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• BOE’s King: Not sensible to return to normal interest rates until there is a sustainable recovery
• More from Coeure: has full trust that Fed will be on top of exit strategy
• BOE’s Bean says rate cut still an option
• EURGBP orders
• EURJPY orders
• BOE’s Dale sees a period of modest but sustained growth for UK
• AUDUSD orders
• USDJPY orders
• ECB’s Coeure: Our exit is distant and our monetary policy will remain accommodative
• Italian retail sales april sa: m/m -0.1% vs -0.3% prev
• A room with a view
• GBPUSD orders
• PBOC says it will closely watch liquidity conditions
• European equity markets open firmer
• Shanghai Comp closes down 0.2%
• Chinese press conf not convened to address credit crunch
• French business climate june: 93 vs 93 exp
• EURUSD orders
• Reports of a press conf in China shortly
• Eurostoxx 50 futures open up +0.2%

BOE’s King: Not sensible to return to normal interest rates until there is a sustainable recovery Posted: 25 Jun 2013 01:54 AM PDT Try telling that to the FOMC Sir Merv says people have jumped the gun to think there will be an imminent return to normal interest rates anytime soon says reaction to Fed announcement is not a communication problem. The issue is uncertainty over economic outlook You can say that again ( and probably will a few times before he hangs up his hat) says he is very disappointed at failure of other countries to put in place policies to help return of global growth there will be serious solvency problems at banks if debt levels not reduced before interest rates increase I’m with you on that last one

More from Coeure: has full trust that Fed will be on top of exit strategy Posted: 25 Jun 2013 01:52 AM PDT Let’s hope so matey

BOE’s Bean says rate cut still an option Posted: 25 Jun 2013 01:50 AM PDT Out on reuters a moment ago bank rate cuts including below zero still an option MPC will keep it under review GBPUSD a little lower at 1.5435

EURGBP orders Posted: 25 Jun 2013 01:47 AM PDT Stuck in a 0.8485-8515 range this morning. currently back off its lows at 0.8505 Sellers 0.8515,0.8525,0.8540,0.8550,0.8575,0.8590.0.8600 Buyers 0.8485,0.8475,0.8465,0.8450,0.8440,0.8420,0.8400

EURJPY orders Posted: 25 Jun 2013 01:44 AM PDT Currently 127.87 Sellers 128.30,128.50,128.70,128.90.129.00,129.25,129.50,130.00 Buyers 127.60,127.50,127.25,127.10,127.00,126.80,126.50

BOE’s Dale sees a period of modest but sustained growth for UK Posted: 25 Jun 2013 01:34 AM PDT Grateful for small mercies Out on the wires sees CPI rising over next few months and fluctuate around 3% for much of summer and autumn says weakness in wage growth means that domestic cost pressures remain well contained short run trade-off between output and inflation is unusually uncertain More jaw-boning. GBPUSD still 1.5445

AUDUSD orders Posted: 25 Jun 2013 01:31 AM PDT Found some support once the Shangahi Comp turned around and aussie bond yields eased. Now 0.9284 with good sell interest at 0.9300 just ahead Sellers 0.9290,0.9300,0.9320,0.9350,0.9370,0.9400 Buyers 0.9220,0.9200,0.9180,0.9150,0.9145,0.9125,0.9100

USDJPY orders Posted: 25 Jun 2013 01:27 AM PDT Still in my humble opinion looking top heavy for the moment but good demand seen in the dips. currently 97.36 just off session lows of 97.26 Sellers 97.70.97.80,98.00,98.30,98.40,98.70,98.90,99.00,99.20 Buyers 97.20,97.00,96.80,96.50,96.20,96.00

ECB’s Coeure: Our exit is distant and our monetary policy will remain accommodative Posted: 25 Jun 2013 01:14 AM PDT Out on the wires More to follow ECB’s non-standard measures will stay  in place as long as necessary there are other measures, standard and non-standard, that we can use if needed recent volatility in global fixed income markets is excessive in view of economic conditions we need clear predictable rules for bank resolution, establishment of single resolution mechanism continuation of low govt bond spreads can not be taken for granted bank capital, liquidity buffers should be sufficient to withstand normalization in all market segments Nothing new but a reminder that the ECB is one central bank not tightening any time soon EURUSD  a little lower at 1.3125

Italian retail sales april sa: m/m -0.1% vs -0.3% prev Posted: 25 Jun 2013 01:03 AM PDT nsa y/y -2.9% vs -3.0% prev

A room with a view Posted: 25 Jun 2013 01:00 AM PDT My wise and learned friend at a major bank equity desk in London still maintains a bullish/upbeat/bargain-picking stance overall Here’s what he has to say on current scenarios Being asked from all quarters, where do stock markets go from here?  Despite some severe moves to the downside since Bernanke spoke about tapering and the China-related weakness this week, there are still pointers that suggest you go long with a 3 month view. Indicators says equities are massively oversold and there have been definite signs of bargain hunting this week; hedge funds all seem placed for a bounce; long only funds tell us there are no redemptions going on and the pattern of trading is one of rotation as opposed to capitulation.  How would I play it? Well ,industrials and construction materials have the least Chinese exposure so are the sectors to own, but stay away from metals and miners. What do you think?

GBPUSD orders Posted: 25 Jun 2013 12:43 AM PDT Currently 1.5440 after an early rally to 1.5464 Sellers 1.5465,1.5480,1.5490,1.5500,1.5530,1.550,1.5570 Buyers 1.5425,1.5410,1.5400,1.5380,1.5370,1.5350,1.5330,1.5300

PBOC says it will closely watch liquidity conditions Posted: 25 Jun 2013 12:15 AM PDT Unnamed PBOC official from that press conf will watch external payments to manage liquidity blames tight liquidity on seasonal factors ( yea, right) money market fluctuation only temporary Let’s hope so but somehow I doubt it. AUDUSD off its highs at 0.9243 as are: USDJPY 97.47 EURUSD 1.3127 GBPUSD 1.5430

European equity markets open firmer Posted: 25 Jun 2013 12:07 AM PDT FTSE  +0.7% DAX  +0.65 CAC40 +1.1% IBEX +1.0% FTMIB +1.0%

Shanghai Comp closes down 0.2% Posted: 25 Jun 2013 12:05 AM PDT A good recovery from its lows of almost 6% down CS1300 index closes down 0.3%

Chinese press conf not convened to address credit crunch Posted: 24 Jun 2013 11:58 PM PDT Turns out it’s to introduce the 2013 Lujiazui Forum  in Shangahi and is currently under way There is a Q&A session after though so it’s still possible we might get something out of it

French business climate june: 93 vs 93 exp Posted: 24 Jun 2013 11:46 PM PDT 92 prev

EURUSD orders Posted: 24 Jun 2013 11:44 PM PDT Currently just off session highs at 1.3147 Sellers 1.3150,1.3160,1.3180,1.3200,1.3210,1.3230,1.3250 Buyers 1.3110,1.3100,1.3080,1.3070,1.3060,1.3030,1.3020,1.3000

Reports of a press conf in China shortly Posted: 24 Jun 2013 11:34 PM PDT Not confirmed but there’s talk of a press conference coming up  to be attended by officials from the PBOC and various equity and bank regulators The hope is that they will announce measures to help ease the current crisis Shangahi Comp steady at 1918 but other markets improving on the expectation. Update: now less than 1% down on the day Hopefully we’lll find out soon enough

Eurostoxx 50 futures open up +0.2% Posted: 24 Jun 2013 11:12 PM PDT Dax futures + 0.2% CAC 40 futures ++0.3% Bund futures 45 ticks higher at 140.76

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