Swiss PPI declined by -0.3 versus expectations of +0.3%
Last night, Swiss PPI declined -0.3% versus expectations of +0.3%. The lower-than-expected index for September is primarily the result of lower import prices (-0.7%).
EUROZONE M3 Summary
Last night, Eurozone September M3 money supply was 11.3% versus expectation of 11.4% and 11.6 last. The 3-month average rate was 11.5% versus 11.4%.
EURJPY testing support
100 hour MA at 162.88.
EURUSD is moving lower but has good support at 1.4280
This is the 21 hour MA and represented past support and resistance levels
Click on the chart to view fullscreen.
Europe/London getting ready to go home
A bunch of random walks going on at the moment with cross movement impacting the majors. What seems to be the norm lately, is as the crosses go down/up the EURUSD and GBPUSD get weaker/stronger, while USDJPY stays fairly stable.
USDCHF has eased a bit off Hilderbrands comments. USDCAD comes back down after squeezing above intraday resistance at 0.9675 area
SNBs Hilderbrand on wires
Swiss National banks Hilderbrand on wires saying that would reassess monetary policy if weak CHF threatens price stability. I.e. tighted to support CHF.
He also says unlikely financial market crisis is behind us and says Swiss economic data suggests growth momentum remains but that the peak has passed.
GBPJPY testing support again.
Is this the time to sell or another opportunity to buy?
I don’t know….
EURJPY support is 162.92 now (21 hour and 100 hour MA)
Joint Economic Council Report on Housing
The congressional Joint Economic Committee estimated today that 2 million subprime mortgages could go into foreclosure over the next 18 months. As a result, they further estimated that states will lose $917 million in property tax revenue as housing values are depressed by the wave of foreclosures.
Sen. Charles Schumer, chairman of the JEC said in a statement that "State by state, the economic costs from the subprime debacle are shockingly high… From New York to California, we are headed for billions in lost wealth, property values and tax revenues."
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