- US Session: Orders and Options Watch
GBP: The dovish BOE MPC vote outcome, 2 members voted for more QE, hammered the British pound, stops below 1.5750-60 and 1.5700 were triggered and more stops below 1.5650 and 1.5640 are now in focus, however, fresh bids are likely to emerge further out at 1.5590-00 and 1.5550. On the - Mid-Day Report: Sterling Tumbles after BoE Minutes, Euro Directionless
Sterling was sold off sharply earlier today after BoE minutes unexpectedly revealed that two policy makers favored more expansion in the asset purchase program. GBP/USD is back pressing 1.57 level while EUR/GBP jumped through 0.84. Elsewhere, Euro is generally soft as Eurozone PMIs disappointed. Weakness in European equities also exerted - Daily Report: Yen Selloff Continues as Crude Oil Extends Rally
Market's focus is turning back to yen selling today as USD/JPY breaches 80 psychological level. BoJ's ultra easing monetary policy is factor that contributes recent weakness in the Japanese yen and is there to stay. Another yen selling reason emerged earlier this week after Japan posted record trade deficit in - European Session: Orders and Options Watch
EUR: The single currency remained confined within a relatively narrow range in part due to cross-trading against both yen and sterling, profit-taking activities after the 130 billion euro Greek bailout package put pressure on euro and bids at 1.3210-20 were filled, however, buying interests are still noted at 1.3190-00 with - US Session: Orders and Options Watch
EUR: Although the single currency resumed recent rise earlier today on buying by Russian names, euro ran into heavy offers there and has retreated throughout European session, bids at 1.3230-35 were cleared but more buying interests from European corporate are expected from 1.3200 down to 1.3180 with stops building up - Mid-Day Report: Euro Rally Lost Steam as Greek Bailout Boost Faded
The boost from Greece bailout deal to Euro was relatively brief as the common currency fails to take out recent high of 1.3321 against dollar and retreated. EUR/JPY also dips mildly after jumping to 105.98 earlier today. Major European indices are in red at the time of writing but down - European Session: Orders and Options Watch
EUR: The single currency found renewed buying interest just below 1.3200 level and has risen again from 1.3186 to 1.3293 on news that EU finance minister reached deal on Greek bailout plan worth 130 billion euro (stops above 1.3285-90 were triggered), however, offers are still noted at 1.3300 with mixture - Daily Report: Euro Firm after Greek Bailout Approval
Euro remains firms today as Greece finally secured the long awaited EUR 130b bailout from EU finance ministers. The deal, which provides short term relief for Greece and aim to cut debt to GDP ratio from current 160% to 121% in 2020, was confirmed in a press conference in Brussels
- BOE Minutes Unveiled 2 Member Favored More Asset Purchases
The BOE minutes for the February meeting unveiled that 2 (Adam Posen and David Miles) out of 9 members opted for more expansion in asset purchases than decided. The 2 dissenters to the current monetary policy saw a risk of a prolonged period of depressed demand which would cause inflation - EU Agrees On Second Greek Bailout Package Worth Of 130B Euro
The latest news is that EU finance ministers have eventually reached an agreement on the second Greek bailout package. The deal requires Greece to bring its debt down to 120.5% of GDP by 2020 from over 164% currently. The agreed reduction was similar to what was requested by the IMF. - RBA Feels Comfortable With Current Monetary Stance As Growth Will Be Close To Trend
The RBA released minutes for the February meeting, explaining reasons for its decision to leave the policy rate unchanged at 4.25%, instead of a reduction of -25 bps as expected by the market. The central banks appeared comfortable with the domestic economic developments though these might also be affected by - FOMC Minutes Unveiled a Few Members Opted for More Asset Purchases
The FOMC minutes for the January meeting were as dovish as the policy statement suggested. Yet, the change in wordings suggested that there were fewer members demanding further easing. Policymakers noted that “strains in global financial markets continued to pose significant downside risks to the economic outlook” and “a few - China Hesitate to Act although It Reiterates to Support Eurozone
As the sovereign debt crisis in the Eurozone continues to deteriorate, EU financial ministers have been traveling abroad to seek assistance besides pulling funds among member nations. After German Chancellor's visit to Beijing earlier this month, Mr. Herman Van Rompuy, President of the European Council, and Mr. Jose Manuel Barroso, - BOJ Surprisingly Adds Stimulus
The BOJ surprisingly expanded its asset purchase program by +10 trillion yen today, sending the total fund size to around 65 trillion yen. At the same time, policymakers unanimously voted to keep the uncollateralized overnight call rate at 0.-0.1%. The unexpected move aimed to stimulate the country's economy which contracted - As Expected, BOE Added More Stimulus while ECB Stood Aside
The BOE expanded the asset purchase program by +50B pound to 325B pound and left the Bank rate at 0.5%. As mentioned in the policy statement, "the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. While policymakers noted that "some recent business surveys - ECB To Stand On The Sideline While BOE To Extend Asset Purchases
Although Greece's PSI and its access to the new tranche of bailout fund dragged on, market sentiment appeared to have improved since the last ECB meeting. Moreover, reaction to the 3-year LTRO was positive while economic data over the past few weeks showed improvement. These should allow the ECB to
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