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LIBOR Rate to control rise Inflation Indonesia proyeksi 2012
Swiss National Bank: To take measures against strong swiss franc. Narrows target range for 3-month libor from 0.00-0.75% to 0.00-0.25%. Aiming for a 3-month libor as close to zero as possible
SNB official communication
Japan FinMin Noda: If we intervene, we will aim for action to have maximum effect on markets. Forex intervention aims at affecting market sentiment
BOJ’s Shirakawa: Sharp yen rises now could hurt Japan’s economy
Suzuki Motor exec: “Very sad” no one taking action on strong yen
ADB subsidiary head: FX intervention would have only temporary impact on yen, monetary easing would be more effective
Berlusconi to speak to parliament at 15:30 GMT. Will try and calm fears over increasing market turmoil
EU Commission to make statement later Wednesday on situation in markets
Euro zone July final services PMI revised up to 51.6 from flash 51.4
Euro zone June retail sales +0.9% m/m, +0.4% y/y, stronger than median forecasts +0.5%, -1.0% respectively
UK services PMI 55.4, up from 53.9 in June and much stronger than median forecast of 53.2
German Economy Minister: No reason for alarm on economic growth due to current global economic developments
Spanish PM office: PM Zapatero to meet with Econ Minister this afternoon
Well what a hoot that was. If you like your markets volatile you’ll have been in your element this morning. Personally I’ve been back three days from vacation and am in serious need of another one.
EUR/USD up at 1.4295 from early 1.4210. Inbetween we’ve been as low as 1.4143 followed by an extended recovery all the way up to 1.4344 and then back down again. Who needs a rollercoaster.
BIS sold early around 1.4315 and as periphery bond yields ticked higher/European stocks sold-off so the single currency gave ground.
We got as low as 1.4143 and were already steadying when the Swiss National Bank put the cat among the pidgeons. They came out and cut rates and made it very plain that they’ve had enough of the recent burgeoning swiss franc strength.
EUR/CHF took off like a bat out of hell (been as high as 1.1146 from session low 1.0790) and EUR/USD was dragged quickly higher with the cross. Eventually the release of much better than expected euro zone retail sales data helped trip stops through 1.4295 and we got our final leg up to 1.4344 before slipping back again.
Cable up at 1.6385 from early 1.6280. Obviously the rebound in EUR/USD helped, but a large part of the gains came on the back of surprisingly robust services PMI data (see above)
USD/JPY very marginally easier at 77.05 from early 77.25, the pairing garnering no lift from an avalanche of official rhetoric. The market waits on tenderhooks to see what the Japanese authorities come up with Friday after the BOJ deliberations. Read MOre
SNB official communication
Japan FinMin Noda: If we intervene, we will aim for action to have maximum effect on markets. Forex intervention aims at affecting market sentiment
BOJ’s Shirakawa: Sharp yen rises now could hurt Japan’s economy
Suzuki Motor exec: “Very sad” no one taking action on strong yen
ADB subsidiary head: FX intervention would have only temporary impact on yen, monetary easing would be more effective
Berlusconi to speak to parliament at 15:30 GMT. Will try and calm fears over increasing market turmoil
EU Commission to make statement later Wednesday on situation in markets
Euro zone July final services PMI revised up to 51.6 from flash 51.4
Euro zone June retail sales +0.9% m/m, +0.4% y/y, stronger than median forecasts +0.5%, -1.0% respectively
UK services PMI 55.4, up from 53.9 in June and much stronger than median forecast of 53.2
German Economy Minister: No reason for alarm on economic growth due to current global economic developments
Spanish PM office: PM Zapatero to meet with Econ Minister this afternoon
Well what a hoot that was. If you like your markets volatile you’ll have been in your element this morning. Personally I’ve been back three days from vacation and am in serious need of another one.
EUR/USD up at 1.4295 from early 1.4210. Inbetween we’ve been as low as 1.4143 followed by an extended recovery all the way up to 1.4344 and then back down again. Who needs a rollercoaster.
BIS sold early around 1.4315 and as periphery bond yields ticked higher/European stocks sold-off so the single currency gave ground.
We got as low as 1.4143 and were already steadying when the Swiss National Bank put the cat among the pidgeons. They came out and cut rates and made it very plain that they’ve had enough of the recent burgeoning swiss franc strength.
EUR/CHF took off like a bat out of hell (been as high as 1.1146 from session low 1.0790) and EUR/USD was dragged quickly higher with the cross. Eventually the release of much better than expected euro zone retail sales data helped trip stops through 1.4295 and we got our final leg up to 1.4344 before slipping back again.
Cable up at 1.6385 from early 1.6280. Obviously the rebound in EUR/USD helped, but a large part of the gains came on the back of surprisingly robust services PMI data (see above)
USD/JPY very marginally easier at 77.05 from early 77.25, the pairing garnering no lift from an avalanche of official rhetoric. The market waits on tenderhooks to see what the Japanese authorities come up with Friday after the BOJ deliberations. Read MOre
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