MARCH 9 2010 FXDD Online Training Rebroadcast
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EU’s Altafaj on the wires…
Making a speech in Brussels on the topic of Greece, the EU’s Altafaj noted that the EU is ready to act tomorrow if it is necessary and that “there is a Greek solution to the Greek problems”.
Swissie strengthens on intervention rumors
The Chf has strengthened versus the Usd and Eur as intervention rumors swirl about the market. BIS spokeswoman Critchlow shot down rumors by stating she was “not aware” of any franc intervention.
Usd/Chf and Eur/Chf have made new session lows since the statement by Critchlow at 1.0736 and 1.4610 respectively. Eur/Chf has recouped about 10 points from earlier low as Usd/Chf continues to look offered, possibly on recent Usd weakness.
UK Manufacturing and Production
The GBP fell slightly after the release of worse than expected manufacturing and production out the UK.
- Industrial Production (m/m) - Survey: 0.3% Actual: -0.4% Prior: 0.5%
- Industrial Production (y/y) - Survey: -0.8% Actual: -1.5% Prior: -3.6%
- Manufacturing Production (m/m) - Survey: 0.2% Actual: -0.9% Prior: 0.9%
- Manufacturing Production (y/y) - Survey: 1.4% Actual: -0.2% Prior: -1.9%
Italian Industrial Production m/m
The market had a lack luster reaction to a much better than expected monthly industrial production number out of Itlay of 2.6%; forecast of 0.7% and prior showing of -0.7%. Currently the Eur/Usd trades at 1.3570.
German Trade Balance and CPI
The EUR made a new session low of 1.3576 against the USD after a much worse than expected January trade balance number out of Germany, despite final m/m CPI being slightly better than the prior month. The details of these releases are as follows:
- Trade Balance - Survey: 14.5B Actual: 8.0B Prior: 13.5B
- Final CPI (m/m) - Survey: 0.2% Actual: 0.4% Prior: 0.2%
Aussie Westpac Consumer Confidence
The Australian Westpac Consumer Confidence for March significantly bear the prior reading of -2.6% with a positive reading of +0.2%, helping the AUD move higher against the USD and JPY, continuing its push after the earlier comments from the RBA’s Lowe. The Consumer Confidence Index was also better than the prior month at 117.3 vs. 117. The AUD/USD pair is continuing higher and approaching some resistance below the 92 cent handle.
RBA’s Lowe on the Wire
The RBA’s Lowe had the following comments on the global economy and China’s policy, the market had a limited reaction to these comments:
- Global action prevented more serious downturn.
- Strength of Asian rebound was a surprise.
- Companies are generally more confident but crisis has made them more cautious.
- Capital spending plans still ‘a bit’ below average.
- China policy tightening encouraging.
- China policy actions are positive development.
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