Sold Euro 3.5bln  of May 2012 BOT, yield  at 1.644%, cover 1.853 Sold Euro 8.5 bln of Jan 2013 BOT, yield 2.735% (vs 5.952%), cover 1.47 (vs 1.92)

Nov preliminary: -0.1% m/m, -0.3% y/y MNI survey median: -0.4% m/m, +0.2% y/y MNI survey range: -1.3% to +0.5% m/m October revision: -0.3% m/m (-0.1%) September revision: -2.1% m/m (-2.0%) August revision: +1.2% m/m (+1.3%) July revision: +0.8% m/m (+0.9%) June revision: -0.7% m/m (-0.6%) – PARIS (MNI) – Eurozone industry output contracted less than [...]

EMU DATA: November industry output sa -0.1% m/m, wda -0.3% y/y – EMU November industry output m/m above mni median fcast (-0.4%) – EMU October ind output rev down -0.3% m/m, +1.0% y/y (-0.1%/+1.3%) – EMU October+November avg industry output -1.3% vs 3q avg; 3q +0.5% q/q – EMU November 3mm avg (September-November:August-October) -0.8% after [...]

To be sure, to be sure…..  Plan for tighter EU fiscal discipline important, but not sufficient on its own Europe must start creating the conditions and environment for a return to economic growth

-0.3% y/y (vs  exp +0.3%) Oct output revised to -0.3%m/m  from -0.1%, +1.1% y/y from +1.3%

Sold  Euro 4.27  bln of  new 4% July 2015, yield  3.384% , cover 1.8 Sold Euro 2.5  bln of 3.25% April 2016, yield 3.748% (vs 4.871)   , cover 2.21 (vs 2.9) Sold Euro 3.21  bln of 4.25% October 2016, yield 3.912% (vs 4.848)   , cover 1.71 (vs 1.62) Overall a very positive auction with double the target amount sold and the [...]

EUR/USD up at 1.2733. Joe will be along with details in a minute.

–Nov manufacturing output -0.2% m/m; -0.6% y/y –Nov industrial production -0.6% m/m; -3.1% y/y LONDON (MNI) – Industrial production fell by more than forecast in November, suggesting the sector will have a negative impact on GDP during the fourth quarter, figures from National Statistics showed Thursday. Industrial production was down 0.6% on the month in [...]

UK DATA: Nov Production Dn Sharply; Q4 Hit On GDP Likely –Nov manufacturing output -0.2% m/m; -0.6% y/y –Nov industrial production -0.6% m/m; -3.1% y/y ———————————————————————— Nov Industrial production fell by more than forecast in Nov suggesting the sector will have a negative impact on Q4 GDP. Industrial production fell 0.6% m/m and by 3.1% [...]

Not surprisingly sell stops noted though 1.5270 (remember that level seen important technical support). Also, more surprisingly, further stops noted through 1.5260 ahead of barrier option interest at 1.5250. Then more sell stops noted through 1.5245.  That one don’t surprise me either  Presently cable sits at 1.5313, seemingly having shrugged off shitty industrial production data.  [...]

Much weaker than Reuters’ median forecast of unchanged m/m, -2.2% y/y. Manufacturing production -0.2% m/m, -0.6% y/y, slightly weaker than Reuters’ median forecast of -0.1%, -0.5% respectively.

Morgan Stanley have just  put out a long AUD/USD trade recommendation on the basis that the AUD is the most likely G10 currency to have a risk rally. They’re calling for a break higher through 1.0415 with a target of 1.0650 and a sell stop of 1.0250. For the curious the 200 day MA is at [...]

SNB able to fulfill mandate Hildebrand’s resignation was inevitable Franc cap indispensable Buehrer is an SNB council member

Middle Eastern names buying EUR/USD again in recent trade. Boy is this boring, or what!!! We’re at 1.2725. Cable  recovered up at 1.5300 from session low 1.5277, real money seen buying in recent trade. In UK we’ve got industrial/manufacturing production out in 5 mins 09:30 GMT Ind prod expected -0.1% m/m, -2.2% y/y.

Being told  there’s an Asian central Bank parked on the offers around 1.0315 . Not the bamboo eating one, but  one not a million miles east of it…. AUD’s back down around 1.0307 after a recent high of 1.0317

ITALY DATA: November SA industrial output +0.3% m/m, -4.1% y/y in workday adjusted terms, matching October’s two-year low in the y/y index (Dec09 -6.6% y/y). The m/m increase follows consecutive declines of -0.9% m/m in October and -4.7% m/m in September. –Nov unadjusted y/y output fell -4.1%, worsening from -4.0% y/y in Oct. –See details [...]

GERMANY DATA: November machine orders -12% y/y; October +1%; September +1%: VDMA – VDMA: November domestic machine orders -2% y/y;foreign orders -17% – VDMA: September-November total orders -4% y/y;domestic flat;foreign -6% – See MNI MainWire for details

ECB could be “more relaxed” after conclusion of fiscal pact Hopes that after conclusion of fiscal pact Europe will devote more political energy to stimulating growth  

Big improvement on Oct’s -0.9% m/m, but market generally ignoring the data with EUR/USD stuck around 1.2714

TOKYO (MNI) – Finance Minister Jun Azumi said on Thursday that Japan needs to push for fiscal consolidation in order to maintain investor confidence in the yen in the future, given the market focus on how Tokyo will slash its huge debt. He also told reporters at the Japan National Press Club that planned fiscal [...]