Talk of ECB buying  Italian 10yr BTP’s  via the Securities Market Program giving the EUR/USD a push into some tech resistance in the 1.3730′s. Some offers likely towards the asian highs of 1.3756 with more tech resistance towards 1.3775

Measures agreed at the EU summit must be  steadily implemented Industrialized nations pulling out of emerging economies would be a global loss Need to find a balance between financial system strengthening and effects on real economy

Possibly to suggest a vow of silence ahead of the confidence vote on Friday…? It’s all getting rather silly and most are in half a mind to be indecisive.  

Hearing mutterings of sovereign buying towards the recent lows which  is protecting the 1.3650 stops, but also talk of fund and macro  offers lying in wait above 1.3700. Some tech intraday resistance seen towards 1.3730 and 1.3775

up by 134,182 to 4.36mln

Support at 1.0200/05 so far holding up in Europe this morning, but  appears to be bearing the brunt of the risk aversion today. A break down here points down to  the Oct 21 lows around 1.0145/50, but may see some sovereign and CTA buying interest under 1.0210 which was reported in Asia. The 50 and 55 [...]

Just been down to 1.3657 as concerns over the Greek crisis continue to fester. Talk of some dip buying softening the fall from German names. Sell stops are  now touted on a break of 1.3650 We’re presently at 1.3659

DAX futures down -2.8%, CAC 40 futures down -2.6%. EUR/USD down at 1.3675. Here we go again……. Just a case of trying to work out when those pesky sovereigns (especially Middle Eastern ones) gonna turn up on the bid. But that won’t be my problem to solve. I’m done for the day and will hand [...]

Reuters reporting. Looks like it might have to

Don’t hold ya breath…… But he sure is under a lot of pressure.

We are working on how to make sure euro zone members are not damaged if Greece were to leave euro

I see the Chinese vice FinMin came out and said it is too early to discuss EFSF investment amid Greek uncertainty.  Told ya all that talk of a Chinese 700 bln investment was just so much bollox. One thing the Chinese ain’t is stoopid…….

Financial bookmakers see FTSE down as much as -1%,  DAX down as much as -1.7%, CAC 40 down as much as -1.4%. Reuters reporting.

Versus Reuters’ poll 991.9 mln Took 2.26 bln in provisions on Greek sovereign debt, or 60% of exposure Cut eurozone sovereign debt exposure in banking book by 20.7% in Q3 BNP CEO tells Reuters Insider: 60% Greece provision “adequate” for now Greece default would be “unpleasant” but manageable No plan to continue cutting sovereign debt [...]

He ain’t happy Mr Venizelos says “Greece’s position within the euro area is a historic conquest of the country that cannot be put in doubt. This achievement by the Greek people cannot depend on a referendum.” Reuters reporting.

Love him or loathe him, latest from AEP at The Telegraph.

EZ and IMF leaders met with Greek PM ahead of G20 summit Greek referendum is to be on continued EU membership and will probably happen on December 4th Next tranche of aid will not be delivered until this vote has been passed Early polls suggest that Greek voters want to stay in EU but don’t [...]

Small Sovereign bids and profit-taking orders are supporting just ahead of 1.0200. Option players have been feverishly buying downside cover as they face 4 weeks of uncertainty and this is weighing very heavily on the AUD today as has selling by a few bigger momentum funds.

As Jamie, Gerry and I are travelling to NY for next Thursday’s Forextravaganza, coverage particularly early during the Asian shift might be a bit ‘interuppted’ for the next week or so. Adam and Pete will be able to cover much of the time but we will have to plead for understanding at other times. I’m sure the [...]

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