Insufficient savings in the past have led to a painful adjustment programme Portugal has to to reinforce savings Citizens confidence in Portugal’s banks is an asset

BERLIN (MNI) – Swiss National Bank vice president Thomas Jordan said Tuesday that the central bank will continue to defend the minimum Swiss franc exchange rate of E1.20, adding that even that rate is still elevated and should weaken further. “Even at 1.20 to the euro, the franc remains at a high level which should [...]

Should weaken and SNB is committed to defend the 1.2000 cap to fulfill price stability mandate. Deense of the cap may come with high costs. Minimum Fx rate for EUR/CHF should be confused with exchange rate target SNB’s Monetary policy decision affcected by overseas developments EUR/CHF sits at 1.2417

–Sep manufacturing output +0.2% m/m; +2.0% y/y –Sep industrial production unch. m/m; -0.7% y/y LONDON (MNI) – Industrial production was flat on the month in September, although the weaker-than-expected outturn will only have a negligible downward impact on third quarter GDP. Lower oil and gas production this year compared to last, due to maintenance closures, [...]

UK DATA: Sep manufacturing output +0.2% m/m; +2.0% y/y –Sep industrial production unch. m/m; -0.7% y/y ———————————————————————— Sep production was flat m/m, although the weaker than expected outturn will only have a negligible downward impact on Q3 GDP. The data were weaker than the median of +0.2% m/m, alhough the annual fall was in line [...]

UK Sep Ind output flat m/m (exp +0.1%), -0.7% y/y Little reaction in the market to the numbers, with Cable sitting at 1.6077 ONS seeing little downward impact on Q3 GDP    

Seen a high of 1.3793, but some decent offers sitting ahead of 1.3800 for the moment. A break here  might see some stops through 1.3810/15 (yesterday’s European high) ahead of offers  towards 1.3840

–Says EZ Needs To Show The World It Has Convincing Firewall –Says Very Damaging For UK Economy If Euro Zone Broke Up LONDON (MNI) – Euro zone finance ministers have to show the world that they have a “convincing” firewall in place to prevent the present crisis in Greece and other peripheral EZ economies leading [...]

Conservatives will share its portfolio in a coalition government. Reported by the State News Agency

FRANKFURT (MNI) – The German federal government on Tuesday formally announced it is seeking bids on E2 billion in a top-up of its 0.75%-coupon inflation-linked bonds November 9. Bids are due by 1000 GMT on Wednesday, with auction results announced shortly thereafter. The auction will settle on Friday, November 11. The bond matures on April [...]

Offers lie in wait 1.6090/00 with stops above,  ahead of  further offers up to 1.6120 from corporates. Bids now seen down at 1.6040 with sell stops down through 1.6030 Just popped up to a recent day’s high of 1.6090 and presently sits around 1.6082  

Crisis is no excuse to cast principles overboard, sanctions on rule breakers need to be more automatic ECB cut rates in November because inflation was no longer a risk, earlier rate hikes were necessary. Risky to keep liquidity measures , low rates too long Leveraging the EFSF is secondary to fiscal reform Debt crisis doesn’t [...]

Smacked down to  1.0282 earlier on some real money sales, which may be connected to the recent spike in EUR/AUD through 1.3350 earlier. A sovereign name was seen however in the 1.0280′s and  the EUR/USD rally helped a bounce to 1.0330. We;re at 1.0326 now . Tech support at 1.0276 with resistance up towards 1.0380/90 [...]

We’re back up in the 1.3760′s now, with  offers ahead of 1.3780/85, a break here  leads up to tech res at 1.3825

LUCERNE, Switzerland (MNI) – The Swiss National Bank’s establishment of a minimum exchange rate for the Swiss franc is not compromising the bank’s independence, SNB board member Thomas Jordan said Tuesday. In a short text for a pamphlet published on the occasion of a conference here, at which Jordan spoke Monday and will speak again [...]

Been down to 1.3724 recently, with stops now apparently set on a break of 1.3720. Earlier weaker data not helping the cause We’re back up at 1.3745 now  and now hear that the BIS was apparently seen on the bid  in the 1.3730′s earlier

FRANCE DATA: September sa trade deficit widened to E6.303 bln from E4.310 bln in August (revised from -E4.967 bln). –Deficit larger than expected; MNI survey median forecast -E5.1 bln –September sa exports -5.9% m/m; sa imports -0.6% m/m

Early short term players were behind the  push lower from 0.8578, and there’s some noises about  a large selling interest into tomorrow’s fixings. Some corporate bids currently lying just under 0.8560 down to 0.8550., with tech resistance up at 0.8580 and 0.8608 (yesterday’s NY high)

worse than consensus of -6.0 bln euros, and a revised -4.3 bln in Aug ( from -5.0 bln) EUR/USD slipping down to the low 1.3740′s  

Hearing whispers of a Japanese trust bank on the bid at 78.00, but hardly making any waves after a 10 pip range in Asia earlier. There’s also some unconfirmed reports of Kampo bids at 77.90 and others down to 77.75. Stops are said to be on a break down of 77.70, but there are further [...]