We’re up through those stops at 1.0520 to  around 1.0535 …. now if only…. EUR/USD lends a helping hand with some Middle east buying

Apparently. EUR/CHF pretty steady around 1.1300 (everything’s relative, I guess)

As expected. EUR/USD up at 1.4410 (around where we started out) Earlier had reports of buy stops through 1.4430.

We’ve seen a low of 1.0447 in Europe this morning, but the general feeling is of some underlying firmness, could be partly due to the swiss franc strengthening again, and commodities generally firming.   Monday’s high of 1.0514 will likely provide some offers but there are stops, albeit not huge behind that on a break up [...]

LONDON (MNI) – The Bank of England cut its 2011 growth forecast from 1.9% to 1.7% in its August Inflation Report, and predicted inflation would come in at 1.73% two years ahead on market rates. The detailed figures released today show that the BOE is expecting growth to rise by 0.75% on the quarter in [...]

Following the 9-0 vote to hold rates, with cable hitting lows of  1.6348 Some bids remaining around,1.6350 , with corporate bids beneath  apparently in the 1.6310/30 and 1.6300 area On the topside, a move back up through earlier highs around 1.6457 are likely to find the going tough around the recent multi highs of 1.6475/80 and [...]

–All 9 Boe MPC Voted for Unchanged Bank Rate at Aug Meeting –Some No Change MPC Members “Considered Case” for more QE –8 BOE MPC Voted for Unchanged QE; Posen voted for stg50bn Increase –No Change BOE MPC: Case for More QE “Not Yet Strong Enough” –Most MPC: Little Merit in Policy Reaction to Euro [...]

–Jul Claimant Count Unemployment +37,100 m/m; Rate 4.9% –Jun Average Weekly Earnings +2.6% vs +2.3% in May –Jun Average Weekly Earnings ex bonuses +2.2% vs +2.1% in May –Apr-Jun ILO Unemployment +38,000 Q/Q; Rate 7.9% –Jun Claimant Count revised to +31,300 m/m from +24,500 LONDON (MNI) – Claimant count unemployment rose for the fifth consecutive [...]

UK DATA: Jul Claimant Count Unemployment +37,100 m/m; Rate 4.9% –Jun Average Weekly Earnings +2.6% vs +2.3% in May –Jun Average Weekly Earnings ex bonuses +2.2% vs +2.1% in May –Apr-Jun ILO Unemployment +38,000 Q/Q; Rate 7.9% –Jun Claimant Count revised to +31,300 m/m from +24,500 ———————————————————————— Claimant count unemployment rose for the fifth consecutive [...]

Worse than median forecast of 20K. Strongest rise since May 2009. Claimant count rate 4.9%, worse than median forecast of 4.7%. ILO jobless rise 38,000 in 3 months to June. Rate 7.9%,  worse than median forecast of 7.7%.

No one calling for a rate hike anymore. Cable down through 1.6400, presently at 1.6370. Posen voted for more QE (bless his little cotton socks) “Some members” of MPC considered more QE, case “not yet strong enough” but QE may be needed if downside risks materialise Euro zone biggest threat to UK , but most [...]

EMU DATA: June direct+portfolio inflow E93.9bn; May inflow E51.9bn – EMU June direct invest inflow E5.6bn; May outflow E3.8bn – EMU June portfolio invest inflow E88.3bn; May inflow E55.8bn – EMU June equity invest inflow E13.1bn; May outflow E21.7bn – EMU June bond/note invest inflow E63.9bn; May inflow E40.1bn – EMU June money mkt invest [...]

Comment will have helped EUR/USD a bit, presently at 1.4385. Recovery from session low 1.4324 in large part due to EUR/CHF cross steadying. There we’re back up at 1.1320. Talk of decent buy orders seen 1.1230/50.

FRANKFURT (MNI) – The Swiss National Bank said Wednesday it aims to expand banks’ sight deposits at the SNB from CHF120 billion to CHF200 billion in a bid to weaken the “massively overvalued” Swiss franc. “In order to achieve this new target level as quickly as possible, it will continue to repurchase outstanding SNB bills [...]

And the chances of that are NIL. Likely to be a lot of objections to financial transaction tax from some EU members (no shit sherlock) Sees no threat to Ireland’s corporation tax rate from Merkel-Sarkozy proposals

Here ya go

EUR/USD has tripped aforementioned stops through 1.4385 presently at 1.4362.  The move comes as EUR/CHF sells off sharply as the Swiss baulk at introducing a currency peg. EUR/CHF down at 1.1245 in torrid trade.

But no news on the peg front. EUR/CHF down at 1.1355. Aims to expand banks’ sight deposits at the SNB further, from 120 bln to 200 bln Will repurchase outstanding SNB bills, employ foreign exchange swaps Reiterates that will, if necessary, take further measures against strength of the franc

Not really   EUR/USD sits pretty much where it was two and a half hours ago, presently at 1.4400. Reports sell stops through 1.4385, buy stops through 1.4430. You can bet your bottom dollar they’ll  be buy orders clustered down around 1.4350/60 and sell orders clustered up at 1.4480/00. One day we’ll break out of the [...]

DAX futures down 0.9%, CAC 40 futures down 0.5%. EUR/USD very steady in early European trade, presently at 1.4392. Euro zone data due this morning: 08:00 GMT:  Euro zone current account 09:00 GMT: Euro zone CPI for July expected -0.6% m/m, +2.5% y/y, core +1.6% y/y 09:00 GMT: Italian current account