September: -1.3% m/m, +0.4% y/y August: -0.4% m/m (revised from +0.2%) July: +2.1% m/m (revised from +1.8%) June: -1.2% m/m (revised from -1.1%) May: +0.5% m/m (revised from +0.1%) April: +0.8% m/m (revised from +0.9%) — PARIS (MNI) – Construction activity in the Eurozone contracted further in September to a three-month low, on declines in [...]

EMU DATA: September construction output -1.3% m/m, +0.4% y/y – EMU August construction output rev down -0.4% m/m (+0.2%) – EMU 3q construction output +0.7% q/q, 2q +0.3%, 1q +1.4% – EMU September structural const -0.6% m/m;civil engineering -0.8% m/m – For details see MNI MainWire

France sold  Euro 6.943 bln  out of a target Euro6-7 bln Sold 1.069 bln of July 2015 BTAN  bid to cover 2.40, yield 2.44% Sold 1.625 bln Feb 2016, bid to cover 2.03 , yield 2.71% Sold 3.332 bln July 2016, bid to cover 1.68 , yield 2.82%

August revised down -0.4%m/m from +0.2% Q3 output +0.7% q/q from +0.3% in Q2

But ECB seen buying Spanish govt bonds straight after the auction result.

Back down in the 1.5730′s after the spike to 1.5795 following strong UK retails sales. The move slightly cushioned by a sell-off in EUR/GBP from 0.8566 to 0.8537. Bids below are seen at 1.5680/90 with sell stops beneath and through 1.5660. Topside tech resistance seen at the 55 day MA at 1.5804. Offers above at 1.5840/50 [...]

Thank goodness for the Giant Panda and those Middle Eastern sovereigns is all I’m saying. Without their buying EUR/USD would probably be down close to 1.3000. It ain’t though, we’re presently at 1.3455. Spain sold 3.6 bln of a new 10 year bond, in the middle of the 3-4 billion target.  Average yield on the [...]

–Car Production At Highest Level Since March Due Strong Export Demand LONDON (MNI) – Strong export demand pushed UK car production to an on year rise of 14.1% in October, with no clear sign of recent financial market turbulence curbing output. UK-based car manufacturing rose 14.1% in October on the year and was up 5.8% [...]

Spain sells 3.563 bln euros in new 2022 bonds, bid to cover 1.54 (prev 1.76) , average yield 6.975% (prev 5.433%) EUR/USD falls to session lows of 1.3437 following the higher  yield

BERLIN (MNI) – Germany’s Finance Minister Wolfgang Schaeuble warned on Thursday of the risk of contagion to the real economy from the Eurozone debt crisis. “Unfortunately, there are signs of that,” Schaeuble said in a speech at an insurance industry conference here. “We are witnessing continued rising uncertainties among market participants.” Schaeuble said markets are [...]

–Oct Retail Sales +0.6% m/m; +0.9% y/y; median -0.2% m/m; -0.1% y/y –Oct Retail Sales ex fuel +0.6% m/m; +0.9% y/y;median-0.4% m/m;-0.2% yy LONDON (MNI) – Retail sales volumes rose strongly for the second consecutive month in October as shops brought forward pre-Christmas sales, pulling in customers with promotions, figures from National Statistics showed Thursday. [...]

UK DATA: Oct Retail Sales +0.6% m/m; 0.9% y/y;median -0.2% m/m;-0.1% y/y –Oct Retail Sales ex fuel +0.6% m/m; 0.9% y/y;median-0.4% m/m;-0.2% yy ———————————————————————— Retail sales volumes rose firmly for the second consecutive month in October as shops brought forward pre-Christmas sales and attracted customers with promotions. Sales were up 0.6% on the month in [...]

Well above expectations of  -0.3% m/m, and sharp rise driven by pre Xmas promotions Deflator 4.4%y/y  after 4.4% in Sept. Lowest since June 2011 Cable jumping to 1.5795 on the release, before slipping back to 1.5775  

Sale “value for money” and in the best interest of public, Sale  to Virgin Money for £747 mln would actually be at a loss, but UK Financial Investments which managed the holding said it would receive up to £1 bln  through a further £150 mln in Northern Rock bonds it holds., together with a promise of [...]

Really? Bugger doesn’t miss a trick, do he? High risk premiums show growing doubt about sustainability of public finances in some states (man’s a bloody genius) Sees signs of contagion from debt crisis having effect on real economy Must concentrate on shielding banks from debt crisis contagion Must remain vigilant that the effects of debt [...]

Morning, October UK retail sales (exp -0.3% m/m) at 0930GMT followed by EU construction output for September at 1000GMT Hopefully these will drum some sort of a pulse into this market… Best of luck today

Do you think someone big and furry has been buying? You all owe me a bloody big expensive Christmas present……

AGGRESSIVELY!!! Oooooh, well I never…… Who would have thunk it? 

EUR/CHF and GBP/CHF forward levels.  EUR/CHF up at 1.2430 from around 1.2410 when I parked my bum. Those who attended the New York gathering last week will know my thoughts on this cross. Those who couldn’t be bothered to attend, tough!!!

Do I really have to finish the sentence? Same shit, different day……….