PARIS (MNI) – The European Commission sharply reduced its forecasts for growth in the EU and the Eurozone for 2012 while also raising its forecasts for inflation, suggesting that the European economy could struggle with stagflation in 2012 The Commission said the economy in the 27-member EU will not grow at all this year, a [...]

GERMAN DATA: GERMANY VDMA CUTS 2012 MACHNE OUTPUT GWTH FCAST TO 0% (+4%) – REAL MACHINE OUTPUT 2011 +12% VS FCAST OF +14% – GERMANY VDMA: MACHINE OUTPUT FOR 2011 & 2010 COMBINED +22% – GERMANY VDMA: PRELIMINARY DECEMBER MACHINE OUTPUT -1.9% Y/Y

Raises 2012 CPI forecast  to +2.1% from +1.7% EUR/USD dipped 10 pips on the release but is holding firm around 1.3320

GBP/USD’s been left floundering on this risk rally following the German IFO data, despite some earlier reports of Middle eastern buying, as EUR/GBP confirms last night’s break higher.  Offers sit up at 1.5730/35 and the high on the day so far has been 1.5723 EUR/GBP’s just broken up through the 100 day MA at 0.8476 [...]

Oh goody, that’s cheered me up Govt debt “a dragging anchor” on growth in advanced economies Household debt overhang not being repaid (that’s cos no one’s got any money!!)

Only another 60 odd pips and we hit 1.3400 and Joe “The Guru” Brown adds another notch to his belt.  It’s like working with a shining star, it really is……

We’ve been to 1.3338, presently 1.3333. Well those stops through 30 were a bit of a damp squib I have to say. Reports now have barrier option interest at 1.3350.  Deep joy Why can’t we just for once have a nice BIG smooth move……  Say a big figure straight up, no choppy shit….. I’m getting old [...]

–Adds Detail To Version Transmitted At 0930 GMT –UK BBA: Jan Sa Mortgage Approvals 38,029 Vs 36,553 Dec LONDON (MNI) – January mortgage approvals rose to their highest level since December 2009, with re-mortgaging continuing to decline, according to latest British Bankers’ Association data. The data add to a raft of evidence of a pick-up [...]

–Adds Sector Details To Story Sent At 09:18 GMT Feb MNI analysts survey Jan Dec Nov median range ——————————————————————— Business sentiment: 109.6 108.8 107.9-109.9 108.3 107.3 106.7 Current conditions 117.5 116.3 115.0-117.3 116.3 116.7 116.7 Six-month outlook: 102.3 102.0 100.9-103.4 100.9 98.6 97.6 – BERLIN (MNI) – Optimism of German businesses grew for the fourth [...]

–UK BBA: Jan Sa Mortgage Approvals 38,029 Vs 36,553 Dec LONDON (MNI) – January mortgage approvals rose to their highest level since December 2009, with re-mortgaging continuing to decline, according to latest British Bankers’ Association data. The data add to a raft of evidence of a pick-up in housing market activity. The number of approvals [...]

Jan approvals for homes  38,092, vs 36,553 in Dec (+33% on a y/y basis) and the highest since Dec 2009 Re-mortgaging also continues to fall according to the BBA

Morning all.. We bashed up to 1.0710 on the strong IFO, but there some pretty heavy resistance up ahead with offers at 1.0720/25 and more up at 1.0745/55.  EUR/USD’s holding fairly firm around 1.2450 which is also weighing down a bit on AUD/USD. That cross is still one to watch after an Asia spike to 1.2484 [...]

Feb MNI analysts survey Jan Dec Nov median range ——————————————————————— Business sentiment: 109.6 108.8 107.9-109.9 108.3 107.3 106.7 Current conditions 117.5 116.3 115.0-117.3 116.3 116.7 116.7 Six-month outlook: 102.3 102.0 100.9-103.4 100.9 98.6 97.6 – BERLIN (MNI) – Optimism of German businesses grew for the fourth consecutive month in February, beating most forecasts to reach [...]

ITALY DATA: Feb SA consumer confidence rose to 94.2 from 91.8 in Jan when it had posted a 16-year low. The improvement was the result of better sentiment in the general economic climate and future outlook, partly offest by consumers’ worsening sentiment in other components of the index, including personal and current climate. –Consumers’ sentiment [...]

Slowing EUR/USD ascent a little.  We’ve been to 1.3330 (EBS)  1.3328 (Reuters), presently at 1.3315. Name in the frame is Korea. Given recent sightings of ACB’s on the bid down below 1.3220, this smacks of profit-taking to me. Somewhat belatedly getting reports main buy stops through 1.3330 and not the 1.3325 I reported earlier.

German domestic situation is particularly stable Cannot yet rule out risks, euro zone crisis is a danger High energy prices an additional risk, may hit consumption and auto sector ECB interest rates are appropriate

Stronger than Reuter’s median forecast of 108.8.

Gorden Bennett, that was a struggle and a half. EUR/USD at 1.3303 having been as high as 1.3307.

Everyone’s favourite US investment bank notable on the offer in EUR/USD  ;)   Boo Hiss!!! Please let that ifo data be better than expected

EBS has the session high in EUR/USD at 1.32999 so far.  We’re presently at 1.3290. Middle Eastern buying has been noticeable this morning. Who’s defending 1.3300?, haven’t a clue.  But they’re doing a pretty good job so far. 09:00 GMT sees German February Ifo data release, business climate expected 108.5 from previous 108.3.