.. to improve world finacial stability

• Policy makers globally should consider global, stability, employment and inflation
• Calls for more transparency in frameworks for monetary fiscal policy globally which will help in international cooperation.
• Bond buying driven exclusively by policy , will cease when inconsistent with policy goals
• Also calls for global standards for “central counterparty clearing houses,”  clearing OTC derivatives

Der Spiegel

You need to get out more mate…..

• Fiscal pact can’t be renegotiated

Shut up, shut up, shut up, we got the message already

France’s first Socialist President since 1995 will meet up with  Angela Merkel to outline his growth plans next Wednesday, after his official inauguration in Paris.

More…

Average yield of 2.139% out of a targeted Eur 2-3 bln

Guess those buy orders clustered down at 1.3000/10 were relatively pokey then.

From 1.3009 given we’ve seen a subsequent bounce back to 1.3025 at writing.

If this is what it’s like now, can you imagine what it will be like when the Summer doldrums set in.

UPDATE:  1.3030!!!  BIS in profit 

BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble wants to
convince the newly elected French president, Francois Hollande, to
abandon his demand for a renegotiation of the EU fiscal compact.

In an interview with German ARD public television aired late
Monday, Schaeuble said it makes no sense to renegotiate the pact every
time a government changes in an EU member state. “And that is why I
think we will also convince the new French president [and] the new
French government of this,” the minister said.

Meanwhile, Eurogroup chairman Jean-Claude Juncker told German ZDF
public television late Monday that he has told Hollande in a phone
conversation that there will be no renegotiations of the fiscal compact.
“I have told him that some things simply won’t work,” said Juncker, who
is Prime Minister of Luxembourg.

Still, Juncker said Hollande’s demand for more growth stimulus in
Europe is correct. Austerity measures alone would not solve the European
debt crisis, Juncker said. He said he would discuss this with Hollande
at a meeting on Thursday in Paris.

–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com

[TOPICS: MGX$$$,M$X$$$,M$$CR$,M$G$$$,MFX$$$,M$F$$$]

Apparently Germany’s  share of total bookings to the Greek resorts has dropped from 15% to just 3% this year.

Looks like more of a chance for us Brits to get our towels out on the sunloungers then ….!

First up

Dutch to re-open its 10 year 2.25% July 2022 DSL issue

Target size 2.0-3.0 bln euros

Results out around 08:20 GMT.

Next, Austria to offer its 5 year 3.20% February 2017 RAGB and 10 year 3.40% November 2022 RAGB

Target size 1.2 bln

Results due around 09:15 GMT

Greece trying to offload new 26 week t-bill maturing November 6.

Indicative amount 1.0 bln euros

Results due around 09:15 GMT.

Belgium to offer 3 month t-bill maturing August 16 and 6 month t-bill maturing October 18

Target amount 3.0-3.5 bln euros

Results due around 09:40 GMT.

Finally, EFSF to offer 3 month t-bill  maturing August 9

Trget amount 2.0 bln euros

Results due around 10:05 GMT.

In recent trade.

We’re at 1.3028.

Talk of buy orders clustered 1.3000/10, light stops below there.

Just before I left yesterday I reported sell orders layered 1.3050 up to 1.3100 and they’ve done a good job of curtailing accelerated upside.

Concentrated offers now reported up at 1.3080/00.

Return of the zombie forex markets…….

EUR/USD: Offers 1.3080/90, bids1.3000/10, sell stops just below ahead of better bids 1.2980/90 from sovereigns

EUR/JPY: Offers 104.50/60 (100 day SMA- 104.57) and 104.90/00, but stops through 105.00, ahead of tech res 105.30/35 (105.34- 200 day SMA). Bids 104.00/10, 103.50/00 and larger down at 103.20/30.

USD/JPY: Exporter offers 80.00/10 buy stops through 80.20 ahead of more offers 80.30/40. Bids 79.55/70 (100 day SMA- 79.68). Sell stops down through 79.50

GBP/USD: Offers 1.6190/10, bids 1.6115/25 and 1.6075/85, sell stops through 1.6070.

EUR/GBP: Offers 0.8075/80 and 0.8095/00. Bids 0.8035/40

AUD/USD: Offers 1.0210/20, buy stops just above ahead of more offers 1.0270/80 with stops above. Bids 1.0165/75, some sell stops just below ahead of strong bids 1.0110/20 from exporters.

AUD/JPY: Offers 81.80/00 from funds/model accounts, bids 81.30/40, tech support around 81.05/10 (81.06-200 day SMA) larger below at 80.60/70

USD/CHF: Bids 0.9190/05 (0.9203-100 day SMA), offers 0.9220/30 and 0.9265/75

EUR/CHF: Bids 1.2000/10 (SNB), offers 1.2015/25

NZD/USD: Bids 0.7920/25 from exporters, offers from funds  0.8025/30

AUD/NZD: Offers  1.2835/45 , tech res above 1.2855/60(1.2858- 100 day SMA). Bids 1.2810/15, larger at 1.2775/80

Financial bookies see FTSE down around -0.2% (playing catch up having been closed Monday), DAX up around +0.4% and CAC 40 down around -0.2% (see where electing a Socialist gets ya)

Too bloody high matey!!

• Asked if OPEC should raise output target next month, says “we have to wait for the OPEC meeting”

Ratchet up that output is what I say!!

The global economy desperately needs cheaper oil.

‘Downward slide evidence of faltering economic confidence, says group, but London house prices experiencing a ‘mini-boom.’

Rained heavily all through the night.

I swear I’m developing webbed feet.

For the 1000EDT NY/1400GMT cut…

EUR/USD: 1.2900 (very large), 1.3000 (large) 1.3080, 1.3150, 1.3155, 1.3200, 1.3250, 1.3300

GBP/USD: 1.6200

EUR/GBP: 0.8050

AUD/USD: 1.0000 (large), 1.0200, 1.0225, 1.0350

USD/JPY: 79.75, 79.80, 80.00, 80.20

Steep cuts tend to slow economies particularly if a country is already experiencing weak growth

Some countries however have no choice but to move faster, and appropriate paths are country-specific

More  (from the Sydney Morning Herald)

Got any ideas you’d like to share with your fellow readers, then here’s where to stick ‘em.

The single currency could be the next sub-prime mortgage crisis, traders warn after a day of stock market turmoil- UK Independent

The Euro could fall quickly in the next few weeks against all major currencies as investors realise that a euro collapse  is less of an impossibility, with a potential flight to safe-havens such as the dollar and sterling.

Nothing like a bit of doom and gloom…

• Australian trade deficit for March comes in higher than expected at AUD1.6bln
• RICS: UK housing market activity weakens
• BRC: Shop price and food price inflation fall
• UK Q1 median pay deal 3%
• Fed’s Lacker gives speech on labour market: Risks remain from EZ; US housing recovery likely to take some time
• BOJ tells Fed that its credit rules may hinder Japanese monetary policy
• New Zealand net government debt NZD50bln, or 24.5% of GDP
• South Korean PPI +2.4% YoY, down from 2.8% last month
• USD/CNY mid-point set at 6.2804
• Nikkei +0.6%, Kospi +0.5%, HK +0.3%, Shanghai -0.3%; Gold $1638/oz; Oil $97.80/bbl

The USD has been the stand-out performer, making mild gains across the board in fairly quiet trade.

EUR/USD opened at 1.3060 and has gradually edges its way lower in quiet trade, with no flows or developments of note. Dealers reports sizeable interest either side of a broad 1.2980/1.3080 range and this should ensure a few more sessions of range trading. Our range 1.3023/65

AUD/USD opened above 1.0200 and tried to move higher in early trade but some soggy sentiment in the NZD tended to dominate and the Aussie fell back below 1.0200 prior to the trade data. The AUD1.6bln deficit was worse than expected although heightened economic activity stopped the bears getting too carried away. Ranges: 1.0162/1.0218

USD/JPY has also found some mild demand out of Tokyo but reportedly solid selling interest from real money funds and Japanese exporters between 80.10/20 has remained untested. Ranges: 79.86/80.07

Cable 1.6166/98; EUR/CHF 1.2010/15