Market tensions threaten Italy’s debt financing Need more access to risk capital Macroeconomic measures won’t solve all problems Industry late to respond  to euro challenges Need structural reforms, crucial to boost human capital.

……About one of my favourite films

Hardly a surprise that they’re apparently buying Italian bonds…. EUR/USD’s up at 1.3275  from lows of 1.3253

Back up around 0.9690 after touching  0.9667 as the EUR/USD got a kick in the guts. Corporate buying led the bounce from 0.9670, and there has also been an Asian sovereign showing similar interest this morning, but that was absorbed in the downmove earlier. Tech support remains around 0.9660/65 and bids down at 0.9620/25, with [...]

Being told by my favourite UK clearer, a lot of traders are looking closely at this 0.9300 level which was the 2010 close and a key focal point for corporates. Being told that a break up through there could make  a lot of corporates unwind hedges put on over the year when the swiss franc [...]

ITALY DATA: September retail sales fell 0.4% m/m in SA nominal terms on a drop in both food and non-food sales, posting the fifth consecutive m/m decline. In y/y terms, retails sales fell 1.6%, down from -0.3% in August. –The three month-moving average contracted 0.6% in the months from July to September, compared with the [...]

from-0.1%m/m in August , on food and non food sales EUR/USD’s down at 1.3270, after a fall before the release to 1.3264

Those bids have now been torched and were down to 1.3270 in a  couple of minutes, which is sending USD/CHF higher. There was talk of a possible barrier at 0.9250  which  if existed has been taken out with a move just then to 0.9253. UPDATE: Some  minor bids are reported down at 1.3260/65 and 1.3230/35., [...]

BERLIN (MNI) – The German government has lowered its forecast for this year’s public deficit to around 1% of GDP from 1.5% forecast in July, German business daily Handelsblatt reported Friday. However, total debt is now seen falling only to 74.5% of GDP by 2015, the paper wrote. In July, the government had targeted 71% [...]

Sees little comfort in the near future Large ECB purchases of bonds  “no solution” Belgian political crisis to blame for spreads

– See Separate Table For Details of Individual Forecasts TOKYO (MNI) – Japanese real average household spending in October is expected to have declined 1.6% from a year earlier, posting an eighth straight year-on-year drop after -1.9% in September and -4.1% in August, according to the median forecast of analysts surveyed by Market News International. [...]

The 1.3300 bid was duly filled but the other at 1.3295 is so far holding with latest intel suggesting several 100′s still there after just touching the level. Euro’s back at 1.3300 for now UPDATE: some talk of a barrier down at 1.3250

– See Separate Table For Details of Individual Forecasts TOKYO (MNI) – Japan’s seasonally adjusted unemployment rate is forecast to have stood at 4.1% in October, unchanged from September, while the ratio of job offers to seekers is seen improving to 0.68 in October from 0.67 in the previous month, according to the median forecasts [...]

FRANCE DATA: November consumer morale 79; October 82 – Below expected; MNI analysts survey median forecast 80 – Buying-propensity down three points – Future inflation worries up 10 points – Jobless fears up 10 points – See MNI MainWire for details

Future inflation fears -10 vs -20 in Oct Hardly market moving stuff i know !

An article in the FT from last night, might be worth a read if you haven’t seen it

Well for now there’s a large bid at 1.3295 sitting on the  EBS system for around Euro 500 mio i’m told, and with the market thinning out into the weekend it just might hold for a little while We’re at 1.3305 now UPDATE: Now hearing that bid belongs to the BIS and there’s one above [...]

The Barrier was taken out ahead of the European open with a low of 1.3298. There is trendline support at 1.3290 which if taken out properly points down towards 1.3145. A move back above the weekly ichimoku cloud base around 1.3450 is really needed to get the Euro out of the current decline. Still appears to [...]

– See Separate Table For Details of Individual Forecasts TOKYO (MNI) – Japanese industrial production appears to have posted the first month-on-month rise in two months, up 1.0% in October, after -3.3% in September and +0.6% in August, according to the median forecast of analysts surveyed by Market News International. The Ministry of Economy, Trade [...]

October: -0.3% m/m, +6.8% y/y September: +0.6% m/m, +6.9% y/y August: -0.7% m/m, +6.6% y/y – FRANKFURT (MNI) – Germany’s import prices fell back in October, as a sharp drop in intermediate goods prices offset costlier energy and consumer goods, the Federal Statistical Office reported on Friday. After a brief recovery in September, import prices [...]