Market Overview

European Morning Wrap: Orderly Start to the New Month in Europe

Greece announces offer to buy back govt bonds
ECB's Noyer: Exit responsibility from current crisis lies with governments
German FibNCE ministry: Balanced budget in 2012
Spain 10 year govt bond yield off 10 bps at 5.24%
Eurozone November final manufacturing PMI 46.2, unchanged from flash read
Swiss purchasing managers index 48.5 in November, up from 46.1 in October and stronger than Reuter's median forecast of 47.0
UK manufacturing PMI 49.1 in November, up from a revised 47.3 in October and stronger than Reuter's median forecast of
The world's commodity spercycle is far from dead - AEP at The Telegraph
Merkel hints at future writedown of Greek debt - The Guardian
Osborne says Plan B would be a 'complete disaster' for Britain - The Telegraph

EUR/USD down 10 pips from where I came in, presently at 1.3025.  Barrier option interest noted up at 1.3050 and early rally fizzed out at 1.3049.

Cable up at 1.6060 from early 1.6035 having been as high as 1.6068.   Reports had HSBC dividend demand lined up in cable for the 11:00 GMT fix and this plus stronger than expected manufacturing PMI kept sterling firm this morning.  EUR/GBP down at ..8110 from early .8127.

Techical hurdles for cable bulls now 1.6069 (50% fibbo retracement of 1.6309-1.5829 fall) and cloud top/trend line resistance at 1.6070/76.  Above there talk of 1.6100 barrier option interest, with defensive sell interest lined up just ahead.

USD/JPY down at 82.10 from early 82.35. Talk of sell stops lined up through 81.90 and 81.85 (take your pick, what's 5 pips between friends)

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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