Your forexlive.com ENewsletter

EUR/USD stopped on a dime
Spanish bond auction results: EUR 3.01 bln sold vs 2-3 bln target
Cable halted just shy of trendline
Cyprus fin min says fully committed to bail-out deal
Bank of Spain says Q1 GDP may be down by 0.5%
UK PSNBR march: m/m GBP 16.747 bln vs 14 bln exp
Cable lower awaiting PSNBR data
Italian consumer confidence april: 86.3 vs 85.1 exp
Eurozone manufacturing flash PMI april : 46.5 vs 46.8 exp
Eurozone services flash PMI april: 46.6 vs 46.6 exp
Euro lower on reports of ECB hinting at rate cuts
ECB hints at rate cut
Euro lower after weak German PMI data
German services flash PMI april: 49.2 vs 51 exp
German manufacturing flash PMI april: 47.9 vs 49 exp
Euro supported ahead of German PMI but sellers in the rally
European equities open slightly firmer
French services PMI april: 44.1 vs 42 exp
French manufacturing flash PMI april: 44.4 vs 44.3 exp
French business climate april: 88 vs 90 exp

EUR/USD stopped on a dime

Posted: 23 Apr 2013 02:01 AM PDT

Bang on the 200 H4ma and 50 fib from Apr lo/hi. The morning high was 4 pips over the 55 ma.

And here we sit on the lows with the market not prepared, for now, to take things further.

Just below here we have decent support at 1.2967 with weaker support at 1.2957

Spanish bond auction results: EUR 3.01 bln sold vs 2-3 bln target

Posted: 23 Apr 2013 01:50 AM PDT

3 month EUR 855 mln ave yield 0.120% vs 0.285% prev. bid to cover 3.76 vs 3.3 prev
9 month EUR 2.157 bln 0.787% vs 1.007% prev . 2.37 vs 2.45 prev

Another decent result lending some support to the euro.

EURUSD 1.2983 from low post of 1.2974

Cable halted just shy of trendline

Posted: 23 Apr 2013 01:44 AM PDT

Cables slide has come up just shy of the lower trendline that I have been detailing recently. AS you can see from the H4 chart we have the 200 ma just under at 1.5172.

It’s all looking a bit soft at the moment and I think there’s some rate talk spill over into sterling. If the ECB are thinking about it then we probably won’t be to far behind.

I believe Mike will have the order boards coming along shortly.

Cyprus fin min says fully committed to bail-out deal

Posted: 23 Apr 2013 01:37 AM PDT

on reuters just now
says he’s sure parliament will approve
gold sale on the agenda but not happening right now
capital controls to be lifted in days/weeks

Nice and vague on that last comment unsurprisingly

Bank of Spain says Q1 GDP may be down by 0.5%

Posted: 23 Apr 2013 01:31 AM PDT

Versus previous quarter.

Around 8.30 gmt they are having an a T-bill auction

UK PSNBR march: m/m GBP 16.747 bln vs 14 bln exp

Posted: 23 Apr 2013 01:30 AM PDT

GBP 4.37 bln prev
ex fin, int GBP 15.742 vs 15.5bln exp 2.8 bln prev
PSNCR march m/m GBP 31.27 bln vs -1.54 bln prev

Pound lower on increased public sector borrowing needs

GBPUSD 1.5205 low post 1.5198

Cable lower awaiting PSNBR data

Posted: 23 Apr 2013 01:18 AM PDT

GBPUSD has been dragged down by EURUSD but has support between 1.5200-20 that we’ve seen in recent visits down here.

Currently on its lows at 1.5223 as we await Public Sector Net Borrowing Requirement at the bottom of the hour.

Italian consumer confidence april: 86.3 vs 85.1 exp

Posted: 23 Apr 2013 01:06 AM PDT

85.1 prev

Some good news for the euro !

Eurozone manufacturing flash PMI april : 46.5 vs 46.8 exp

Posted: 23 Apr 2013 12:59 AM PDT

46.8 prev

Eurozone services flash PMI april: 46.6 vs 46.6 exp

Posted: 23 Apr 2013 12:58 AM PDT

46.4 prev
Composite PMI flash april 46.5 vs 46.5 exp 46.5 prev

Euro lower on reports of ECB hinting at rate cuts

Posted: 23 Apr 2013 12:43 AM PDT

out on the wires giving added pressure to euro after PMI

EURUSD now 1.2994 EURJPY 128.15 EURGBP 0.8524

Add: Market knows it’s always a possibility and part of this will be factored in, limiting further immediate losses, but the sharp move lower reflects the fragility and uncertainty out there right now

ECB hints at rate cut

Posted: 23 Apr 2013 12:42 AM PDT

News just hitting my wires;

ECB president says “a new rate cut was always a possibility”
Inflation had fallen rather significantly but governing council says ECB has little ammunition left
ECB gov council member say last infromation on economy isn’t that positive and isn’t leading to better prospects
ECB would monitor very closely all data and stand ready to act to boost the recession hit eurozone

Rate cut talk has sent the euro nosediving through 1.3000 to a low of 1.2981

I’m not sure where these comments have come out and by who. The wires mention ECB president which is Draghi and then mention governing council members. They also have it as Mondays comments. The only thing I can guess at is that they may have picked up comments from Olli Rehn whom was speaking in New York yesterday, but I could be barking up the wrong tree. Will let you know as soon as I get news.