Up from revised 92.8 in December , but marginally weaker than Reuters’ median forecast of 93.8.

LONDON (MNI) – The Bank of England Asset Purchase Facility acted as backstop in stressed corporate debt markets in the fourth quarter, coming in as a buyer of last resort, according to the central bank. The BOE’s activities in the corporate bond market have been overshadowed by its bulk buying of Gilts through quantitative easing, [...]

Down around 1.3125 apparently. We’re at 1.3130. Stops rumoured thru 1.3120.

Cable’s holding up in the 1.5660′s, as EUR/GBP gets  driven lower by the  broader EUR sell off. There’s talk of cable bids in the  1.5640/50 area with sell stops down through 1.5635. EUR/GBP’s testing the 0.8380 tech support level which if goes pushes down to 0.8330/40. There’s some tech resistance up at 0.8405/10 and 0.8420/25 [...]

North Rhine-Westphalia CPI January: -0.4% m/m +1.8% y/y December: +0.7% m/m, +1.7% y/y — Pan-German CPI MNI median forecast: -0.4% m/m, +2.0% y/y MNI forecast range: -0.5% to -0.2% m/m December: +0.7% m/m, +2.1% y/y — BERLIN (MNI) – Consumer prices in the western German state of North Rhine-Westphalia fell 0.4% in January, lifting the [...]

We’re at 1.3138 from session low 1.3129. This will be interesting.  Recently the boys from Basle have been doing pretty well. But this could be a different story given the negativity around this morning.  We’ll see. UPDATE:  New session low 1.3122.  Mumblings of sell stops through 1.3120. Not overly convincing mumblings I have to say, [...]

Spanish 5 year credit default swaps rise 10 bps on day to 362 bps.

ECB buying Italian bonds.  Possibly Spanish too. Mark my words Italian 10 year bond yield up 18 bps at 6.08%. Spanish 10 year bond yield up 8 bps at 5.04%.  

Fitch’s “negative watch ” on 4 Australian banks is adding pressure this morning along with some strong profit taking on EUR/AUD and GBP/AUD. EUR/USD’s not helping either with strong sales on the back of French banks stocks getting hit. AUD/USD just off the day’s lows (1.0534) and  heading for bids  at 1.0500/10. Tech support is seen towards 1.0459 [...]

DAX down 1%,  CAC 40 down 1.3%. Joe tells me French bank stocks getting hit hard.  

Brandenburg CPI January: -0.4% m/m +2.2% y/y December: +0.6% m/m, +2.1% y/y — Pan-German CPI MNI median forecast: -0.4% m/m, +2.0% y/y MNI forecast range: -0.5% to -0.2% m/m December: +0.7% m/m, +2.1% y/y — BERLIN (MNI) – Consumer prices in the eastern German state of Brandenburg fell 0.4% in January, lifting the annual inflation [...]

ITALY DATA: January business confidence fell to 92.1 from 92.5 in December, as a result of worsening output expectations, improved sentiment on current orders and a decline in current inventory levels, with the index reaching a two-year low, ISTAT said (Nov 2009 89.6). –January current orders rose to -27 from -28 in December, while the [...]

From 92.5 in December,  weaker than Reuters’ median forecast of 92.8 and lowest read since November 2009.

Economic Industry Services Morale Morale Morale – January – – January – - January – Median Forecast 93.9 -6.3 -1.3 High forecast 95.2 -5.0 0.0 Low forecast 92.7 -7.3 -2.0 Previous period - Number of responses 8 6 4 - Barclays Cap. n/a -6.0 n/a Capital Economics 94.5 n/a n/a Citi 93.8 -7.3 n/a DZ [...]

CPI (flash) HICP (flash) – January – – January - %mom %yoy %mom %yoy Median Forecast -0.4 2.0 -0.5 2.4 High forecast -0.2 2.3 -0.2 2.6 Low forecast -0.5 1.9 -0.6 2.2 Previous period 0.7 2.1 0.7 2.3 - Number of responses 10 12 8 10 - 4Cast -0.5 1.9 -0.6 2.2 Barclays Cap. -0.4 [...]

Consumer Spending – December - %mom %yoy Median Forecast 0.2 -1.8 High forecast 1.2 -1.1 Low forecast -0.5 -2.7 Previous period -0.1 0.0 - Number of responses 8 5 - Barclays Cap. 0.4 -1.4 Capital Economics 0.0 -2.2 Citi -0.5 -2.7 Natixis 0.5 -1.8 Soc. Generale 1.2 -1.1 UBS -0.5 n/a Unicredit -0.3 n/a West [...]

But would they really vote against it? Any input from our legion of Irish readers appreciated. UPDATE:  Just noticed recent poll taken on referendum.  Looks pretty close. ANOTHER UPDATE:  If you want to read link above you’ll have to do google search putting in Irish want referendum on fiscal treaty It’s the Financial Times article.

Italy sells new 5 year benchmark 4.75%  May 2017 BTP for target 3-4 bln. Taps 10 year 5.0% March 2022 BTP for 1.5-2 bln. Taps off the run 3.75% April 2016 BTP and 3.75%  March 2021 BTP for combined target of 1-2 bln. Total indicative range 5.5-8.0 bln. Auction results due around 10:10 GMT. Expected [...]

Saxony CPI January: -0.4% m/m +2.3% y/y December: +0.7% m/m, +2.2% y/y — Pan-German CPI MNI median forecast: -0.4% m/m, +2.0% y/y MNI forecast range: -0.5% to -0.2% m/m December: +0.7% m/m, +2.1% y/y — BERLIN (MNI)- Consumer prices in the eastern German state of Saxony fell 0.4% in January, lifting the annual inflation rate [...]

Or to put it another way, same shit different day. Middle Eastern buying being reported in both EUR/USD and GBP/USD in recent trade. EUR/USD at 1.3150 from session low 1.3134 (Reuters) 1.3135 (EBS) Boy, you gotta hate these Middle Eastern types if you’re a euro bear…..