Citi: JPY on its knees
USDJPY is making new highs by the minute as London comes in and gets to the business by buying USD across the board – we’ve actually seen selling all the way up, mainly from banks.. We have got some queries for the reason behind this move and have to admit that there is no fresh news to drive this rally. From here, a series of resistances come in the 114.44-90 zone and then the long term levels come around 121.
USDJPY is making new highs by the minute as London comes in and gets to the business by buying USD across the board – we’ve actually seen selling all the way up, mainly from banks.. We have got some queries for the reason behind this move and have to admit that there is no fresh news to drive this rally. From here, a series of resistances come in the 114.44-90 zone and then the long term levels come around 121.
GS: GBP – decent miss on the services PMI with Composite number coming in well below exp at 55.8, market had been looking for something closer to 58.0 after Manufacturing data. GBP has really lagged the broader USD move and we think there’s plenty of catchup to be made. Next obvious level the YTD lows of 1.5875. We maintain our bias to the downside mainly via options and have added to cash shorts on this number.
GS: GBP: decent sellers cable coming in fr macro side on this move lower post soft services PMI
IP tomorrow were are BELOW cons also
IP tomorrow were are BELOW cons also
sry, its from Barx
Citi: Cable below 1.5900Cable has been hit by the double whammy of the weak October services PMI and the fact that the USD appears to be bid to old boots. Our flow doesn’t shed too much information today so far. We’ve seen good net buying (54% bias in our flow), led by leveraged names and followed by real money and then banks. Cable is now 1.5897.
Barx: Currencies
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More 1.25 expiry noise with another 3.84 yards expiring so more of the sideways range games ahead of us with 626 expiring at 1.2575 and 900 mio at 1.2515 likely to fence us in. Supports remain 1.2470 1.2440 1.2390 – resistance 1.2540 1.2585 1.2610.Eur/Chf 1.2025/50 lowest close in almost 2 years yesterday keeps the downside pressure on the peg floor. $/Chf 0.9600/0.9675
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More 1.25 expiry noise with another 3.84 yards expiring so more of the sideways range games ahead of us with 626 expiring at 1.2575 and 900 mio at 1.2515 likely to fence us in. Supports remain 1.2470 1.2440 1.2390 – resistance 1.2540 1.2585 1.2610.Eur/Chf 1.2025/50 lowest close in almost 2 years yesterday keeps the downside pressure on the peg floor. $/Chf 0.9600/0.9675
$/yen upside pressure remains post Kuroda 114.60 114.80 115.00 Barriers then 115.30 the topside resistances – supports from here 114.20 113.70 113.25 112.60. Eur/Yen 143.50 143.85 resistance – supports 142.40 141.80 140.60 .
Cable pressure builds on the downside as we continue to reject the attempts to rally above 1.60 as the cross retains a near term bid.
1.5940 1.5920/25 1.5875 1.5855 supports – resistances 1.5985 1.6025 1.6045 1.6085. Eur/£ 0.7950/55 then 0.7885/90 resistance supports 0.7820 0.7800 0.7770.
Bank Of Russia Scales Down Interventions Aimed At Easing Pressure On Ruble
Bank Of Russia Won’t Sell More Than $350 Million Per Day
Bank Of Russia: New Intervention Rule To Increase Ruble Flexibility
Ruble Rate To Be Guided Mostly By Market Factors
New Rule To Prevent Speculative Bets Against Ruble
Ruble Hits Fresh Record Low Of 44.98 Versus Dollar
Bank Of Russia Won’t Sell More Than $350 Million Per Day
Bank Of Russia: New Intervention Rule To Increase Ruble Flexibility
Ruble Rate To Be Guided Mostly By Market Factors
New Rule To Prevent Speculative Bets Against Ruble
Ruble Hits Fresh Record Low Of 44.98 Versus Dollar
Citi: Markets still on edge post ECB exclusiveThe Reuters exclusive on the ECB seems to be making a bigger impression on broader risk sentiment because it’s calling into question how much the market is priced for further ECB stimulus. USDJPY is down towards 113.40, equities are heavy and US 10y yields test 2.3210%. EURUSD tests 1.2560 and many are asking why its higher; we think its positioning.Sentiment on our trading desk is that this move could continue intraday given the absence of any scheduled events. Watch closely.
Central bankers to challenge Draghi on ECB leadership style, according to sources
7-10 EZ CBs against QE
more on ecb 04-Nov-2014 10:15
National bankers fault secretiveness, communication style Some members plan to raise concerns at governors’ dinner Draghi kept key aides in dark on policy steps – sources
Irritation could make it hard for ECB to take bolder steps
National bankers fault secretiveness, communication style Some members plan to raise concerns at governors’ dinner Draghi kept key aides in dark on policy steps – sources
Irritation could make it hard for ECB to take bolder steps