PARIS (MNI) – The French Treasury said Monday it will tap its 2.0% September 2013 BTAN, its 2.0% July 2015 line, its 2.25% February 2016 BTAN and its 2.5% July 2016 line for a total of E6.0 billion to E7.0 billion at its regular monthly auction next Thursday at 10:00 GMT. The Treasury will also [...]

Sold Euro 3 bln of 5 yr of 4.75% BTP’s , bid to cover ratio 1.469 (vs 1.34), gross yield 6.29% (up from 5.3% Oct) Full target  sold EUR/USD’s back up around 1.3700

Not much of a bounce off the recent day’s low of  1.5924 but bids 1.5920/25 so far holding the slide. Need to break back through 1.5950 now to get back on track. A break down through 1.5920 points the way down to tech support towards 1.5870/80 Cable’s sitting around 1.5947

–But Leading Indicators Point To Stagnation Ahead Sept preliminary: -2.0% m/m, +2.2% y/y MNI survey median: -2.3% m/m, +3.2% y/y MNI survey range: -3.4% to +1.3% m/m August: +1.4% m/m (revised from +1.2%) July: +1.0% m/m (revised from +1.1%) June: -0.6% m/m (unrevised) May: +0.2% m/m (unrevised) April: +0.3% m/m (revised from +0.4%) – PARIS [...]

EMU DATA: Sep industry output sa -2.0% m/m, wda +2.2% y/y –Sep industry output m/m above MNI median fcast (-2.3%) –Aug ind output rev up +1.4% m/m, +6.0% y/y (+1.2%,+5.3%) –3Q industry output +0.9% q/q; 2Q +0.3%; 1Q +1.0% –Sep 3mm avg (Jul-Sep:Jun-Aug) +0.1% after Aug +0.6% –For more information, please see MNI MainWire

Aug revised to + 1.4% m/m, +6% y/y from  +1.2% and + 5.3% EUR/USD still under pressure as Italian auctions get underway hitting fresh day’s lows of 1.3686

LONDON (MNI) – The major British banking groups lending to smaller companies fell in third quarter, despite government pressure to increase it. The Government backed Project Merlin initiative is designed to put pressure on the banks to lend more to small to medium sized enterprises, but Bank of England data show lending facilities for SMEs [...]

Been down to 1.0242 and struggling to get back above 1.0265/70. There  ichimoku cloud top support down at 1.0227 and 1.0229 hold s the 55 day MA. Some bids  below at 1.0200/20 AUD’s at 1.0258

In all this excitement USD/JPY’s just collapsed through 77.00 where there was some murmurs in Asia of possible semi/official bids at 77.00. If there were, they’ve been well and truly filled with the dollar hitting stops under the level to a low of  76.81 and no sign of a bounce at the moment. Talk of [...]

Breaking rules on fiscal governments will only fuel uncertainty and reduce confidence in the euro. Monpol can’t and mustn’t be used to solve solvency problems of EU states and banks Italy can solve it’s own current issues….

Bids in GBP/USD at 1.5980/85 eventually filled  by model sellers which tripped stops through 1.5970 and we ve just been down to 1.5942. EUR/GBP broke through tech resistance around 0.8585 on talk of M/E buying before running into offers just ahead of 0.8600/10 which should have some strongish tech resistance Cable’s at 1.5952 with EIUR/GBP at 0.8590 after  a [...]

States must solve fiscal issues themselves and return to a stable fiscal path Fiscal consolidation in Europe will last years Will reactivate financial markets stability legislation in Germany to help banks

Same crowd also seen buying GBP/USD on that dip.  Both have bounced with Cable off the recent lows of 1.5984 at 1.5995, and EUR/USD back at 1.3725 having hit 1.3700.

They’re behind that shove higher from 0.8980 to 0.9028 just now. Some offers are  now cited at 0.9040/550 ahead of Friday’s highs of 0.9084

And we’ve been down to lows of 1.3708 .  There are sell stops now set on a break of  1.3700 ahead of some fibonacci support around 1.3690 Euro’s at 1.3710

-1.8% y/y in Oct vs -2.0% Apologies missed that off my list earlier.

Just been down to 1.3730 and 1.6024 Some cable bids  down at 1.6020, with larger below at 1.5980/85  

PARIS (MNI) – A planned 50% haircut on Greece’s sovereign debt is “unnecessary and is harmful for Greece and for the euro area as a whole,” European Central Bank Governing Council member Athanasios Orphanides said in an interview with a Greek newspaper published on Sunday. “With the decisions taken, first on July 21 and then [...]

FRANCE DATA: Sept current account deficit E4.0 bln after Aug -E2.4 bln - Larger merchandise goods shortfall (-E6.4 bln vs -E4.6 bln) offsets - Bigger services surplus (+E1.1 bln vs +E0.9 bln). - No change in revenues surplus (+E3.4 bln) or - Transfers deficit (-E2.1 bln)

From 2.2 bln in Aug. Goods -6.4 bln eur vs -4.6  in Aug Services +1.1bln eur  vs +0.9bln Revenues and transfers unchanged at 3.4 and -2.1 bln euros