Bundesbank emphasises clear division between monetary and fiscal policy

–UK Treasury Says These Are Challenging Times –Data Show Welcome And Substantial Downward Revision In Borrowing LONDON (MNI) – The UK Treasury today gave an upbeat verdict on the latest set of public finance data, saying that they showed spending trends in line with the Office for Budget Responsibility forecasts issued at the time of [...]

Eurozone membership is a historical choice for Greece Hard negotiations with Troika are about 2011-2014 austerity programme Measures will be painful and must make additional steps Greece is being blackmailed by the markets Without Troika control Greek finances would have derailed

–Adds Detail To Version Transmitted At 0830 GMT –8 BOE MPC Voted For Unchanged QE; Posen Voted for Stg50bln Increase –Most No Change MPC: Increasingly Likely More QE Would Be Needed –Most No Change MPC: Case for More QE Significantly Strengthened LONDON (MNI) – Only Bank of England Monetary Policy Committee member Adam Posen voted [...]

–Aug PSNB-X Stg15.934bn vs Stg14.003n in August 2010 –Aug PSNCR Stg11.834bn vs -Stg3.746bn in August 2010 –Aug Current Budget-X -Stg13.839bn vs Stg11.852bn in August 2010 LONDON (MNI) – UK Public Sector Net Borrowing hit a record level for an August, but significant downward revisions to previous borrowing estimates will leave Chancellor of the Exchequer George [...]

–8 BOE MPC Voted For Unchanged QE; Posen Voted for Stg50bln Increase –Most No Change MPC: Increasingly Likely More QE Would Be Needed –Most No Change MPC: Case for More QE Significantly Strengthened LONDON (MNI) – Only Bank of England Monetary Policy Committee member Adam Posen voted to extend quantitative easing at the MPC’s September [...]

UK DATA: Borrowing Revisions Give Osborne Extra Stg10bn –Aug PSNB-X Stg15.934bn vs Stg14.003n in August 2010 –Aug PSNCR Stg11.834bn vs -Stg3.746bn in August 2010 –Aug Current Budget-X -Stg13.839bn vs Stg11.852bn in August 2010 ———————————————————————— UK Public Sector Net Borrowing hit a record level for an August, but significant downward revisions to previous borrowing estimates will [...]

August PSNB £13.161 bln (exp 11.25 bln)  vs £11.852 bln August 2010 August PSNB   ex fin sector  intervention £15.934 bln  (exp 13.2 bln)vs £14.003 bln August 2010 August PSNCR £11.834 bln (exp 7.0) vs -£3.746 August 2010 Cable getting hit hard on the back of further QE fears,

No friends for poor Adam Public finances data pretty grotty. Most MPC members thought it increasingly likely that more QE would be warranted at some point. Decision on QE in September was finely balanced for most MPC members (this and data pressuring cable) For some members, continuation of trends seen in August would be enough to justify [...]

Slipping back as EUR/USD comes under renewed selling pressure from a UK clearer, with talk of sell stops now down through 1.3640. We’re down to around 1.0240 wth the 1.0234 asian low in sight. Unsubstantiated talk of  stops through the level    

Getting ongoing reports UK clearer selling truckloads of EUR/USD.  Battle being joined down at 1.3650/60.  Should be fun. Just getting confirmation the sell stops are through 1.3640.

–Clarifying In Last Sentence That Italy Downgrade Was Late Monday BERLIN (MNI) – Germany’s Finance Minister Wolfgang Schaeuble expects the government’s bill on reform of the European Financial Stability Facility (EFSF) to win some 80% of votes in parliament, he said in a newspaper interview published Wednesday. The lower house of parliament, the Bundestag, is [...]

BERLIN (MNI) – Germany’s Finance Minister Wolfgang Schaeuble expects the government’s bill on reform of the European Financial Stability Facility (EFSF) to win some 80% of votes in parliament, he said in a newspaper interview published Wednesday. The lower house of parliament, the Bundestag, is scheduled to vote on the bill on Sep 29. The [...]

Presently at 1.3683 from session low 1.3661. I reckon some little munchkin put around that there were buy orders clustered down at 1.3650/60.  Go figure. Who would have thunk it I’m done for the day. Thanks for coming out!! UPDATE:  Before I go, almost forgot, probably some sell stops just below 1.3650 (although no confirmation [...]

Reading some Bank of Tokyo Mitsubishi comments on Dow Jones. Bank says “We do not doubt that the Japanese government will act again over the coming days if the current low (record low 75.95)  is broken.” Oh-eh.  They should know, shouldn’t they?  Big Japanese bank like that…… USD/JPY hovers just above said level,  presently at [...]

PARIS (MNI) – A debt default by Greece would be much more costly than the financial aid to rescue it, French Budget Minister Valerie Pecresse said Wednesday. “We are doing everything today to save Greece,” Pecresse said in a radio interview. “Today we can save Greece.” The alternative of debt default “is not the scenario [...]

Hardly surprising.  Personally don’t see how they have any other option.

Thanks a bunch. EUR/USD has seen some slippage in early Europe trade, presently at 1.3683.  BarCaps’ move to slash their EUR/USD forecast hasn’t helped matters. Getting reports of ACB buying under 1.3700, which is slowing rather than overwhelming the selling pressure so far. Buy orders seen clustered down at 1.3650/60.

Not 08:00 GMT as I erroneously said earlier.

Three cheers for Finland!!  Hip, hip……………….yer right.