Nov Ind orders revised to -1.1% from -1.3%, y/y revised to -2.5% from -2.7% A much stronger set of numbers including the revisions and it’s giving EUR/USD a small boost back up to 1.3235  

LONDON (MNI) – Bank of England Governor Mervyn King said the BOE was expecting a “zig-zag” pattern of the quarterly growth this year and the detailed forecasts underpinning the quarterly Inflation Report, published Wednesday, bear this out. The “numerical parameters” of the February Inflation Report imply, on Market News’ calculations, that the central bank has [...]

–BOE MPC Voted 7-2 For Stg50bn QE Increase At Feb Meet –BOE MPC Miles, Posen Preferred Stg75bn Boost To QE –BOE MPC Voted 9-0 For Unchanged Banke Rate At Feb Meeting –Some MPC – ‘Case Could Be Made’ For No Further Policy Stimulus –BOE MPC: Stg75bn QE Boost Risked Worrying The Markets –One-Off Factors, Esp. [...]

Just popped up to 0.8429 taking out some stops through 0.8425 following the MPC minutes. A sustained break and close tonight above 0.8420/25 could now start a stronger push to the 0.8500 area last seen in December We’re at 0.8424 just now

–BOE MPC Voted 7-2 For Stg50bn QE Increase At Feb Meet –BOE MPC Miles, Posen Preferred Stg75bn Boost To QE –BOE MPC Voted 9-0 For Unchanged Banke Rate At Feb Meeting –Some MPC – ‘Case Could Be Made’ For No Further Policy Stimulus –BOE MPC: Stg75bn QE Boost Risked Worrying The Markets LONDON (MNI) – [...]

Miles and Posen  wanted £75 bln boost, saw risks to supply capacity of economy Some others saw a larger QE sending wrong signal on the UK 9-0 vote to leave rates unchanged ECB LTRO reduced immediate risks to European banks BOE sees  headwinds from tight credit, and weaker growth globally UK inflation likely to continue [...]

In recent trade. We’re at 1.3225 from high teens. Same old same old. We remain firmly ensconsed in well-trodden range. Sell stops remain through 1.3180 and Sean mentioned more through 1.3165. I’m not going to get excited unless we break down through 1.3180 or up through 1.3325, where decent topside stops are said to be gathering. [...]

These guys have been steady buyers this morning in both pairs and  the USD/JPY has just broken up through the Aug  intervention highs of 80.23 . IMM stops through 80.20 and a barrier at 80.25 were taken out to a high of 80.30. There are offers running up to 80.50 which holds a barrier , [...]

ITALY DATA: Final January HICP fell -1.8% m/m and rose 3.4% y/y, down from +3.7% y/y in December and the weakest y/y gain since August 2011, ISTAT said. –The main domestic index (NIC) rose 0.3% m/m, +3.2% y/y, down from +3.3% y/y in December, and the strongest y/y gain since September 2011. –The data confirms [...]

A bit worse than expected and hardly surprising following the weaker  German release earlier EUR/USD’s slipping again on this to 1.3225 Feb Flash services PMI 49.4  from 50.4 in Jan – expected 50.6 Feb Flash New orders PMI Index 47.1 from 46.5 in Jan Mfg PMI 49.0 from 48.8 in Jan (ex 49.5)     [...]

Down from final 51.0 in December and weaker than Reuter’s median forecast of 51.5. Flash services PMI 52.6, down from final 53.7 in January and weaker than Reuter’s median forecast of  53.9.

S&P says huge expected loss at Panasonic makes early financial recovery highly unlikely. EUR/JPY trading firmer on day, presently at 106.25 from around 105.90 when I parked my bum. Sources report Japanese life insurance companies (lifers) been buying both USD/JPY and EUR/JPY this morning.

LONDON ((MNI) – The Bank Of England said Wednesday it was offering an unlimited supply of U.S. dollars in a 7-day operation. The settlement date on the 7-day op was Feb 23 maturing Mar 1 2012. The Bank said the repo would be at a fixed-rate, with the rate to be set at 0.60%. –London [...]

TOKYO (MNI) – Japan’s government will continue countering speculative moves to push up the yen, even though the lopsided rise in the currency has been capped, a senior Ministry of Finance official said on Wednesday. The official, who declined to be named, also told reporters that the MOF is still watching foreign exchange rates “with [...]

Germany to sell new 2 year benchmark 0.25% March 2014 Schatz issue for upto 5.0 bln Results due around 10:30 GMT.

Up from final 48.5 in January and stronger than Reuter’s median forecast of 49.0. Highest read in 7 months. On the flip side flash services PMI 50.3, down from final 52.3 in January and weaker than median forecast of 52.5.

Market speculation contributing to yen rise is still strong Will continue to closely monitor forex market, respond as appropriate One-sided yen rise has been halted for now, but can’t comment on future currency trends Reuters reporting.

Blame it on JT.  I wasn’t going to do another one given my recent abject performance Oh well, will give Joe another chance to show off I guess  ;) What’ll come first in EUR/USD, 1.3100 or 1.3400? Reasoning/s  for choice always welcome, but not obligatory  

Bloomberg reports. Quiet, ain’t it. Luvverly

PARIS (MNI) – France’s lower house of parliament late Tuesday ratified the EU accord for a permanent rescue fund, the European Stability Mechanism, with a lending capacity of E500 billion. Given the government’s comfortable majority in the National Assembly, the outcome was not in doubt. The only uncertainty was how the opposition Socialist Party would [...]