Market Overview

European Morning Wrap: Should Have Gone Christmas Shopping…..

European Morning Wrap: Should Have Gone Christmas Shopping…..

Abe pledges to make BOJ buy bonds - The Japan Times
SNB's Moser:  Franc is 'still overvalued' at 1.20 per euro
DepMin German FinMin Kampeter:  US must send signals on fighting fiscal cliff.  Indicators for Greece are pointing up
Austrian FinMin Fekter: Greece cannot expect additional aid or debt haircut for public finances
Italy PM Monti:  No guarantees about future but confident next government will continue reform path after election
Spanish banks bad loans 10.7% in September, up from 10.5% in August - Bank of Spain
Italy September industry orders sa -4.0% m/m, -12.8% y/y. September industry sales sa -4.2% m/m, wda -5.4% y/y
Euro area September construction output -1.4% m/m, -2.6% y/y
More QE is still an option, says Bank policy-maker - The Telegraph
Merkel's day of reckoning as taxpayer haircut on Greece looms - AEP at The Telegraph
Popularity of France's Hollande continues decline: poll
Japanese opposition LDP keeps lead before vote: poll

EUR/USD was 1.2760 when I arrived two years ago (well it feels like two years, what can I tell ya), and it's now 1.2770.  If you want me to describe price action this morning you can forget it.

Anyways, some buy stops apparently around 1.2790 (must be nuts, insane place to put stop order) Sell orders clustered 1.2800/10,  buy stops above there or through 1.2715 (take your pick, what's 5 pips between friends)

Buy orders clustered 1.2720/30, sell stops below there and more through 1.2700.

USD/JPY was 81.23 bid when I arrived, it's now 81.22 bid.  Ya getting the picture now?

Talk of sell stops through 81.10.  Buy orders clustered 80.90/00, sell stops below there and more through 80.80.  Sell orders seen clustered 81.65/75 ahead of 81.75 barrier option interest.

Cable at 1.5915, 5 pips firmer than the 1.5910 that greeted me.  You know its been quiet when cable is showing a net 5 pip change on the session.

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

Posted-In: News Forex Global Markets Trading Ideas


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