France sells total of Euros 4.3 bln  out of an expected target range of Euro 3-4.5 bln Sold 595 mln of 4.25%  2017, av yield 2.42%, btc 4.4 sold 1.571 bln  of 3.25% 2021, av yield 3.18% (vs 3.22%) , btc 3.05 (vs 2.24)

Spain’s target range was to raise 2.75-3.75 bln and they raised it all!!! Hooray…… Talk of a sizeable 1.3500 vanilla option expiry in EUR/USD at todays New York cut. If you’re one who believes in the magnetic effect of these things, then the current rally may slow somewhat given the proximity of said expiry. We’re at [...]

Spain sold a total of Euro 3.75 bln  in today’s auctions out of possible  3.75 bln Sold 1.2 bln euros of 2015, bid to cover 2.7 ( vs 2.1 last), yields 5.187% vs 3.639% Sold 1.15 bln  euros of 2016, bid to cover 2.8, yield 5.276% Sold 1.4 bln euros of 2017, bid to cover 2.7 [...]

Some steps are needed in EFSF ECB can act within the treaty (hurry up then!!!) The ECB should not do things that are not in EU treaty Now, most important thing for ECB to repair credit channel We have to make sure credit channel will start to work again We have seen serious credit tightening [...]

No deals for treaty changes in  a swap for other instruments such as Eurobonds Solving the crisis problems could take 3-5 years

Down slightly from revised 47.8 in October (prev 47.4),  but better than Reuters’ median forecast of 47.0. Well I’ll be buggered. Still, it’s the lowest read since June 2009.  Cable little changed at 1.5690.

FRANKFURT (MNI) – The European Central Bank’s monetary policy is geared towards ensuring price stability, whether that means guarding against inflation or deflation, European Central Bank President Mario Draghi said on Thursday. “The ECB’s monetary policy is constantly guided by the goal of maintaining price stability in the euro area over the medium term. And [...]

09:30 GMT:  Expected 47.0 from previous 47.4. Cable down slightly at 1.5680 from early 1.5700 when I first parked my bum. It would be nice to see a better than expected number.  Funnily enough though, I’m not holding my breath.

We touched a low of 1.0150 earlier on the back of Draghi’s comments, but  all i’ve heard of this morning is buyers in the AUD/USD from around  1.0180 and below. There’s talk of some reasonable bids clustered from 1.0150 and layered down to 1.0100. EUR/AUD’s been in demand this morning after the sharp fall yesterrday [...]

In line with flash estimate.

FRANKFURT (MNI) – The following is the verbatim text of European Central Bank President Mario Draghi’s introductory statement given to the European Parliament Planery on Thursday at the presentation of the ECB’s 2010 Annual Report: President, Honourable members of the European Parliament, I am delighted to be making my first appearance here as President of [...]

In line with flash estimate. Back in the market, EUR/USD sits at 1.3445. The EUR/USD buy orders/support at 1.3420, noted in the earlier 06:56 GMT update, managed to hold the Draghi-induced dip.

Below Reuters’ median forecast of 46.5. Elsewhere, Italy November manufacturing PMI 44.0, up from 43.3 in October, and better than Reuters’ median forecast of 43.0. French November final manufacturing PMI falls to 47.3 from flash 47.6, down from 48.5 in October.

We ensure price stability in either direction Downside risks to economic outlook have increased (point two) ECB temporary measures only limited (point three) EUR/USD marked lower on points two and three, presently at 1.3425. ECB aware of continuing difficulties on banks Aware of maturity mismatches, stresses on bank funding We are at difficult stage at present Changes [...]

We sit at 1.3455 in comatose trade. What’ll we see first, 1.3300 or 1.3600.  Reasons for thoughts much welcomed, but not compulsory

From 43.9 in October, fractionally better than Reuters’ median forecast of 43.5.

FRANCE DATA: November new car registrations -7.6% y/y in both nominal and workday-adjusted terms - Jan-Nov registrations -0.3% y/y (nominal and workday-adjusted)

Spanish results due around 09:40 GMT, French around 10:00-10:05 GMT. I can hardly contain my excitment…… Periphery stockmarkets showing some slippage early, Spains IBEX and Italy’s FTSE MIB both down around -0.4%. EUR/USD sits at 1.3447 at writing in rather directionless trade.

At 1.3450. Also talk of Bank of Korea seen on the bid down at around same level. We’re at 1.3458 in slow trade.

Governance in Europe needs to be improved Dividends and bonuses will decrease in 2011 No job cuts at retail bank Dow Jones reporting. EUR/USD back to where it was when I came in, presently at 1.3460.  Cagey start to the new month.