EUROZONE Data Released
The EU M3 Money Supply came out below expectations at 5.1% from the previous 5.9%. A slight drop to 5.7% was forecast.
The EU Private Loans also missed forecasts at 3.2% from the previous 4.2%. A drop to 3.5% was forecast.
ECB’s Trichet on the Wires
ECB’s Trichet: All options on banks must be reviewed
- Unsure about bad bank concept
German Finance Minister Official Comments
German Fin Min official: Credit conditions are less tight in Germany compared to other EU members
Bank of England’s Miles on the Wires
BoE’s Miles: Sensible for banks to hold more capital than before
- reduced LTV’s will increase house savings
- Government HIPS tax scheme on property transactions
- Likely need an increase in private rental sector
Bank of England’s Barker Comments
BoE’s Barker: Banks right to be cautious with lending, due to rising unemployment and repossessions
ECB’s Trichet Comments
ECB’s Trichet: Inflation rate is very low, will rise again toward the end of the year – press
- Says financial crisis is a continuing problem, urging constant vigilance
Economic Calendar (4/29/2009)
Wednesday, April 29, 2009

Aussie Impeded by Copper and Swine Flu
After a well sustained 10 big figure appreciation for the AUD/USD pair from the beginning of March, the pair has faltered here at the end of April on declining copper prices and the risk averse trade toward USD and JPY on the Swine Flu epidemic. With copper prices at their recent highs on April 15 (~$224.65) the AUD/USD pair tested it recent highs and the 200 day moving average. Since then the price of copper has retraced its gains by 61.8% from the March 18th lows (~$169.63) to the aforementioned April highs, while on the 4-hour chart the AUD/USD pair tested the 4-200hr moving average and the 23.6% retracement on the daily chart. With the Swine Flu being very carefully watched worldwide and the price of copper hitting technical support levels, along with the Aussie, the pair could be poised to make another run at the 200 day moving average and perhaps a break this time around.



