation on this pair last week and it’s now breached 1.2300.

Caution should be exercised always when buying after a rally but good support can be seen down to 1.2280 and 1.2250.

Buy dips still seems the way of it but, of course, we have the little matter of the ECB tomorrow to consider too.

Order board: GBPUSD

Posted: 06 Mar 2013 12:14 AM PST

offers 1.5150-55, 1.5180, 1.5200, 1.5220-25, 1.5250, 1.5270
bids 1.5100, 1.5090, 1.5070, 1.5050, 1.5035, 1.5000, 1.4985

Order board : AUDUSD

Posted: 06 Mar 2013 12:11 AM PST

With Asia having executed the strong offers at 1.0260 but also the stop-loss buying if breached ( both of which reported here yesterday) here’s what’s out there now

offers 1.0300-10, 1.0330, 1.0340, 1.0350, 1.0380
bids 1.0220, 1.0160, 1.0150, 1.0120, 1.0100, 1.0070, 1.0050

Order board: EURUSD

Posted: 06 Mar 2013 12:06 AM PST

offers 1.3075-80, 1.3100,( stop loss buying if 1.3110 breached), 1.3120, 1.3140
bids 1.3000-10, 1.2980, 1.2960, 1.2950, 1.2920, 1.2900, 1.2880

UK Halifax House Price Index Feb +0.5 m/m % vs +0.2% exp

Posted: 06 Mar 2013 12:00 AM PST

previously -0.2%
y/y +1.9 vs 1.7% exp/ 1.3% prev
Stronger than expected house price data but not a market shaker here

IG Metall and AGV Stahl reach a 3% wage agreement

Posted: 05 Mar 2013 11:48 PM PST

Germany’s trade union agrees a 3% wage hike agreement for the western germany steel industry.
15 month contract for 75,000 steel workers
Orginally IG demanded 5.5% and a 12 month contract

Ideas Corner

Posted: 05 Mar 2013 11:45 PM PST

Ok, for Adje and all you wonderful ForexLive readers keen to share your trading thoughts and ideas today’s thread is now officially open !

Reasons welcome but, as always, not obligatory.

EURUSD running into sell orders again at 1.3080

Posted: 05 Mar 2013 11:22 PM PST

Early buying of this pair has seen it touch 1.3071
Sell orders ( offers ) still in place at 1.3080 ( as reported here yesterday ) capping the move so far
Currently 1.3064

European equity markets seen opening lower

Posted: 05 Mar 2013 10:38 PM PST

Analysts and spread betters anticpate weaker openings on the european exchanges this morning
Profit-taking after the recent rises and ahead of the BOE &ECB tomorrow cited as main reasons