Sold Eur 2.961 bln  of 3% 2014 BTAN, yield 1.05% cover 2.12 Sold Eur 1.575 bln of  2 %2015 BTAN, yield 1.51% (vs 2.44%), cover 3.42 (vs 2.40) Sold Eur 3.429 bln of 2.5% 2016 BTAN, yield 1.89% (vs 2.82%), cover 2.12 (vs 1.68)

In fact it’s marginally lower after the results.  We’re presently at 1.2885. The good results had been widely anticipated (hence the EUR/USD  buying beforehand) and we seem to have seen a classic “buy the rumour, sell the fact” price action. Nothing major as yet though.

Sold Euros 1.3  bln of 4.25% Oct 2016 , yield 4.029% (vs 3.912%)    cover 3.24 (vs 1.71) Sold Euros 2.3 bln of 4.6% July 2019, yield 4.541% (vs 5.110%)    cover 2.01 Sold Euros  3.01 bln of  5.85% Jan 2022, yield  5.403% (vs 6.975 %), cover 2.17   Fairly decent result all in all with a reasonabl cover and a take up above [...]

FRANKFURT (MNI) – The European Central Bank’s three-year refinancing operations, along with other liquidity-easing measures announced at the end of 2011, will help eliminate funding obstacles and support bank lending to the real economy, the ECB said in its Monthly Bulletin on Thursday. In the first three-year LTRO, executed just before Christmas, banks helped themselves [...]

Talk of sales from  an Asian central bank  towards 1.5450 just now . Bids are touted  below down at 1.5415 and 1.5400. Offers 1.5490/00 We’re presently around 1.5445

Bloooooooooooooooooooooooooooooow!! If we blow hard enough maybe we can blow those real money offers away We’re at 1.2890.  

–Expect Further Tightening For Households, No Change For Business Loans BRUSSELS (MNI) – Norway’s central bank Thursday reported that the country’s banks had tightened their credit standards for businesses and consumers in the last quarter of 2011. Banks responding to Norges Bank’s Bank Lending Survey for 2011 Q4 cited their funding situation, capital adequacy requirements, [...]

PARIS (MNI) – The European Central Bank will continue to aid Greece by providing liquidity to its banks but cannot finance the government directly, Executive Board member Jose Manuel Gonzalez-Paramo said in an interview published Thursday. Nor should the central bank aim to impose a ceiling on yields for shaky Eurozone sovereign debt or buy [...]

EUR/AUD’s firmed up again this morning and made some reasonable gains over the last couple of days from lows of 1.2228 on Tuesday. Looking at the charts were around that trendline drawn from  23 Nov and a clear break through  the 1.2390/1.2400 level and possibly more importantly, the  highs of jan 13 around 1.2445/50, could [...]

Been told there are buy stops above  99.00 but the move stalled at 99.02 without  triggering them it appears.  There’s tech resistance at 99.15  (fibo retracement) and more stops up through 99.40 EUR’s since backed off to 98.80

EMU DATA: EMU Nov direct+portfolio outflow E4.5bn; Oct outflow E34.1bn

ABU DHABI (MNI) – Markets are not as confident in European governments as would be justified by facts, Bundesbank board member Andreas Dombret said Thursday. Speaking here at a seminar of central banks of the Eurozone and the Gulf countries, Dombret affirmed that “progress in the various countries can be seen in Ireland, for example, [...]

Yipeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!! We’re at 1.2885 having been as high as 1.2889. Talk of sell orders clustered 1.2890/00, supposedly including yet more real money interest. Personally I’d like to see them blown out of the water, but that’s just me. I’ve no axe to grind, no possie, just would like a decent smooth move rather than all this choppy [...]

BERLIN (MNI) – German Economics Minister Philipp Roesler on Thursday reaffirmed the government’s expectation that there will be only a temporary pause in the domestic economic upswing in the coming months. In a declaration to parliament, Roesler acknowledged that slowing global growth and the Eurozone debt crisis will impact the German economy negatively. However, this [...]

Haven’t seen it though. Apparently it’s talking about Merkozy coming up with a growth and competitveness fund to be presented at the January 30th summit. The funds will apparently come from an unused portion of EU funds that were dedicated to less developed countries last year. Not sure how you trade that bit of news.  [...]

In recent trade. In EUR/USD bought around 1.2840. We’re at 1.2850 now. In AUD/USD bought in the 1.0370′s apparently.  We’re at 1.0383. ACB and Russian selling notable in early dip in EUR/USD sources report. Given the Russian buying we saw most of yesterday morning, we’ll call this mornings’ selling well-deserved profit-taking

First up Spain: Spain to tap 4.25% October 2016 BONO, 4.60% July 2019 Obligacion and 5.85% January 2022 Obligacion. Target 3.5 to 4.5 bln euros Results due around 09:40 GMT. Then it’s France’s turn: France plans to sell 3.0% 2014 BTAN, 2.0% 2015 BTAN and 2.5% BTAN Target 6.5 to 8.0 bln euros Results due [...]

Meanwhile elsewhere Japanese govt official: Japan has not made any commitment regarding contribution to IMF’s new fund raising Japan will consider suport for Europe’s efforts to stabilise markets, inc via bilateral loans to IMF

Shock horror, who would have thunk it….. Yuan will rise about 3% in 2012

Clear that the Greeks have sacrificed much and demonstrations are not surprising Credit crunch is such that it could bring problems for companies in Greece Don’t expect miracles in Greece