IFX Yana Posted November 24, 2011 Share Posted November 24, 2011 Euro Steady After Germany's Q3 GDP Report Following the release of Germany's final third quarter gross domestic product report at 2.00 am ET, the European currency held steady against its major rivals. As of 2:01 am ET, the euro was trading at 1.3374 against the US dollar, 0.8602 against the pound, 103.10 against the yen and 1.2290 against the Swiss franc. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted November 25, 2011 Share Posted November 25, 2011 Dollar Rises Against Most Majors On Eurozone Worries The U.S. dollar strengthened against most major currencies in Asian trading on Friday as traders bought safe haven assets amid lingering worries about the financial crisis in the euro zone and its impact on the global economy. Risk aversion aggravated yesterday after Fitch downgraded Portugal to BB+ with a negative outlook and German Chancellor Angela Merkel said euro bonds were "not needed and not appropriate." German reluctance to backstop the debt of its floundering neighbors has raised concerns that borrowing costs will continue to rise. Meanwhile, Moody's Investors Service on Thursday downgraded Hungary's government bond rating by one notch to 'Ba1', below investment grade. It also maintained a negative outlook, citing heightened uncertainty regarding the ability of the nation to meet its medium-term fiscal targets. The U.S. dollar rose to 0.9686 against the Australian dollar and 1.0493 against the Canadian dollar. The next upside target level for the greenback is seen at 0.967 against the aussie and 1.066 against the loonie. Against the euro, the dollar climbed to a fresh multi-week high of 1.3305. On the upside, 1.315 is seen as the next target level for the dollar. The dollar jumped to a 1-week high of 0.9225 against the Swiss franc and a fresh 7-week high of 1.5455 against the pound. If the dollar gains further, it may target 1.540 against the pound and 0.924 against the franc. The US dollar strengthened to a 2-day high of 77.55 against the Japanese yen. The next upside target level for the dollar-yen pair is seen at 78.0. The yen declined after Japan's finance minister Jun Azumi reiterated today that the nation will again take steps if there are speculative movements in the foreign exchange market. "We conducted a large-scale intervention on Oct. 31 and at this moment there is no sign that (the dollar) has become bottomless. We are carefully watching the market," Jun Azumi was quoted as saying at a regular press conference. "If there are speculative moves that we can't overlook, we will take steps without hesitation," Azumi said. But the greenback showed choppy trading against the NZ dollar, moving between 0.7405 and 0.7425. Investors now focus on the European session, in which German import price index for October, French consumer confidence for November and the Bank of England's housing equity withdrawal for the second quarter are scheduled for release. There are no major economic reports due in the New York session. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted November 28, 2011 Share Posted November 28, 2011 Moody's Says Debt Crisis Threatens EU Bond Ratings Moody's Investor Service on Monday issued a warning to the European Union sovereigns that the severity of the euro area debt crisis has put their government bond ratings at risk. The continued rapid escalation of the euro area sovereign and banking credit crisis is threatening the credit standing of all European sovereigns, Moody's said in a statement. In the absence of policy measures that stabilize market conditions over the short term, or those conditions stabilizing for any other reason, credit risk will continue to rise, the agency said. While Moody's central scenario remains that the euro area will be preserved without further widespread defaults, even this 'positive' scenario carries very negative rating implications in the interim period. The rating agency also noted that the political impetus to implement an effective resolution plan may only emerge after a series of shocks. In Moody's view, the probability of multiple defaults by euro area countries is no longer negligible. A series of defaults would significantly increase the likelihood of one or more members not simply defaulting, but also leaving the euro area. The rating agency said that the euro area is approaching a junction, leading either to closer integration or greater fragmentation. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted November 29, 2011 Share Posted November 29, 2011 S&P May Revise French Rating Outlook To 'Negative': Report Standard and Poor's may downgrade the outlook on France's triple A rating to 'negative' within the next ten days, French daily La Tribune reported Monday. The report comes as Fitch Ratings revised down the outlook on the U.S. credit rating to 'negative' on Monday, affirming the triple A sovereign rating. Yesterday, Moody's Investor Service issued a warning to the European Union sovereigns that the severity of the euro area debt crisis has put their government bond ratings at risk. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted November 30, 2011 Share Posted November 30, 2011 Situation In Europe Worsened Significantly Over Last Few Weeks: ECB's Noyer The situation in Europe worsened significantly over the past few weeks, European Central Bank Governing Council member Christian Noyer reportedly said Wednesday. At a conference in Singapore, Noyer said that Europe is going through a true financial crisis. Noyer, also the Bank of France governor, reiterated that market stress has intensified. He added that bond markets are not functioning normally in Eurozone. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 1, 2011 Share Posted December 1, 2011 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: (from Monday) Small longs to 1.3394 at which point add to positions*to 1.3609 stop through 1.3250, (for those entering today buy dips 1.3394/3429 and stop through 1.3274) TRIGGER POINTS: 1.3610- The Initial low from the sell off and the important level to break to end this bear trend. 1.3394- a breaking of this level would be the breaking of the resistance trend line - it should now be supportive on dips SUPPORT LEVELS: 1.3262/78, 13218, 1.3180 RESISTANCE LEVELS: 1.3394, 1.3429/60 -Finally got the convincing breaking of the trend line today and still the market looks to want end the bear trend as witnessed since the end of November. The spike higher was very aggressive as it was across the board relating to 'risk' currencies. With it being so aggressive, the bias is for some kind of correction in the early part of the session and my (analyst) bias turns strongly to one of buy dips; between 1.3394/1.3429 is the stand out zone and is formed by the cluster of lows back in mid November and the138.2% extension of the initial sell off. Further downside supports lie at 1.3346 and 1.3274. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 2, 2011 Share Posted December 2, 2011 Japan's Azumi Pledges Action Against Speculative Currency Moves Japanese Finance Minister Jun Azumi reiterated that he will not hesitate to take action if speculative yen moves appear, reports said on Friday. However, he declined to comment on whether Finance Ministry have been selling yen since October 31. Azumi said that the Japanese banks are not facing dollar liquidity shortage. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 5, 2011 Share Posted December 5, 2011 European Economics Preview: Eurozone Retail Sales Data Due Retail sales from euro area and final Purchasing Managers' survey results from major Eurozone nations are due on Monday. Statistics Finland is slated to release quarterly national accounts for the third quarter at 2.00 am ET. At 3.00 am ET, Spain's statistical office INE is set to publish industrial output for October. In the meantime, Turkey's consumer and producer price figures are also due. Markit Economics is scheduled to publish Italy's services PMI at 3.45 am ET. Final PMI survey results for France and Germany are due at 3.50 am and 3.55 am ET, respectively. Eurozone final composite and services PMIs are due at 4.00 am ET. The flash composite PMI reading came in at 47.2 and services PMI at 47.8 in November. Economists expect final readings to match initial estimates. At 4.30 am ET, Eurozone sentix investor confidence survey results are due. The index is seen at -19.7 in December compared to -21.2 in November. The U.K. CIPS/Markit services PMI report is also due. The index is expected to fall to 50.5 in November from 51.3 in October. Eurozone retail sales data is due from Eurostat at 5.00 am ET. Economists forecast sales to rise 0.1 percent month-on-month after falling 0.6 percent in September. Annually, sales are expected to drop 0.6 percent. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 6, 2011 Share Posted December 6, 2011 France's Baroin Sees No Need For Further Austerity Despite S&P Move French Finance Minister Francois Baroin said that the economy did not require a third round of austerity despite the Standard and Poor's decision on Monday to put 15 euro members, including France, under 'CreditWatch negative'. S&P has warned that it may downgrade the country by two notches from its triple-A rating. "We do not need a third austerity plan. We don't need additional measures," reports quoted the minister as saying in a television interview on Monday. France would not need public money to raise bank capital, he told France 3 television. He also said the rating agency had not taken into account joint announcement by France and Germany earlier in the day to push for a tougher new European Union Treaty. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 8, 2011 Share Posted December 8, 2011 European Economics Preview: ECB Expected To Cut Rates The interest rate decisions from the European Central Bank and the Bank of England are set to dominate the scene on Thursday, headlining a busy day for the European economic news. The Bank of France is scheduled to release business sentiment survey results for November at 2.30 am ET. The business sentiment indicator fell to 96 in October from 97 a month ago. Czech unemployment and Turkey's industrial production are due at 3.00 am ET. The jobless rate is forecast to rise to 8 percent in November from 7.9 percent in October. On a yearly basis, Turkey's industrial production is expected to grow 5 percent after rising 12 percent a month ago. Half an hour later, Dutch inflation figures are due. Annual inflation is expected to remain unchanged at 2.6 percent in November. The Hellenic Statistical Authority is scheduled to issue Greek unemployment data for September at 5.00 am ET. Ireland's consumer prices for November are due at 6.00 am ET. Annual inflation accelerated to 2.8 percent in October, the highest in six months. At 7.00 am ET, the Bank of England is slated to announce its interest rate decision. The BoE is likely to retain its asset purchase programme at GBP 275 billion and to leave its key rate unchanged at a historic low of 0.50 percent. At 7.45 am ET, the ECB is widely expected to lower its key interest rate by a quarter point to 1 percent. The central bank is also set to ease its non-standard measures. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 9, 2011 Share Posted December 9, 2011 Research: China's Inflation Worries are Almost Dead Now Quotes from Standard Chartered: -China's inflation worries are almost dead now, but the bad news is that economic growth is also slowing substantially. -CPI inflation fell sharply to 4.2% y/y in November (from 5.5% prior). This implies a decline of 0.04% in m/m seasonally adjusted annual rate (SAAR) terms. -The fall in producer price index (PPI) inflation was even bigger, to 2.7% y/y in November from 5% prior. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 12, 2011 Share Posted December 12, 2011 Eurozone Sovereigns Still Under Pressure: Moody's The ratings of all European Union sovereigns will be revisited by Moody's Investors Service in view of the continued absence of decisive policy measures despite the recent euro area summit, the rating agency said in a statement on Monday. "This is because the absence of measures to stabilize credit markets over the short term means that the euro area, and the wider EU, remain prone to further shocks and the cohesion of the euro area under continued threat," Moody's said. The rating agency said there remained continuing tension between euro area leaders' recognition of the need to increase support for fiscally weaker countries and the significant opposition within stronger countries in doing so. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 13, 2011 Share Posted December 13, 2011 Finnish Retail Sales Growth Slows In October Inflation from the U.K. and ZEW economic sentiment from Germany are the major statistical reports due on Tuesday, headlining a hectic day for the European economic news. At 1.30 am ET, the French statistical office Insee is slated to issue consumer prices for November. Annual inflation is expected to edge up to 2.4 percent from 2.3 percent in October. EU harmonized inflation is seen at 2.5 percent. The State Secretariat for Economic Affairs (SECO) is set to publish Switzerland's economic forecast at 1.45 am ET. At 3.00 am ET, Hungary's consumer prices are due from the Central Statistical Office. Economists forecast inflation to rise to 4.2 percent in November from 3.9 percent in October. Half an hour later, Sweden's inflation data is due. Inflation is expected to ease to 2.7 percent in November from 2.9 percent a month ago. The Office for National Statistics is set to publish U.K. November inflation figures at 4.30 am ET. Inflation is seen at 4.8 percent, down from 5 percent in October. Retail price annual inflation is also forecast to ease to 5.1 percent from 5.4 percent last month. Germany's ZEW economic sentiment survey results are due at 5.00 am ET. The economic sentiment index is forecast to fall to -55.8 in December from -55.2 in November. The current conditions index is expected to drop to 31 from 34.2 a month ago. Poland's consumer prices and current account figures are due at 8.00 am ET. Consumer prices are forecast to rise 4.5 percent annually in November, after climbing 4.3 percent in October. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 14, 2011 Share Posted December 14, 2011 European Economics Preview: U.K. Claimant Count Data Due Jobless claims from the U.K. and industrial output from Eurozone are the major statistical reports due on Wednesday. Statistics Finland is slated to publish November inflation data. Annual inflation is expected to remain unchanged at 3.5 percent. Spanish final inflation figures are due at 3.00 am ET. EU harmonized inflation for November is expected to match 2.9 percent initial forecast. Swiss producer and import prices for November are due at 3.15 am ET. Producer and import prices are expected to fall 0.3 percent month-on-month and the annual decline is seen at 1.9 percent. The Office for National Statistics is scheduled to issue U.K. jobless claim figures for November. The claimant count rate is forecast to rise to 5.1 percent. The number of people claiming jobseekers' allowances is expected to rise by 13,700. Half an hour later, Eurostat is scheduled to issue Eurozone industrial production data. Economists forecast industrial output to remain flat month-on-month and to rise 2.1 percent annually. At 8.00 am ET, Norges Bank is set to announce its interest rate decision. The central bank is expected to cut its base rate by a quarter point to 2 percent. In the meantime, Poland's M3 money supply is due. A monthly growth of 1.2 percent is expected for November, double the 0.6 percent expansion logged in October. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 15, 2011 Share Posted December 15, 2011 European Economics Preview: SNB Rate Decision Due The interest rate decision from the Swiss National Bank, Purchasing Managers' survey results from Eurozone and retail sales from the U.K. are due on Thursday, headlining a hectic day for the European economic news. At 3.00 am ET, Markit Economics is set to publish French flash purchasing managers' survey results. The manufacturing PMI is forecast to fall to 47 and the services PMI to 49 in December. In the meantime, Turkey's unemployment and Czech producer prices are due. Economists forecast the jobless rate to rise to 9.5 percent in September. At the same time, Czech producer price inflation is expected to ease to 5.2 percent in November from 5.6 percent in October. The Federal Statistical Office is slated to release Swiss industrial output for the third quarter at 3.15 am ET. Economists forecast industrial production to drop 0.9 percent sequentially after rising 3.6 percent in the prior quarter. The Swiss National Bank is set to announce its interest rate decision at 3.30 am ET. The SNB is expected to maintain its three-month Libor at zero. Germany's flash PMI is also due at 3.30 am ET. The manufacturing PMI is seen at 47.5 and the services PMI at 50 in December. Half an hour later, Eurozone flash PMI is due. The composite PMI is forecast to ease to 46.5 in December from 47 a month ago. In the meantime, the European Central Bank is set to publish monthly bulletin. At 4.30 am ET, the Office for National Statistics is scheduled to issue U.K. retail sales. Retail sales are forecast to fall 0.3 percent month-on-month after rising 0.6 percent in October. Eurozone final inflation and employment reports are due at 5.00 am ET. Eurozone inflation is seen at 3 percent in November, unchanged from flash estimate. The Confederation of British Industry is scheduled to release Industrial Trends survey results at 6.00 am ET. The total order book balance is forecast to fall to -20 from -19 in November. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 16, 2011 Share Posted December 16, 2011 U.S. Industrial Production Unexpectedly Drops In November After reporting a bigger than expected increase in industrial production for the month of October, the Federal Reserve released a report on Thursday showing an unexpected drop in production in November. The unexpected decrease was partly due to a pullback in factory output. The report showed that industrial production edged down by 0.2 percent in November following an unrevised 0.7 percent increase in October. The drop came as a surprise to economists, who had expected production to increase by 0.2 percent. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 20, 2011 Share Posted December 20, 2011 German GfK Consumer Sentiment To Stay Stable German consumer confidence is set to remain stable in January, survey data from the market research group GfK revealed Tuesday. The forward-looking consumer confidence index is seen at 5.6 points, the same reading as seen in December. Consequently the consumer climate is holding steady heading into 2012, the GfK said. The reading was expected to fall to 5.5 points. The economic expectations index for December rose more than 6 points to -0.9. At the same time, the income expectations indicator increased by 2.9 points to 34. But willingness to buy did not benefit from the improvement in economic and income expectations in December. The indicator registered a marked decline of 12.9 points to reach 27.4. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 22, 2011 Share Posted December 22, 2011 European Economics Preview: U.K. GDP Data Due The revised quarterly national accounts from the U.K. is the major statistical report due on Thursday, headlining a light day for the European economic news. At 3.00 am ET, Hungary's retail sales data is due. Economists forecast sales to drop 0.2 percent annually in October, reversing a 0.3 percent rise in September. Half an hour later, Statistics Netherlands is scheduled to issue Dutch consumer spending and final GDP figures. After falling 2 percent on a yearly basis in September, consumer spending is expected to drop 1.8 percent in October. The statistical office is also set to confirm 0.3 percent sequential fall in the third quarter GDP. In the meantime, Sweden's producer prices are due. Producer price annual inflation is seen at 0.1 percent in November, slower than the 0.3 percent growth in October. At 4.00 am ET, Italy's statistical office Istat is set to issue retail sales for October. Retail sales are forecast to ease 0.2 percent month-on-month after falling 0.4 percent in September. Norway's NAV jobless rate is also due. The Office for National Statistics is scheduled to issue U.K. GDP for the third quarter. According to the prior estimate, the economy had expanded 0.5 percent quarter-on-quarter. The statistical office is expected to confirm the initial estimate. Turkey's central bank is set to announce interest rate decision at 7.00 am ET. Economists expect the central bank to retain its key rate at 5.75 percent. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted December 23, 2011 Share Posted December 23, 2011 European Economics Preview: French Final GDP Data Due The final gross domestic product from France and mortgage approvals from the U.K. are the major reports due on Friday, headlining a light day for the European economic news. At 1.30 am ET, the French statistical office Insee is scheduled to issue GDP data for the third quarter. The Insee is expected to confirm 0.4 percent sequential growth. French producer prices are due at 2.45 am ET. Economists forecast producer price inflation to slow to 5.2 percent in November from 5.8 percent in October. At 3.00 am ET, Spain's producer prices and Hungary's final trade balance figures are due. Italy's statistical office Istat is scheduled to issue hourly wages for November at 4.00 am ET. Hourly wages had increased 1.7 percent annually in October. U.K.'s mortgage approvals is due from the British Bankers' Association at 4.30 am ET. The number of mortgage approvals is seen at 35,400, compared to 35,295 in October. The index of services for the U.K. is also due at the same time. Italy's statistical office is slated to publish consumer confidence at 5.00 am ET. Economists forecast sentiment to fall to 95.5 in December from 96.5 in November. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 11, 2012 Share Posted January 11, 2012 Euro Down Ahead Of ECB Meeting, Bond Auctions The euro was relatively weaker against its US counterpart before Wednesday's London session as caution prevailed ahead of tomorrow's closely watched European Central Bank decision and the upcoming bond auctions from a few major eurozone economies. The euro slipped to a 2-day low of 1.2730 against the dollar in the Asian session, erasing much of yesterday's gains that piled up after rating agency Fitch assured that France's AAA rating would remain intact for 2012. Market participants are also looking ahead at the bond market, with Germany auctioning EUR 4 billion of five-year notes today, Spain bidding EUR 5 billion of bonds maturing 2015 and 2016 tomorrow and Italy selling EUR 12 billion of bills. The ECB is widely expected to keep its benchmark interest rate at 1 percent. The euro depreciated almost 0.7 percent against the dollar from yesterday's 5-day high of 1.2819. The EUR/USD pair may re-test Monday's fresh 16-month low of 1.2667, given its fundamental weakness despite trading in oversold territory. The pair closed yesterday's deals at 1.2779. Copyright© 2012 RTTNews.com. All Rights Reserved More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 13, 2012 Share Posted January 13, 2012 European Economics Preview: Eurozone Trade, UK Output Price Data Due Foreign trade data from Eurozone and output price figures from the UK and are the major news due from Europe on Friday. At 2 am ET, CPI figures from Finland is expected. Economists forecast the index to rise 3.1 percent year-on-year in December. At 3 am ET, Spanish statistical office Ine is expected release the inflation data for the month of December. Economists forecast the rate to stay unchanged at 2.4 percent. Inflation and industrial output data from Hungary is also due to 3 am ET. Dutch industrial production and foreign trade are expected at 3.30 am ET, while the Czech central bank is scheduled to release the current account data for the month of November at 4 am ET. At 4.30 am ET, the UK's Office for National Statistics is slated to publish the output price figures for the month of December. Output costs are forecast to rise 5 percent year-on-year in December. Eurozone trade balance is due at 5 am ET. The seasonally adjusted trade balance is forecast to post a surplus of EUR 0.5 billion. Polish inflation and current account figures are expected at 8 am ET. Copyright© 2012 RTTNews.com. All Rights Reserved More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 16, 2012 Share Posted January 16, 2012 European Economics Preview: German Wholesale Price Data Due No major economic reports are due at the start of the week except a debt auction from France, headlining a light day for the European economic news. Germany's wholesale price figures for December are due at 2.00 am ET. Wholesale prices are expected to rise 3.7 percent annually after increasing 4.9 percent in November. On a monthly basis, wholesale price growth is seen at 0.2 percent. At 3.00 am ET, Turkey's unemployment and consumer confidence figures are due. In the meantime, Czech producer prices are also due. Economists see producer price inflation to slow to 4.7 percent in December from 5.6 percent in November. At 3.15 am ET, the Federal Statistical Office is scheduled to issue Swiss producer and import prices for December. Economists forecast producer and import prices to fall 0.1 percent month-on-month after easing 0.8 percent in November. Italy's statistical office Istat is set to publish final consumer price figures for December at 4.00 am ET. According to preliminary estimate, EU harmonized inflation held steady at 3.7 percent. Norway's trade balance for December is due at 4.00 am ET. The trade balance showed a surplus of NOK 35.5 billion in November. France is set to conduct a debt auction today, the first sale after the ratings agency Standard & Poor's downgraded the country's ratings along with eight other Eurozone nations on Friday. The French government aims to raise as much as EUR 8.7 billion today. S&P lowered France's long-term sovereign credit ratings to 'AA+' from 'AAA'. The U.S. markets are closed for the Martin Luther King, Jr. day holiday. Copyright© 2012 RTTNews.com. All Rights Reserved More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 17, 2012 Share Posted January 17, 2012 ECB's Draghi Says Europe In "Grave" Situation European Central Bank President Mario Draghi on Monday warned that Europe is in a "very grave state of affairs" and called on the governments to swiftly implement the recommendations by European Systemic Risk Board (ESRB) on macro-prudential mandates. Draghi, speaking in his capacity as the chair of the ESRB, said central banks' swap lines have helped to comfort market participants and reduced tensions. However, "their existence might also imply a moral hazard risk, hindering EU banks from adopting a more robust funding structure." The ESRB has published recommendations on macro-prudential mandates for national authorities. Draghi said the member states should implement these recommendations before July 1, 2013 and communicate by June 2012 their intentions with respect to implementation and on developments to date. The authorities need to restore confidence in sovereigns and ensure that EU firewalls are operational and well equipped with an effective and flexible mandate, he said, adding that they should also have clarification about the robustness of the EU financial system. Copyright© 2012 RTTNews.com. All Rights Reserved More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 19, 2012 Share Posted January 19, 2012 European Economics Preview: French, Spanish Bond Auctions Due The French government is set to enter the primary debt market for the second time this week on Thursday after it lost the top notch 'AAA' rating. Statistics Netherlands is scheduled to release consumer confidence and unemployment data at 3.30 am ET. The consumer confidence index is forecast to improve to -34 in January from -37 in December. The jobless rate is seen at 5.9 percent in December. At 4.00 am ET, the European Central Bank is slated to publish monthly report. In the meantime, euro area's current account figures are due. The current account surplus is forecast to fall to zero from EUR 1.7 billion in October. Spain and France will be in the market with their first bond auctions since the S&P rating downgrade last week. The countries are set to test the market after Portugal and Germany held successful auctions on Wednesday, raising a total EUR 5.939 billion. The Spanish Treasury is set to sell longer-term debt at 4.30 am ET. The treasury will auction bonds maturing in 2016, 2019 and 2022 to raise between EUR 3.5 billion and EUR 4.5 billion. Later on, the Agence France Tresor will auction up to EUR 9.5 billion of French medium and longer term bonds in two auctions at 4.50 am ET and 5.50 am ET, respectively. At the start of the week, France held a successful auction of its treasury bills, which saw the country's 1-year borrowing costs fall. Spanish debt yields also declined at a treasury bills auction on Tuesday. The countries raised a total EUR 13.47 billion from the auctions as markets shrugged of the news of the S&P downgrade. Ireland's consumer prices are due from the Central Statistics Office at 6.00 am ET. Economists forecast annual inflation to slow to 2.7 percent from 2.9 percent in November. EU harmonized inflation is seen at 1.3 percent, down from 1.7 percent a month ago. Poland's industrial output and producer prices are due at 8.00 am ET. Economists forecast industrial production growth to fall 6.2 percent annually in December from 8.7 percent in November. Producer price inflation is seen easing to 8.3 percent in December from 8.9 percent. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted January 20, 2012 Share Posted January 20, 2012 Moody's Says Likely To Cut Ratings Of Big Banks Moody's Investors Service warned Thursday that it will likely downgrade the ratings on a number of rated banks globally, as several trends including deteriorating sovereign creditworthiness and high economic uncertainty have weakened the lenders' credit profiles. Moody's said that most European banks are vulnerable to the euro area debt crisis, while global capital market intermediaries face macroeconomic uncertainty, low growth and severe market volatility. Moody's Global Banking Managing Director Greg Bauer said that the expected decline of bank ratings reflects the acceleration of interrelated pressures on the banking sector since the second half of 2011. "These pressures most immediately affect global capital markets intermediaries and European banks," Bauer said. "Deteriorating sovereign creditworthiness, particularly in the euro area; elevated economic uncertainty; and elevated funding spreads and reduced market access at a time when many banks face large debt maturities," are the main factors that puts the ratings of several banks' under pressure, according the rating agency. In advanced economies, these factors are expected to lead to many banks experiencing downward migration of their standalone credit assessments and their debt and deposit ratings in 2012. Moody's said it may place the ratings of a number of global investment banks and European banks under review for downgrade during first-quarter 2012. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
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