Recent run up to 0.8609 closed off the gap left from the Friday NY close and Asia’s open, and has since peeled off again towards 0.8590. There’s talk of strong resistance around 0.8645/50 upstairs with the last run up apparently down to some German corporate and momentum accounts buying. Euro now starting to look a bit softer [...]

EUR/USD over 1.3600 as euro shorts get squeezed.

UK govt must rigorously examine banks’ ring-fencing otherwise it risks threatening economic growth What growth?

Being told of a cluster of bids around the 76.75 level of several 100′s  of dollars. Looks like this could be a first line of support, with another source suggesting some possible semi-official buying interest down around 76.40/50. Not much on the topside ahead of resistance towards 77.80/90 (Fri NY high 77.86) The dollar continues to [...]

Presently up at 1.3595. The clue was it didn’t follow European stocks lower. Hope you got that…..

Floundering this morning with an early bashing from asian offices of a UK clearer leading the move earlier from 1.0325. large stops got tripped down through 1.0315 and we’re now stalling down around 1.0290., after lows of 1.0276. Failure to  recover the 1.0300 handle doesn’t bode well, with potential for a fall down towards  1.0125. [...]

Europe’s ftseeurofirst 300 now down 3.1%.  DAX falls below 5000 level for first time since July 2009. STOXX Europe 600 banks index down 4.6%, lowest level since March 2009. Interestingly EUR/USD is showing some resilience in the wake of the accelerated stock losses, presently at 1.3560.

We’re back down at 1.3540 in choppy trading conditions. Famous last words; market seems a little more balanced than of late ie more robust two-way interest. Now if only European stocks could steady a little……..we might even see a bit of a EUR/USD rally.

BERLIN (MNI) – German Economics Minister Philipp Roesler no longer rules out an “orderly insolvency” of Greece, he wrote in an op-ed piece for the German daily Die Welt published Monday. “To stabilize the euro there must be no taboos even in the short term,” Roesler said. “If need be, this also includes an orderly [...]

Cable sits at 1.5820, pretty much where it was when I sat down.  Seems 1.5780 is being identified as important short-term support (trend low July 12). As a result we’re seeing buy interest ahead of said level (session low 1.5791). I’d hazard an educated guess that sell stops will be parked just below said level [...]

Sees approval in Parliament by Wednesday.

Official says forcing Greece out of the euro region would only invite markets to speculate against other euro zone countries, warning “That can’t be our goal.” EUR/USD trying to steady in early European trade after the fall seen in Asia. We’re presently at 1.3555.

And we’re half way through September!!

BASEL, Switzerland (MNI) – Bundesbank President Jens Weidmann will not follow the example of European Central Bank Executive Board member Juergen Stark by quitting his position, Weidmann said Monday. Speaking to journalists on the margins of the bi-monthly meeting of central bankers at the Bank for International Settlements, Weidmann, who is also a member of [...]

Ireland should cut public-sector wages Would like to see Irish govt frontload austerity measures Sees more scope for downward flexibility in Irish employment contracts Irish social security system has to be adjusted European govts have no intention of expelling a country from the euro zone

Well, that’s a start. Wants to secure stability-orientated policy in the ECB

Structural seperation should help insulate retail banking from external financial shocks Concluded that the best policy approach is to require retail ring-fencing of UK banks, not total seperation Retail and other activities of large UK banks should both have primary loss absorbing capacity of at least 17-20% UK banking competition would be improved by creation [...]

Love him or loathe him, latest from AEP at The Telegraph.

Fresh new session lows just seen at 1.3495 and Gerry should be preparing himself for a busy session. USD/CHF took the first set of stops out above .8900 and there are more reported above .8950