–No Justification For Extending Mandate Of ECB FRANKFURT (MNI) – The decisions taken recently to bring an end to the Eurozone debt crisis have failed to address the key issues, European Central Bank Governing Council member Jens Weidmann said on Friday. “To work out what has to be done, we have to take a look [...]

Expects EU growth to be moderate but not negative Inflation expectations well anchored Sovereign crisis is the responsobility of governments

Up to Italy and Greece to convince markets they can deliver austerity packages Crisis management efforts have done little to stem turmoil and isn’t persuading investors that  italy can stay afloat without a bailout

FRANKFURT (MNI) – Institutionalizing private sector involvement in sovereign debt restructuring would undermine demand for Eurozone debt, Institute of International Finance (IIF) Managing Director Charles Dallara said Friday. “Voluntary private sector involvement makes sense in Greece and nowhere else,” Dallara told reporters on the sidelines of the European Banking Congress. Institutionalizing PSI as part of [...]

Lack of success in solving the debt crisis doesnt justify overstretching Central bank’s mandate and making it reponsible for solving the problems Implementing reforms is vital to overcome the crisis Costs of monetary financing outweigh benfits Monetary financing wouldn’t be a sustainable fix Welcome Germany’s push for greater political integration Crisis is putting a huge [...]

Just been told a central bank seen selling aussie above 1.0020 . We’re currently wading through some offers here  at 1.0020/30 and there are more sitting up at 1.0040/50  

Talk of a peg rise seems to be history  after a report early in the week from UBS suggesting a hike to 1.2500. Leveraged sell stops have now been tripped in  EUR/CHF with the pair drilled down to 1.2342 from 1.2415 highs earlier. EUR/CHF’s sitting at 1.2354

Lending EUR/USD support.  We’re up at 1.3540. Spread 10 year Portuguese/German bonds down to 939 from 946 when I first got it Spread 10 year Italian/German bonds down to 482 from 498 Spread 10 year Spanish/German bonds down to 485 from 504

FRANKFURT (MNI) – There must be “urgent” implementation of the decisions taken by the Eurozone leaders at recent summits to bolster the capacity of Europe’s bailout fund, European Central Bank President Mario Draghi said on Friday. “Where is the implementation of these long-standing decisions?” Draghi asked rhetorically in a speech at the European Banking Congress [...]

–Supports View Gilts Market Would Struggle With QE Acceleration LONDON (MNI) – If things turn out as the Bank of England’s November Inflation Report predicted, there will be a very strong case for more quantitative easing in February, Monetary Policy Committee member Martin Weale said in a Financial Times interview. The Inflation Report forecasts showed [...]

Must stop outflow of capital and liquidity from eastern Europe Not facing a global recession as a result of the debt crisis in the Eurozone ECB is obliged to help address the crisis but can’t do it alone

Those who put their hands up earlier can now give themselves a big round of applause……. EUR/USD up at 1.3525.  As mentioned earlier, decent sell orders seen clustered up at 1.3550/60. Where are the buy stops gathering? Answers on a postcard……

EUR/AUD buying  this month is now starting to weigh heavily on AUD/USD. It’s starting to look like a reversal of the month of Oct which basically saw a 1000 pip move down from 1.4100 to 1.3100. We’re already 500 pips up so far this month with a break up through 1.3555/60 likely to accelerate a jump [...]

LONDON (MNI) – If things turn out as the Bank of England’s November Inflation Report predicted, there will be a very strong case for more quantitative easing in February, Monetary Policy Committee member Martin Weale said in a Financial Times interview. The Inflation Report forecasts showed CPI heading well below its 2.0% target, to stand [...]

ITALY DATA: September industrial orders fell 8.3% m/m in seasonally -adjusted terms on a drop in both domestic and foreign orders, posting the worst m/m decline since August 2009 (-11.1%). Orders fell 3.6% in unadjusted y/y terms, down from +7.8% y/y in August. –Sep seas. adjusted m/m domestic orders -10.1%; foreign orders -5.5% –Sep seasonally-adjusted [...]

Weaker than median forecast of -6.0%.  Booooooooooo.

FRANKFURT (MNI) – There must be “urgent” implementation of the decisions taken by the Eurozone leaders at recent summits to bolster the capacity of Europe’s bailout fund, European Central Bank President Mario Draghi said on Friday. “Where is the implementation of these long-standing decisions?” Draghi asked rhetorically in a speech at the European Banking Congress [...]

Hooooooooooooooooooray!! EUR/USD back over 1.3500 in somewhat directionless trade (that’s British understatement for ya) UPDATE:  Hands up those who think they might be picking up a few Spanish bonds as well….

Hooooooooooooooooooray!!! ECB has to be part of solution to debt crisis, but cannot do job on its own Central and Eastern European countries would be far better off if join euro than staying outside, provided debt crisis is solved

Any exciting weekend plans?