European Wrap Up: Interesting Little Session

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Earthquake in Leicestershire England, magnitude 2.9!! UK December retail sales -0.1% m/m, +0.3% y/y, weaker than Reuters' median forecasts of +0.2%, +1.1% respectively Spain November nsa industrial orders -4.0% y/y (ughh) Spain bad loan ratio up to 11.38% in November from 11.23% in October - Bank of Spain (ughh 2) Italy November industry orders sa -0.5% m/m, unadj -6.7% y/y (ughh 3) Portugal PM:  We are close to overcoming financail emergency situation A new Gold Standard is being born - AEP at The Telegraph EUR/USD down at 1.3352 from early 1.3380. Inbetween we've been as high as 1.3399 and as low as 1.3333. Early reports had sovereign sell orders lined up at 1.3395/oo and an early rally attempt duly topped out at 1.3399. It was all downhill from there. Poor Spanish/Italian data didn't help matters.  The BIS joined in the selling along the way. ACB buying dutifully turned up around the lows lending much-needed support. Cable down at 1.5935 from early 1.5985 having been as low as 1.5926 so far.  Real money, CTAs notable sellers early ahead of the UK retail sales data. The poor data extended the sell-off, but only marginally. USD/JPY down marginally at 89.80 from early 89.95, Japanese exporter sell interest up at 90.15/25 capping the latest sojourn higher.  Talk of more sell orders clustered 90.40/50 ahead of barrier option interest.  More barrier option interest said to lie at 90.75. EUR/CHF down at 1.2440 from early 1.2535 as major Swiss seller takes profit on long possie. And this despite some media talk Swiss government pushing Swiss National Bank to raise the peg to 1.2500 from present 1.2000.    
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