ZuluTrade Blog

EURUSD stops have been finally triggered below 1.2920...

Market View | Friday, November 2, 2012 4:14 AM GMT

      Good Morning,

 

- USDJPY traded up to 80.30 on negative comments from the BOJ minutes. EURUSD stops have been finally triggered below 1.2920. Sterling is also trading weaker and NIESR has revised down the outlook on the UK economy. All eyes on today's Nonfarm Payrolls.

 

- Stocks: Nikkei +1.17 %, Hang Seng +1.38 %, Shanghai Composite +0.40 %, Dow Jones +1.04 %, S+P500 +1.09 %

 

- Bundesbank board member Andreas Dombret said Greece is far behind in implementing its reform program and shouldn’t rely on international creditors like the European Union to solve its problems. “Politicians and the EU are willing to assist Greece, but Greece must, first and foremost, help itself,” Dombret said. “Announcing and passing laws is not enough if the administration and the general public undermine them. It is now the task of the troika to decide impartially whether Greece meets the conditions for further assistance.”

 

- The Fed should keep making asset purchases, its third round of quantitative easing, until the jobless rate falls to 7.25%, if market conditions signal "substantial improvement," Federal Reserve Bank of Boston President Eric Rosengren said.

 

 

- Federal Reserve Bank of Atlanta President Dennis Lockhart said the Fed won’t change policy in response to Hurricane Sandy and the impact of the superstorm’s destruction on U.S. growth may be temporary and modest.

 

 

- Japan’s economy, the world’s third biggest, may have entered a “recessionary phase,” according to some Bank of Japan board members. The possibility “could not be ruled out,” a few policy makers said at an Oct. 4-5 policy meeting, according to minutes released in Tokyo today. A Cabinet Office official at the meeting said the government and the central bank need to “deepen their dialogues,” the record showed.

 

 

- Australia Data Recap    Period       Survey     Actual     Prior

* PPI qoq                           Q3            1.0 %      0.6 %    0.5 %

* PPI yoy                           Q3             1.6 %      1.1 %    1.1 %

 

- New Zealand Data Recap   Period     Survey     Actual     Prior

* ANZ Commodity Price           Oct           -            1.3 %    3.4 %

 

- The National Institute of Economic and Social Research cut its U.K. growth forecasts and said the economy will struggle to return to normality while the banking system remains impaired. Gross domestic product will rise by 1.1 percent next year instead of the 1.3 percent forecast in July and by 1.7 percent in 2014 rather than 2.4 percent, the London-based research group said in a report published today. The economy will shrink 0.1 percent this year, less than the 0.5 percent previously seen.

 

 

- The Financial Stability Board spelled out for the first time Thursday the amount of extra capital it would expect the world's largest banks to hold in respect of the potential risk they pose to the global financial system by their size and scale. The FSB, which coordinates the global regulatory response to the financial crisis on behalf of the Group of 20 leading advanced and emerging economies, identified Citigroup Inc., HSBC Holdings PLC, Deutsche Bank AG and J.P. Morgan Chase & Co. as the four banks most central to the system, on the basis of their 2011 data. It said the banks should be subject to a capital surcharge of 2.5 percentage points over and above the statutory minimums laid out in the so-called Basel III accords on bank capital. It said 24 other banks on its list should be subjected to smaller surcharges of between 1% and 2%.

 

Sat

G20 Finance- and Central Bank Deputies Meeting Saturday/Sunday

13:30

US Change in Nonfarm Payrolls OCt

13:30

US Unemployment Rate Oct

15:00

US Factory Orders Sep

19:25

Fed Williams

09:15

Spain Manufacturing PMI Oct

09:45

Italy Manufacturing PMI Oct

09:50

France Manufacturing PMI Oct

09:55

Germany Manufacturing PMI Oct

10:00

Eurozone Manufacturing PMI Oct

10:15

ECB Liikanen

10:30

UK Construction PMI Oct

13:30

Canada Unemployment Rate Oct

13:30

Canada Net Change in Employment

08:30

SNB Zurbruegg

(CET)

 

Have a nice day !

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