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• EURUSD capped by good size offers
• Euro benefits from positive Spanish and French bond auctions
• French auction results – 7.b bln euros vs 6.5-7.5 bln target
• Order board: GBPUSD
• Spain Bond Auctions
• GBPNZD – tech perspective
• Order board : EURJPY
• French Fin Min – EU treaty change not urgent but maybe inevitable
• Order board : EURGBP
• French Fin Min – committed to cutting deficit but need right balance
• European equities – company news
• Italian February PPI: – 0.4% vs 0.3% expectation, +0.7% y/y vs expected 1.8%
• SNB’s Jordan at the top of the hour
• Dutch CPI: 3.0% y/y, vs expectation 2.80%
• EURJPY gets an adrenalin boost
• Opening European Bourses
• BOJ’s Nishimura
• French Trade balance: – Eur 5.9bn vs expected – Eur 4.8bn
• BOJ’s Shirakawa – press conference
• China share markets close down 1%

EURUSD capped by good size offers Posted: 07 Mar 2013 02:06 AM PST I’m hearing there’s a decent amount to go between 1.3040-50 which is stalling any move higher for the moment

Euro benefits from positive Spanish and French bond auctions Posted: 07 Mar 2013 02:02 AM PST Mr Market seemed to have a prior sniff of a good result with lower yields as euro pops higher towards 1.3050 and  EURJPY near 123.00.

French auction results – 7.b bln euros vs 6.5-7.5 bln target Posted: 07 Mar 2013 02:01 AM PST more positives for the euro

Order board: GBPUSD Posted: 07 Mar 2013 01:53 AM PST offers  1.5040, 1.5050, 1.5070, 1.5080, 1.5100-10,( stop loss buying if breached) 1.5140, 1.5200 bids  1.4965, 1.4950 ( option barrier ), stop loss selliing below 1.4940, 1.4900-10, 1.4850

Spain Bond Auctions Posted: 07 Mar 2013 01:51 AM PST sold Eu 569m 2015, bid/cover 4.9 (last 2.0), ave yield 2.632 (last 2.713) sold Eu 2,026m 2018, bid/cover 2.3 (last 2.2), ave yield 3.572 ( last 4.123) sold Eu 2,435m 2023, bid/cover 2.3 (last 1.6), ave yield 4.917 (last 5.202)

GBPNZD – tech perspective Posted: 07 Mar 2013 01:49 AM PST Koorosh asked me some time ago for a comment on this pair; my brief answer earlier is reflected in the H4 chart and bit of fundamental (il)logic ! I am bearish sterling – like most of the world – and cannot get to grips with the recent kiwi strength; I am of the view that a sterling collapse has to drag the kiwi with it. Simplistic I know. Last week I posted my view that 1.80 should see a bounce and indeed it did but not for long. Nonetheless I would prefer to be long on dips with a stop below 1.7950 (clear break) targeting a break of the channel (increase position ?) then targeting 1.85. GBPNZD H4

Order board : EURJPY Posted: 07 Mar 2013 01:41 AM PST and talking of EURJPY here’s what’s out there offers 122.90, 123.20, 123,30, 123.50 bids  122.30, 122.05, 121.70, 121.50

French Fin Min – EU treaty change not urgent but maybe inevitable Posted: 07 Mar 2013 01:37 AM PST  more from Mr Moscovici

Order board : EURGBP Posted: 07 Mar 2013 01:29 AM PST I hear a UK clearing bank was the main buyer this morning aided by the EURJPY surge higher Here’s the orders out there now. Bold type denotes larger size. offers  0.8690-00, 0.8720, 0.8750, 0.8800 ( barrier option) bids  0.8650, 0.8635, 0.8600, 0.8590, 0.8575, 0.8560, 0.8525

French Fin Min – committed to cutting deficit but need right balance Posted: 07 Mar 2013 01:03 AM PST just on the wires

European equities – company news Posted: 07 Mar 2013 01:02 AM PST Good morning/day/ evening to you all, late shift man here ! I hope the session has been kind to you so far, but I know David will always keep you entertained and informed regardless ! First up from me is what my London equity guys are looking at this morning. Aviva: cuts div to 9p/shr from 16p/shr. US writedowns hurt Vodafone: No deal on the table for a VOD/Verizon merger Sandvik: acquires Cubex drilling solutions business. No details St. Gobain: sells PVC Pipe & Foundations biz for $175mln Carrefour: recurring operating income, dividend beat f/cs Plastic Ominium: to close bumper manufacturing plant in Belgium Countrywide: to set IPO price range at 260-350p/share Audika: new financing to extend maturity of existing debt

Italian February PPI: – 0.4% vs 0.3% expectation, +0.7% y/y vs expected 1.8% Posted: 07 Mar 2013 01:00 AM PST January came in at – 0.20% Y/y last at 1.8%

SNB’s Jordan at the top of the hour Posted: 07 Mar 2013 12:44 AM PST He’s ‘ma man’…I feel I should be an honorary member of his fan club…and Abe for that matter….I love ‘em ! Just hope he is even more encouraging of the weaker swiss franc…EURCHF off the high but still 1.2325

Dutch CPI: 3.0% y/y, vs expectation 2.80% Posted: 07 Mar 2013 12:30 AM PST previous print 3.00%

EURJPY gets an adrenalin boost Posted: 07 Mar 2013 12:11 AM PST 40 pips in half that time ! Shirakawa’s encouragement to hit inflationary targets has given the market a quick filip. USDJPY back above 94, EURJPY hit a high so far of 122.41 and EURUSD 1.3015 As I mentioned earlier the upcoming rate decisions will no doubt curtail any runaway moves; still think ranges rule.

Opening European Bourses Posted: 07 Mar 2013 12:04 AM PST FTSE up 0.1% DAX up 0.2% CAC up 0.3% Spain up 0.5% Italy up 0.4% Euro Stoxx up 0.3%

BOJ’s Nishimura Posted: 06 Mar 2013 11:55 PM PST CB suffers Yen 2.3 trn of unrealised losses if long-term rates rise by 1%

French Trade balance: – Eur 5.9bn vs expected – Eur 4.8bn Posted: 06 Mar 2013 11:46 PM PST last  - 5.3bn, now revised to – Eur 5.4bn

BOJ’s Shirakawa – press conference Posted: 06 Mar 2013 11:36 PM PST rising wages and rising growth expectations are ideal way to achieve inflation cannot reach 2% inflation quickly simply by narrowing output gap Japan headed in right direction to end deflation Board member Shirai’s call for more easing is aimed at clarifying BOF stance on boosting economy falling yen and rising stocks helping to improve sentiment in Japan CB’s independence must be preserved to ensure fiscal discipline ( message to Abe there ???) if BOJ is seen monetising govt debt , could hurt real economy through long-term rate hikes no comment on BOJ’s nominees views on mon pol BOJ aiming for sustained growth while examining imbalances in economy achieving 2% inflation primarily via  higher inflation expectations could result in higher bond yields and hurt financial system uncertainty remains high on situation surrounding economy too early to say if world economy has shaken off impact of economic bubbles

China share markets close down 1% Posted: 06 Mar 2013 11:15 PM PST China CSI300 down 1.2% Shanghai Comp down 1.0%

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