IFX Yana

Amended: UK House Prices Rise For Second Month: Nationwide Corrects the story to show that the latest annual increase is the first since March. Residential property prices in the United Kingdom increased for a second consecutive month in October, results of a survey by Nationwide Building Society showed Tuesday. The house price index rose a seasonally adjusted 0.4 percent on a monthly basis in October, following a 0.1 percent increase in September. Economists expected prices to remain unchanged. According to Nationwide Chief Economist Robert Gardner, house price growth is likely to remain soft in the period ahead. On an annual basis, house prices increased 0.8 percent following a 0.3 percent drop during the preceding month. This was the first increase in prices since March. Economists had called for a 0.5 percent annual increase. On a non-seasonally adjusted basis, the average house price in U.K fell to GBP 165,650 from GBP 166,256 in September. More FOREX-news on pages InstaForex.Com

Schauble Wants EU To Take Global Lead In Introducing Tobin Tax: Report The European Union must take the lead role in introducing the financial transaction tax to curb speculative trade, German Finance Minister Wolfgang Schauble told the Financial Times. During the interview, the minister said that in addition to the harmonized monetary policy, Europe needs stronger institutions to oversee the implementation of a commonly agreed finance policy. He also urged the European leaders to take the next big steps towards a "fiscal union." The implementation of the tobin tax must be accompanied by tougher regulation of big banks and the "shadow" banking sector, such as hedge funds, Schauble told the newspaper. Even if the UK disapprove on such a tax in the full EU, the Eurozone should press ahead on its own, the minister said. Any failure to reach agreement on tougher financial regulation by the G20 at the Cannes summit this week should also not stop Europe acting alone, he said. "I am convinced that if we introduce a financial transaction tax in the EU, then the chances of getting a global agreement will increase enormously." he told the daily. On Italy, Schauble said that the country must solve its own problems by cutting the debt and balancing its budget as promised. Italy still has work to do," he said. "The stability of the euro requires that the big member states must live up to their own responsibility." The Euro summit last week mounted pressure on Italian Prime Minister Silvio Berlusconi to implement the announced budget cuts swiftly and effectively. In an interview to Corriere della Sera over the weekend, Berlusconi said that the Parliament must understand that the country will continued to get the support from the European Central Bank only if it implements the planned measures. "There is no room for games or tactics." He said that the current legislature in Italy will last until 2013. "Only I and my government can achieve this reform program for 18 months, which is why there is no way for me to stand aside," Berlusconi told the newspaper. Interest rates on 10-year Italian bonds rose to a euro-era record on Friday, reflecting market skepticism that if Italy can deliver on its pledge to cut spending and balance its budget by 2013. The commitments made with the European Union at the summit will be presented on November 9 and 10, Berlusconi told Corriere della Sera. More FOREX-news on pages InstaForex.Com

European Economics Preview: French Consumer Spending Data Due Consumer spending from France is the only major statistical report due on Friday, headlining a light day for the European economic news. At 2.45 am ET, French consumer spending for September is due. Economists expect spending to fall 0.7 percent annually, following a 0.3 percent rise in August. On a monthly basis, spending is forecast to remain flat. Spain's statistical office INE is set to release flash inflation data at 3.00 am ET. The Flash HICP inflation is seen at 2.9 percent in October, down from 3 percent in September. In the meantime, the jobless data is also due. Hungary's unemployment figure is also due at 3.00 am. The jobless rate is forecast to fall to 10.7 percent in September from 10.8 percent in August. Sweden's retail sales and manufacturing confidence survey reports are due at 3.30 am ET. Retail sales are forecast to rise 0.3 percent month-on-month, offsetting last month's 0.3 percent fall. Manufacturers' confidence reading is seen at -5 in October, down from -3 in September. At 4.00 am ET, Italy's hourly wages data for September is due. It had increased 1.7 percent year-on-year in August. Norway's NAV unemployment figures are also due at the same time. The Swiss KOF institute is scheduled to issue leading index at 5.30 am ET. The index is forecast to fall to 1 in October from 1.21 in the prior month. More FOREX-news on pages InstaForex.Com

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EU Banks May Require EUR 106 Billion Under Recapitalization Plan: EBA The European banks would be required to raise EUR 106 billion as capital under the new recapitalization plan agreed by EU leaders at yesterday's summit, the European Banking Authority (EBA) said Thursday. Under the plan, banks are required to establish a buffer such that the Core Tier 1 capital ratio reaches 9 percent. Banks will be expected to build these buffers by the end of June 2012. The EBA said that it expects to disclose the final capital shortfall by November. Spanish banks need EUR 26.2 billion and Italian banks require EUR 14.8 billion in core tier 1 capital, according to EBA. French and German banks must raise EUR 8.84 billion and EUR 1.58 billion respectively, EBA said in a statement. Greek banks will need an extra EUR 30 billion of capital, though this was covered by an existing aid program. Banks will be required to submit their plans detailing the actions they intend to take to reach the set target to their respective national authorities by the end of 2011. These plans will have to be agreed with National Supervisory Authorities and discussed with the EBA, according to the statement. The targets will have to be achieved avoiding excessive deleveraging, while they are expected to withhold dividends and bonuses to attain the target, the statement said. The capital needs should be met only with capital of the highest quality. For private instruments, only new issuances of very strong convertible capital will be accepted if in line with strict and standardized criteria to be defined by the EBA, the EU's banks watchdog said. More FOREX-news on pages InstaForex.Com

Eurozone Leading Index Drops Further In September: Conference Board Eurozone's leading economic index declined further in September, data from a survey by the Conference Board showed Wednesday. The leading economic index (LEI) decreased to 105.9 in September from 106.7 in August, which was lower than July's reading of 108.1. Meanwhile, the coincident economic index (CEI), which measures the current economic situation, edged up to 103.7 in September from August's reading of 103.6. In July, the reading was 103.4. In the six months ended September, the leading index declined 2.6 percent, while the coincident index moved up 0.8 percent, the agency said. "The LEI for the Euro Area fell sharply in August on the back of a severe deterioration in business confidence and stock prices which continued in September," Jean-Claude Manini, the Conference Board senior economist for Europe, said. "The sovereign debt crisis and the uncertainty concerning its resolution are beginning to dampen current economic activity and the immediate outlook." More FOREX-news on pages InstaForex.Com

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Euro Off Recent Lows Against Dollar And Yen The euro recovered from its late Asian session's slide against the dollar and the yen ahead of the European deals on Tuesday as a survey report showed that Germany's consumer confidence is set to rise in November. Meanwhile, the euro is also trading higher against the pound and the franc. According to a survey carried out by the market research group GfK, the forward looking consumer sentiment index rose unexpectedly to 5.3 for November from 5.2 in October, survey data showed Tuesday. Economists were expecting the index to dip slightly to 5.1 points. At present, the euro is worth 0.8714 against the pound, 105.98 against the yen, 1.3927 against the dollar and 1.2277 against the franc. More FOREX-news on pages InstaForex.Com

BoE Broadbent Says Monetary Policy Cannot Fully Offset Euro Crisis Fallout Monetary policy can offset the fallout from a potential Eurozone burst up "only to some extent," Bank of England policymaker Ben Broadbent told the Financial Times. "To some extent, but I think only to some extent," he said in an interview published late on Sunday. The scale of the debt crisis mean that "one cannot offset them." Broadbent said the central bank's decision to expand the asset purchase by GBP 75 trillion was not precise. Denying that there was any limit to the total amount of quantitative easing the central bank could do, he said "the limit is what the correct policy is." More FOREX-news on pages InstaForex.Com

Thai Export Growth Slows Sharply In September Thailand export growth eased more than expected in September, data from the Commerce Ministry showed Friday. Export growth eased to 19.1 percent year-on-year in September from 31.1 percent in August. Economists expected the rate of growth to slow to 21 percent. Meanwhile, imports grew 41.9 percent compared to 44 percent rise reported in the preceding month. Economists were looking for a 32.6 percent increase. The trade balance resulted in a surplus of $238.2 million compared to a deficit of $1.2 billion in the previous month. A year ago, the balance was in a surplus of $3.07 billion. More FOREX-news on pages InstaForex.Com

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Uk Inflation Likely to fall in 2012 says Broadbent News BoE's Broadbentsaid on Thursday that there is possibility of sharp inflation fall in 2012. He expresses positivity that the euro zone crisis would be tackled, relieving pressure on the supply of retail credit throughout UK banks. He reiterated that Margins in lending will come down and business conditions would improve Quotes "The headline rate will fall back pretty sharply, especially as we get to the new year and VAT rates fall out of comparisons. Inflation will fall in the first part of the next year," - BoE's Broadbent More FOREX-news on pages InstaForex.Com

ECB's Trichet Stresses On Need To Amend Treaties To Save Eurozone European Central Bank President Jean-Claude Trichet said that the treaties must be amended so that the authorities can "impose decisions" on countries that put the stability of the monetary union at risk by not complying with the fiscal rules. In an interview to the Frankfurter Allgemeine Zeitung, a transcript of which was published at the central bank's website on Tuesday, Trichet said that it should be possible in future to impose decisions on countries that persist in not complying with the Stability and Growth Pact, thereby putting at risk the stability of Monetary Union. "In my view, the Treaties would need to be amended to this end," he told the daily. Asked about the conditions that persuaded ECB to intervene in the bond market, Trichet said that there was a delay during the ratification process of the European Financial Stability Facility, which needed approval of all 17 governments. Due to this delay, ECB found itself in a situation where it had to intervene in the bond market in order to safeguard the transmission of monetary policy. "We had to act decisively vis-?-vis savers and investors throughout the world." "But we never act as a substitute for the governments' responsibility and decisions," he said during the interview. Trichet said that new Stability and Growth Pact is much stricter, although not as strict as all intended. The new one is unlikely to fail as the euro area countries have been made painfully aware of the dangers of constant violation. The most important thing for the ECB is to ensure medium and long-term stability, and it cannot use monetary policy to put right the failings of government policies, he told the newspaper. More FOREX-news on pages InstaForex.Com

EBRD Cuts Growth Forecast For Central & Eastern Europe The European Bank for Reconstruction and Development, EBRD, has lowered the growth forecast for the Central and Eastern Europe, saying that the "protracted" debt crisis in Europe is adversely affecting the region's growth prospects. Reports said citing an EBRD statement that the region is expected to expand 3.2 percent in 2012, much slower than the prior estimate of 4.4 percent. The GDP will grow 4.5 percent, compared with the 4.8 percent predicted in July. The EBRD revised its 2012 forecast for the central Europe and Baltic region to 1.7 percent from the 3.4 percent predicted in July. The bank's estimates are based on a central scenario of a "protracted but ultimately contained" eurozone crisis, reports said. More FOREX-news on pages InstaForex.Com

Research: Eur/usd - Trading Strategy, Trigger Points, and Support and Resistance Levels RBS has given the following trading strategy, trigger points, and support and resistance levels: TRADING STRATEGY: Longer term longs; stop below the neckline at 1.3650 target 1.4099 onto 1.4200 (spot 1.3778) TRIGGER POINTS: 1.3873 - where the market looked toppy around the middle of September and where the 61.8% retracement falls from the previous range. 1.4099 - My (analyst) initial objective from this pattern and the 38.2% of this new found range from the retracements 1.3907 - a 50% retracement from the rally at the beginning of the year at 1.2874 to the high at 1.4940. SUPPORT LEVELS: 1.3799, 1.3700 RESISTANCE LEVELS: 1.3907, 1.4099 -A strong close to the week, given that risk sentiment tends to suffer a sudden bout of fear as the weekly close nears, this didn't happen last Friday and the EUR closed up near the highs. The dominant technical feature is the inverse head and shoulders pattern with a target up at 1.4099 possibly 1.4200 with a stop currently positioned at 1.3650 – this can be moved up to 1.3750 if required. More FOREX-news on pages InstaForex.Com

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Trichet Urges Eurozone Leaders To Resolve Crisis Eurozone leaders must resolve the crisis in Europe and take concrete steps to restore confidence, the outgoing President of the European Central Bank, Jean-Claude Trichet, said as the policymakers prepare for the crucial October 23 summit. In an interview with the Financial Times newspaper on Thursday, Trichet said the policymakers in the eurozone have to strengthen banks' balance sheets and restore credibility. He reiterated that ECB will not act as a "lender of last resort" to governments. Referring to the Eurozone debt crisis, he said "It is a historical event of the first magnitude, the worst crisis since the second world war." It could have produced a great depression had appropriate decisions not been taken at the appropriate time, he told the daily. Trichet, who will be replaced by Mario Draghi next month, is meeting G20 leaders in Paris today. The emerging market economies are reportedly planning to boost the lending capacity of the International Monetary Fund, to help Europe fight the debt crisis. "It's our duty to tell governments and other institutions what we see, but up to them to take the appropriate decisions," Trichet said in a separate interview with Bloomberg Television in London on Thursday. He also urged policymakers to remain alert warning that a lot of unpredictable events can occur. Last week, the ECB offered unlimited liquidity and pledged to resume covered bond purchases in November, as part of its liquidity boosting efforts to stave off the crisis. More FOREX-news on pages Forex.Com

Euro Mixed Ahead Of ECB Monthly Report The European Central Bank is set to publish its monthly report for October at 4.00 am ET. The euro showed mixed trading ahead of the data. While the common currency traded lower against the Swiss franc, it inched higher versus the rest of majors. As of 3:55 am ET, the common currency was trading at 0.8776 against the pound, 1.2356 against the Swiss franc, 1.3817 against the US dollar and 106.55 against the yen. More FOREX-news on pages InstaForex.Com

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Eurozone Industrial Output Rises Unexpectedly In August Industrial production in the Eurozone increased unexpectedly in August, data released by Eurostat showed Wednesday. This was the second consecutive increase after a marginal decline in June. The seasonally adjusted industrial output increased 1.2 percent on a monthly basis in August, following an upwardly revised 1.1 percent rise in July. Economists expected a 0.8 percent fall. In European Union member states, industrial output grew 0.9 percent month-on-month, at the same pace as in the previous month. Year-on-year, industrial production in Eurozone increased 5.3 percent, following a 4.4 percent rise in July. Economists expected production to rise 2.1 percent. In EU27, production was up 4.3 percent annually. More FOREX-news on pages InstaForex.Com

Euro Zone Investor Sentiment at Its Lowest Level in Oct Since July 2009 News: Euro zone investor sentiment declined for the 3rd consecutive month to -18.5 in Oct, its lowest level since July 2009, from -15.4 in Sept. A sub-index tracking current conditions dropped to -5.75 from -3.25, while a sub-index tracking expectations fell to -30.5 from -26.75 Quotes: "The unsolved European sovereign debt crisis and the weakening of momentum in emerging markets remain the principle drivers of this development," Sentix More FOREX-news on pages InstaForex.Com

The Fighters of "Tornado InstaForex" Are in the Final of the Ukrainian Mix Fight Cup The semi-final of the Ukrainian Mix Fight Cup for professionals - Grand Prix Ukraine - is left behind! And we are very proud to inform you that the wrestler from "Tornado InstaForex" named Alexandr Voytenko became one of the five finalists, which means he gained the right to struggle for the title of the Champion in his weight category. Andrey Prizyuk, another outstanding Ukrainian sportsman, a member of the Club, will attempt to get the third prize. InstaForex congratulates the fighters on the occasion of new achievements! In semi-final, the spectators had a unique opportunity to see dozens of bright meets, where the sportsmen demonstrated all their potential and skills. Though, it should be acknowledged, that Alexandr Voytenko and Andrey Prizyuk will soon be fighting with the best sportsmen of the Ukraine! We are looking forward to see the grand final which will take place in Kiev on November 12 in the expo center "AKKO International". The international broker InstaForex will traditionally hold a draw of the VIP zone tickets for the event. This long-awaited happening is not to be given a miss! Please, support the team "Tornado InstaForex" in the final of the Ukrainian Cup! See our photo-report on "Tornado InstaForex" VS Ukraine National Team match on InstaForex official weblog.

Moody's Downgrades Nine Portuguese Banks Moody's Investors Service on Friday downgraded senior debt and deposit ratings of nine Portuguese banks, citing deterioration of their unsupported financial strength. Moody's said that it saw increased asset risk for these banks as a direct consequence of the their holdings of Portuguese government debt and the sovereign's downgraded rating. Furthermore, the agency expected further deterioration of the banks' domestic asset quality due to weak outlook for economic growth in the context of the government's austerity measures. The liquidity strains of the banks that currently lack access to wholesale funding is also a key driver of the rating action. The six banks which faced downgrades of both their standalone ratings and their debt and deposit ratings are Caixa Geral de Depositos, Banco Comercial Portugues, Banco Espirito Santo, Banco BPI, Banco Santander Totta, and Caixa Economica Montepio Geral. Banco Internacional do Funchal and Banco Portugues de Negocios had their debt and deposit rating downgraded as a consequence of the weaker Portuguese sovereign, resulting in a lower rating uplift for these banks' debt ratings. The debt ratings of Espirito Santo Financial Group follow the lower rating of its operating company, BES. All of the banks' ratings carry a negative outlook with the exception of Banco Portugues de Negocios, which has a developing outlook on all of its ratings. More FOREX-news on pages InstaForex.Com

European Economics Preview: ECB, BoE Interest Rate Decisions Due Interest rate decisions from the European Central Bank and Bank of England are the major events due on Thursday. Both central banks are expected to leave key interest rates unchanged. Spanish and Hungarian industrial production reports are due at 3.00 am ET. Spanish industrial output is forecast to fall 4.7 percent annually in August after easing 2.8 percent in July. Meanwhile, Hungary's industrial output growth is seen at 1.3 percent for August, down from 2.7 percent in the prior month. At 3.15 am ET, Swiss consumer price figures are due from the Federal Statistical Office. Annual inflation is forecast to rise to 0.3 percent in September from 0.2 percent in August. The Bank of England is slated to issue housing equity withdrawal figures for the second quarter at 4.30 am ET. German factory orders are due from the Federal Ministry of Economy and Technology at 6.00 am ET. Economists forecast orders to remain flat month-on-month in August after falling 2.8 percent in July. The Bank of England is set to announce its interest rate decision at 7.00 am ET. The Monetary Policy Committee led by Governor Mervyn King is expected to hold the interest rate at 0.50 percent, the lowest since the central bank was established in 1694. Further, the BoE is forecast to maintain GBP 200 billion asset purchase programme. The European Central Bank is due to release monetary policy statement at 7.45 am ET. Economists expect the central bank to hold the rate steady at 1.50 percent. ECB President Jean-Claude Trichet holds a press conference following the interest rate announcement at 8.30 am ET. Trichet, who is set to leave the ECB this month, is expected to unveil some non-standard measures. More FOREX-news on pages InstaForex.Com

Euro Rebounds Ahead Of Eurozone's September PMI Data Wednesday, the European currency inched higher against its major rivals in early European deals ahead of the release of major eurozone economies' final services PMI data for the month of September. Italy's PMI is due at 3.45 am ET. The services index is forecast to fall to 47 from 48.4 in the prior month. Final French and German PMI results are due at 3.50 and 3.55 am ET. French services PMI is seen at 52.5 and German at 50.3, both in line with flash estimates. Markit Economics is set to release services and composite PMI for Eurozone at 4.00 am ET. Economists expect the composite index to fall to 49.2 in September as initially estimated. The common currency that eased in early Asian deals in response to Moody's downgrading of Italy staged a brief reversal just ahead of the data. As of 3:40 am ET, the euro was trading at 102.30 against the yen, 1.3326 versus the US dollar, 1.2280 against the Swiss franc and 0.8630 against the pound. More FOREX-news on pages InstaForex.Com