AcetraderFx May 6: Intra-Day Market Moving News and Views EUR/USD

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AceTraderFx Feb 5: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
05 Feb 2015 00:24GMT

EUR/USD - ....... Euro tumbled in NY afternoon after ECB announced cancellaton of acceptance of Greek bond for funding.

Earlier Reuters reported that the European Central Bank released the following statement on Wednesday on the eligibility of Greek bonds for use as security in its refinancing operations, quote:-
Eligibility of Greek bonds used as collateral in Euro system monetary policy operations.
ECB's Governing Council lifts current waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic.
Suspension is in line with existing Euro system rules, since it is currently not possible to assume a successful conclusion of the programme review.
Suspension has no impact on counter party status of Greek financial institutions.
Liquidity needs of affected Euro system counter parties can be satisfied by the relevant national central bank, in line with Euro system rules.
This decision does not bear consequences for the counter party status of Greek financial institutions in monetary policy operations. Liquidity needs of Euro system counter parties, for counter parties that do not have sufficient alternative collateral, can be satisfied by the relevant national central bank, by means of emergency liquidity assistance (ELA) within the existing Euro system rules.
The instruments in question will cease to be eligible as collateral as of the maturity of the current main refinancing operation.

Later, Reuters reported ECB has renewed its approval of an emergency liquidity assistance line (ELA) for Greek banks to enable them to fund themselves from the country's central bank, a Greek banking source told Reuters on Wednesday.
The ECB had granted a 2-week approval last month n reappraised the situation on Wed.

Thursday will see the release of Australia's HIA New Home Sales, Retail Sales, Switzerland's Consumer Confidence, Germany's Industrial Orders, UK's BoE rate decision and QE Total, U.S.'s International Trade, Labour Costs, Initial Jobless Claims, Productivity, Canada's Trade Balance, Exports and Imports.

 

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AceTraderFx Feb 9: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
09 Feb 2015 08:06GMT

EUR/USD - .... Euro regains partial lost ground in early European trading after Fri's sell off to 1.1312. Although price came under renewed selling pressure in NZ after Greek PM Tsipras on Sunday rejected bailout ahead of EU meeting this Wednesday, short covering quickly emerged and price edged higher to 1.1340 in Asia.
Another round of buying at 1.1318 by European traders pushed price higher, tripping some stops above 1.1340, however, more offers are tipped at 1.1350/60 are likely to check intra-day rebound.

Choppy range trading is in store ahead of release of EZ Feb investor confidence at 09:30GMT. Street forecast is 3.0 vs prev. reading of 0.9.

This morning the single currency tumbled from 1.1488 to 1.1311 last Friday due to the release of robust U.S. jobs report, price further weakened to 1.1287 in NZ/AUS today before recovering on profit-taking. .
Investors are now focusing on the ongoing Greek debt saga and its potentially jarring impact as Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece's "cruel" austerity programme, ruling out any extension of its international bailout and setting himself on a collision course with his European partners.

Besides, Euro zone finance ministers will meet at the Eurogroup gathering on Wednesday, at which the Greek finance minister has said he will present a comprehensive proposal. The European Council meeting takes place the following day.

 

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AceTraderFx Feb 10: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
10 Feb 2015 01:15GMT

EUR/USD - ..... Market highlight will be EZ FinMins' meeting on Wednesday and Greece is at the top of the agenda. Reuters reported Greece and its EZ partners engaged in brinkmanship on Monday, with leftist PM Alexis Tsipras insisting his country would not extend its reform-linked bailout and Germany saying it would get no more money without such a program.

European Commission President Jean-Claude Juncker warned Greeks not to expect the euro zone to bow to Tsipras' demands in a growing confrontation which spooked financial markets and prompted U.S. and Canadian pleas for calm and compromise.

Escalating the rhetoric, Greece's FinMin said the euro zone could collapse "like a house of cards" if Athens were forced out. A Greek finance official said he did not believe Juncker, IMF chief Christine Lagarde or German Chancellor Angela Merkel would let Greece go bankrupt, but Merkel said Greece needed to come up with a sustainable proposal. "I think what counts is what Greece will put on the table," Merkel said at a news conference in Washington.

Visiting Austria on Monday, Tsipras said he was confident of striking a compromise with European partners in the coming days and renewed his appeal for a "bridge" arrangement until June to allow time to negotiate a restructuring of Greece's debt.

Tuesday will see the release of Japan's Tertiary Industry Index, Australia's Home Price Index, NAB Business Conditions, China's CPI, PPI, Switzerland's Unemployment, CPI, France's Industrial Output, Italy's Industrial Output, U.K.'s BRC Retail Sales, Industrial Output, Manufacturing Output, U.S. Redbook, Wholesale sales and Wholesale inventories.

 

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AceTraderFx Feb 11: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
11 Feb 2015 01:44GMT

EUR/USD - ...... A piece of Bloomberg's news report worth noting ahead of today's Eurogroup meeting. Currency volatility surged along with the U.S. dollar as Germany and Greece head for a showdown that is spurring traders to take out insurance against euro declines.

The premium to protect against a drop in the euro versus the greenback rose to the highest since January 23rd - the day after the ECB announced it would purchase sovereign bonds - before Greece's official creditors hold an emergency meeting.
A gauge of the dollar closed at its highest level in data going back to 2004 as comments from regional Federal Reserve presidents suggested policy makers could raise interest rates by mid year.

Traders paid more to protect against euro losses as German FinMin Wolfgang Schaeuble doused the outlook for Greece's meeting. There are no plans to give Greece more time to negotiate, and "it's over" if the nation doesn't want the final tranche of its existing aid program, Schaeuble told reporters in Istanbul after a G20 meeting.

Traders see 26% odds that the Fed will lift rates from a record low by the end of June, futures data showed.

Wednesday will see the release of Australia's Westpac Confidence, Housing Finance, France's Current Account, U.S. Federal Budget. Markets in Japan will be closed on Wednesday due to National Foundation Day.

 

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AceTraderFx Feb 12: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
12 Feb 2015 01:03GMT

EUR/USD - .....EU sources said some ministers were surprised that the informal tone extended to not bringing a written document outlining proposals. Varoufakis simply made oral statements.

Economists polled by Reuters this week estimated a one-in-four chance of Greece leaving the 19-nation single currency area this year - the highest reading since the start of the Greek debt crisis in late 2009.

EU leaders will take up the issue at their first summit with Tsipras on Thursday EU officials said they would be briefed on the ministerial talks but there would be no room for debt negotiation at a summit mostly devoted to the Ukraine-Russia conflict, fighting terrorism and longer-term reform of the euro zone's governance.

Varoufakis has proposed a 6-month transition in which Greece would be allowed to issue more short-term debt, receive the proceeds of ECB holdings of Greek bonds and tap unused bank rescue funds while renegotiating its debt. Athens would swap its euro zone loans for GDP-linked bonds and its ECB-held debt for interest-bearing perpetual bonds with no reimbursement date.

EU officials have said the most Greece can expect is a further extension of the repayment deadline for its euro zone loans, a lower interest rate and perhaps a prolonged moratorium on debt service payments, in return for continued reforms under some form of external supervision.

On Wednesday's 1st official talk between EU FinMins & Greece's FinMIn. Reuters reported Greece's new leftist gov't n its international creditors failed to agree on a way forward on the country's unpopular bailout and will try again next Monday, with time running out for a financing deal.
In 7 hours of crisis talks in Brussels that ended after midnight, EZ FinMins were unable to agree even a joint statement on the next procedural steps. Both sides played down the setback, insisting there had been no rupture.

In Athens, a Greek official said Varoufakis had discussed with IMF MD Christine Lagarde and Dijsselbloem some form of "bridge agreement" for funding the state once the current bailout deal expires.

Thursday will see the release of Japan's Corp Goods Price, Machinery Orders, Australia's Employment, Unemployment, Germany's CPI, HICP, euro zone's Industrial Production, U.K.'s RICS Housing Survey, BoE quarterly inflation report, Canada's New Housing Price Index, U.S.'s Retail sales, Jobless Claims and Business Inventories.

 

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AceTraderFx Feb 17: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
17 Feb 2015 00:39GMT

EUR/USD - ..... Euro tumbled in thin North American afternoon session when news of a breakdown in the debt deal between Eurogroup & Greece. Reuters reported Greek FinMin Yanis Varoufakis said on Monday that he had been prepared to agree to a deal with creditors that would have given Athens 4 to 6 months additional credit in return for putting major new budget policies on hold.

He said the European Commission had put such a suggestion to him before Mon's meeting of EZ FinMins but that it had been superseded by a different draft proposal - fm Eurogroup President Jeroen Dijsselbloem - that he could not sign because it obliged Athens to extend its current bailout package. Dijsselbloem's proposal was "highly problematic," he said.

A Commission official said EU Economic Affairs Commissioner Pierre Moscovici had "contributed ideas" in discussions with Varoufakis but that only the Eurogroup proposal was the object of negotiations.

Varoufakis said he remained ready to sign a proposal based on Moscovici's ideas. "I was prepared to sign it this morning, this afternoon, I would sign it at midnight, tomorrow at 9 in the morning.
I would even consider signing some (other) version of it because the point here is not to allow an impasse."

He said he was optimistic a deal would be struck within the next 48 hours. "Europe will do the usual trick. It will pull a good agreement, an honorable agreement, out of what seems to be an impasse," he said.

Data to be released on Tuesday:

Australia's RBA Meeting Minutes, China's House Prices, Italy's Trade Balance, U.K.'s CPI, PPI, RPI, Germany's Zew reports, U.S.'s Redbook, NAHB Housing Markets, Net L-T Flows, Overall Capital Flows.

 

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AceTraderFx Feb 20: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
20 Feb 2015 06:36GMT

EUR/USD - ..... More about previous news on Greek bailout extension. Reuters reported Greece has made every effort to reach a mutually beneficial agreement with its euro zone partners but will not be pushed to implement its old bailout programe, its gov't spokesman said on Friday.
"The Greek gov't has done all it should at every level in an effort to find a mutually beneficial solution," gov't spokesman Gabriel Sakellaridis told Mega TV.

On Thursday, Germany rejected a Greek proposal for a 6-month extension to its euro zone loan agreement, saying it was "not a substantial solution" because it did not commit Athens to stick to the conditions of its international bailout.
"We are not discussing the continuation of the (bailout) programme," Sakellaridis said. "The Greek government will maintain this stance today, although conditions have matured for a solution to be found at last."

As Greece has done all its should to find mutually beneficial solution with euro zone partners, Greece is not discussing continuing bailout programme and will maintain this position at Eurogroup - gov't spokesman.

Data to be released on Friday:

China market holiday, Japan manufacturing PMI, leading economic index, Germany PPI, services PMI, manufacturing PMI, France services PMI, manufacturing PMI, Italy industrial sales, industrial orders, CPI, EU services PMI, manufacturing PMI, UK retail sales, PSNB, PSNCR, Canada retail sales and U.S. manufacturing PMI.

 

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AceTraderFx Feb 23: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
23 Feb 2015 09:15GMT

EUR/USD - ...... News from Ifo economist, quote:-
'current situation is very good, abv long-term average;
industry has seen domestic demand weaken slightly, exports still doing well; oil price and euro exchange rate giving support, Greece and Ukraine crisis have not had an impact on German economy;
it will be hard to surpass strg growth seen in Q4 in Q1 of 2015.'
Ifo business climate, current conditions and expectations came in weaker-than-expected at 106.8, 111.3 and 102.5 vs forecasts of 107.7, 112.7 and 103.0 respectively.

Greece govt spokesman said Greek reforms list will be sent to EU partners within the day, and the list will include reforms against tax evasion and corruption. They will be discussing with partners to ensure list is accepted.

European Union Economics Commissioner Pierre Moscovici comment that sanction against France may be necessary if a good deal cannot be reached over its deficit.

Earlier Euro trades with a neutral bias in directionless Asian session after price extended retreat from Friday's 1.1430 high to 1.1358 at Asian open as traders remain cautious after Greece gained conditional bailout extension late on Fri and market awaits the formal submission of Greece's reform proposals to the troika later today for their scrutiny & then approval on Tuesday.

Until then, choppy trading below said Friday's 1.1430 top is expected to continue in European morning. Pay attention to the release of German Ifo Feb business climate (forecast is 107.7 vs reading of 106.7), a better-than-expected number would prompt renewed buying in the single currency.

 

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AceTraderFx Mar 2: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
02 Mar 2015 00:16GMT

EUR/USD - ..... Euro opened lower in NZ on Monday to 1.1167, then 1.1160 ahead of Asian open.
Reuters reported Greece's leftist PM Alexis Tsipras accused Spain n Portugal on Saturday of leading a conservative conspiracy to topple his anti-austerity goverment, saying they feared their own radical forces before elections this year.

In a speech to his Syriza party, Tsipras accused them of taking a hard line in negotiations which led to the euro zone extending the bailout programme last week for 4 months.

"We found opposing us an axis of powers ... led by the governments of Spain n Portugal which for obvious political reasons attempted to lead the entire negotiations to the brink," said Tsipras, who won an election on January 25.

"Their plan was and is to wear down, topple or bring our goverment to unconditional surrender before our work begins to bear fruit and before the Greek example affects other countries," he said, adding: "And mainly before the elections in Spain."
Tsipras has portrayed the Eurogroup deal as a victory for Greece, even though it meant extending the bailout programme he had promised voters to scrap. He noted German lawmakers from Chancellor Angela Merkel's conservatives had attacked the Greek leadership when they approved the extension on Fri.

"We have all watched the strong opposition within Angela Merkel's party which shows that unacceptable concessions have been made to Greece," he said.
So far he has public backing. A poll conducted by the University of Macedonia for SKAI TV showed 56 percent of Greeks believed the extension had been a success, compared with 24 percent who said it represented a failure.

Ireland's FinMin has said Athens must negotiate a 3rd bailout when the extension expires in Jun - something Tsipras denied on Friday.

FinMin Yanis Varoufakis called into question a major debt repayment Greece must make to the ECB this summer, after acknowledging Athens faces problems in meeting its obligations to international creditors.

Data to be released this week:

New Zealand imports, exports, trade balance, Australia new home sales, business inventories, Japan manufacturing PMI, China HSBC manufacturing PMI, Swiss manufacturing PMI, Italy manufacturing PMI, unemployment rate, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, unemployment rate, UK manufacturing PMI, mortgage approvals, Canada current account, U.S. PCE, personal income, personal consumption, ISM manufacturing PMI and construction spending on Monday.

Australia building approvals, RBA rate decision, Swiss GDP, Germany retail sales, UK construction PMI, EU producer prices, Canada GDP, producer prices, U.S. redbook retail sales and ISM New York index on Tuesday.

Australia GDP, China HSBC services PMI, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, retail sales, UK services PMI, Canada BoC rate decision, U.S. ADP employment and Fed beige book on Wednesday.

Australia exports, imports, trade balance, retail sales, France unemployment rate, Germany industrial orders, Italy GDP, UK BoE rate decision, EU ECB rate decision, Canada Ivey PMI and U.S. jobless claims and factory orders on Thursday.

Japan leading indicator, Germany industrial output, France exports, imports, budget balance, Swiss CPI, Italy producer prices, EU GDP, Canada building permits, exports, imports, trade balance, U.S. non-farm payrolls, private payrolls, average earnings, unemployment rate and international trade on Friday.

 

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AceTraderFx Mar 5: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
05 Mar 2015 01:41GMT

EUR/USD - ..... Euro languishes near Wednesday's fresh 11-year trough of 1.1061 in subdued Asian morning as traders sold the single currency ahead of today's ECB monetary meeting.
Reuters reported keen to keep a low profile over the Greek crisis, the ECB will focus on improved growth prospects when it meets today and unveil some but not all the details of its 1 tln euros-plus bond buying plan.

Meeting in Cyprus, the ECB will keep rates on hold, likely lift growth forecasts to reflect a string of positive data surprises but cut inflation projections as it incorporates the full effect of a dramatic oil price fall, backing its case to buy 60 bln euros worth of bonds a month from March to spur inflation.

Markets will be looking for how quantitative easing will work, when the buying will start, whether it applies to paper with negative yields and how the purchases will be distributed along the yield curve.
Anticipation of the QE programme has driven euro zone borrowing costs down to the point where Spain can borrow for 10 years at just 1.3% and investors actually pay for the privilege of lending to Germany for 5 years.
Yields in Italy, Spain and Portugal dropped to record lows this week.

Data to be released on Thursday:

Australia exports, imports, trade balance, retail sales, France unemployment rate, Germany industrial orders, Italy GDP, UK BoE rate decision, EU ECB rate decision, Canada Ivey PMI and U.S. jobless claims and factory orders.