I’ve had numerous reports of Middle Eastern names still buying EUR/USD.

But we’re no higher, presently at 1.2980, having failed to get back above the psychological 1.3000 during the European session (high 1.2998)

If the Middle Eastern chappies would be kind enough to go away, then maybe just maybe, I’ll get my “pop goes the weasel” fix.

It’s not much to ask, I’m easily pleased. I’m kind to widows and orphans, feed the birds on a regular basis, try not to upset people too much. I think I deserve my fix

I’m beginning to regret not taking up my place to study law back in the late 1980′s.  I could be in court today, a barrister in a high profile criminal case. Instead I’m watching bloody EUR/USD trade in an agonizingly narrow range……AGAIN!!!

This one’s from one of my old employers, the mighty HSBC..

Their strategic desk is recommending selling AUD/JPY at 80.47 with a target of 74.50 and a stop at 83.30….

PARIS (MNI) – Outgoing French Foreign Minister Alain Juppe advised
president-elect Francois Hollande on Wednesday not to unravel the EU
Fiscal Compact on tougher budget discipline in light of the heightened
tensions over the sovereign debt crisis.

The strength of extremist parties in Greece’s new parliament makes
conditions there “extremely difficult, extremely tense,” Juppe warned in
a radio interview, calling for “day-by-day” surveillance of the
situation.

“Remember that Spain is not out of the woods either and Italy has
problems as well,” Juppe said. “The Eurozone is thus in a very difficult
situation.”

“Any questioning of the treaties negotiated with such difficulty
and signed at the end of January could provoke turbulence that would be
difficult to control,” the minister added, noting that German Chancellor
Angela Merkel had confirmed her opposition to any renegotiation.

The German daily Sueddeutsche Zeitung (SZ) reported Wednesday that
worries in the European Union are mounting that Greece will be unable to
form a new government soon.

According to the newspaper, the so-called troika of the European
Commission, the European Central Bank and the International Monetary
Fund has canceled its visit to Greece planned for mid-May, without
setting new dates.

[TOPICS: M$F$$$,M$Y$$$,M$G$$$,M$S$$$,M$I$$$,MGX$$$,M$$CR$]

BERLIN (MNI) – Luxembourg Central Bank Governor Yves Mersch’s
chances of being appointed to the European Central Bank Executive Board
have increased because Spain has agreed to withdraw its candidate for
the post, Germany’s business daily Handelsblatt reported Wednesday,
citing diplomatic sources in Brussels.

According to the paper, Spain has agreed that a top Spanish
government official, Belen Romana Garcia, will become the head of
Europe’s permanent rescue fund, the European Stability Mechanism (ESM).
This would mean that Spain gives up its claim for a seat on the ECB’s
Executive Board.

Spain had been insisting the ECB board seat go to a Spanish
national, because it is being vacated by one — Jose Manuel
Gonzalez-Paramo, whose eight-year term ends May 31. If a Spaniard does
not replace Gonzalez-Paramo, then Spain, the Eurozone’s fourth largest
economy, will have nobody on the ECB Board.

According to the Brussels diplomatic sources cited by the
newspaper, it is now almost certain that German Finance Minister
Wolfgang Schaeuble will become the next head of the Eurogroup when
Jean-Claude Juncker steps down from that post this summer.

The resignation of Juncker also enhances the chances of Mersch,
since they are both from Luxembourg and it might have been difficult to
have two officials from a tiny country in such influential positions.

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

[TOPICS: M$G$$$,M$$EC$,MGX$$$,MFX$$$,M$X$$$]

You can’t beat a bank recommendation is what I say, even if they turn out to be wrong If they do, then you can at least have the pleasure of taking the piss out of said bank

Morgan Stanley says look to sell any rebound in EUR/USD to 1.30 for a 1.27 target, with stop loss at 1.3100.

Dow Jones reporting.

Good risk reward I guess :)

We’re presently at 1.2988.

EUR/USD: Bids from 1.2970 down to 1.2950 (barrier) sell stops just below ahead of bids 1.2910 and another barrier at 1.2900. Offers 1.3000/10

EUR/JPY: Sell stops through 103.20 and 103.00(barrier). Offers 103.90/00, tech res above 104.55 (100 day MA)

USD/JPY: Bids (semi –official) 79.70/80 and 79.50/60 (barrier 79.50), offers 80.00/10 (exporters) buy stops just above and again through 80.65.

GBP/USD: Bids 1.6125/30 and 1.6100/10, sell stops below. Offers 1.6160/70 and 1.6190/00

EUR/GBP: Bids 0.8025/30 (barrier 0.8025). Offers 0.8050/55 and 0.8070/75

AUD/USD: Sell stops through 1.0040 ahead of stronger bids 1.0000/10, more stops below and through 0.9980. Offers 1.0100/10 from momentum funds

AUD/JPY:  Barrier 80.00, large sell stops just below. Tech res 80.85/90

USD/CHF: Offers 0.9290/00, Bids 0.9210/20

EUR/CHF: Bids 1.2000/10 (SNB), offers 1.2015/25 and layered up to 1.2050

NZD/USD: Bids 0.7840/45 and 0.7780/85. Offers 0.7890/95 and tech res 0.7920/25

GBP/JPY: Tech sup  128.65/75 and  bids 128.40/50, sell stops through 128.35. Offers 129.05/15

Germany selling new 5 year 0.50% April 2017 Bobl issue this morning.

Target amount up to 5 bln euros

Results due shortly after 09:30 GMT.

Middle East had been early buyers of EUR/USD.  Well in recent trade they’ve apparently turned sellers. We’re back down at 1.2975. A typically ridiculous European session is slowly unfolding

The Athens-based newspaper says the head of Pasok won’t accept mandate to form a government if/when it is handed to him.

Venizelos to meet Syriza leader Tsipras today to try and form a new government. If they fail Venizelos will apparently skip receiving mandate and ask President Papoulias to call a meeting of political leaders immediately.

According to the paper, they would then either call a new election or form a national unity government.

Broadly in line with Reuters forecast 0f -Eur5.7bln and narrowed from February’s  -Eur 6.279 bln

FRANCE DATA: March sa trade deficit narrowed to E5.721 bln from
E6.279 bln in February (revised from -E6.398 bln).
–Deficit much as expected; MNI survey median forecast -E5.8 bln
–March sa exports -1.5% m/m; sa imports -2.6% m/m

Apparently they’re behind the recovery from recent day’s lows of 1.0052. Sell stops remain down through 1.0040 ahead of some reasonable reported bids ahead of parity, with further stops below and through 0.9980. Offers sit up around 1.0100/10

We’re presently around 1.0090

We’re up at 1.2985 from around 1.2970 when I arrived. Middle Eastern buying has been noted in this latest uptick.

They betta not have blown my chance of a “pop goes the weasel” headline this morning, or they’ll be trouble.

Whatever

• BOJ’s economic forecast too optimistic, global recovery already losing momentum (can’t argue with that)

USD/JPY sits at 79.75, pretty much unchanged from Tuesday’s North American close.

Market rumour Kampo sitting on the bid circa 79.70.

More buy orders seen clustered 79.50/60.

GERMANY DATA: March sa trade surpl +E13.7bn; February rev
+E13.7bn(+E13.6bn)
– Germany March nsa trade surplus +E17.4bn; February rev +E14.9bn
(+E14.7bn)
– Germany March nsa c/a surplus +E19.8bn; February rev +E11.7bn
(+E11.1bn)
– See MNI MainWire for details

DAX and CAC 40 futures both up +0.6%.

Pretty darn close to Reuter’s median forecast of 13.5 bln.

Exports +0.9% m/m, imports +1.2% m/m.

We touched a low of 80.16 ahead of a barrier at 80.00 with large sell stops reportedly set on a break of the level.

 The move’s been largely driven by AUD/USD momentum accounts  and real money selling, but  exporter bids towards 1.0050 have so far stalled a further drop ahead of sell stops down through 1.0040.  USD/JPY bids in the 79.70′s, supposedly semi-official, are also adding some support to the cross for the time being.

AUD/JPY’s presently around 80.35

Financial bookies see FTSE opening up around +0.1%, DAX and CAC 40 up around +0.2%.

After accepting a mandate to create a multiparty administration following the weekend’s inconclusive elections, Alexis Tsipras declared that Greece could no longer commit to the terms of EU and IMF agreement,  declaring them null and void