Jpy Buy :
Sell : 97.10
Stop : 97.70
Intraday : 96.30 – 95.70
Daily : 95.15 – 94.90
GBP Buy : 1.4900
Sell :
Stop : 1.4800
Intraday : 1.5000 – 1.5050
Daily : 1.5120 – 1.5200
XAU Buy :
Sell : 741.00
Stop : 747.00
Intraday : 734.65 – 729.00
Daily : 724.95 – 719.50
CHF Buy : 1.1945
Sell :
Stop : 1.1885
Intraday : 1.2015 – 1.2050
Daily : 1.2110 – 1.2135
AUD Buy :
Sell : 0.6530
Stop : 0.6550
Intraday : 0.6490 – 0.6440
Daily : 0.6370 – 0.6330
ANM World Wide
Earth
Selasa, 18 November 2008
Harga Emas Turun
JAKARTA, SELASA — Harga emas di pasar internasional kembali turun, setidaknya terlihat pada perdagangan di New York dan di Hongkong.
Di New York Mercantile Exchange, Senin (17/11) waktu setempat, harga emas untuk pengiriman sekarang ditutup pada 741,90 dollar AS per troy ounce, turun dari penutupan Jumat, 742,40 dollar AS.
Sementara itu, di Hongkong pada pembukaan perdagangan Selasa, seperti dikutip AFP, harga emas berada di posisi 738,80-739,80 dollar AS per ounce, turun dibandingkan dengan penutupan Senin pada 742,00-743,00 dollar AS.
Sumber : http://www.kompas.com/read/xml/2008/11/18/0852182/Harga.Emas.Turun
Di New York Mercantile Exchange, Senin (17/11) waktu setempat, harga emas untuk pengiriman sekarang ditutup pada 741,90 dollar AS per troy ounce, turun dari penutupan Jumat, 742,40 dollar AS.
Sementara itu, di Hongkong pada pembukaan perdagangan Selasa, seperti dikutip AFP, harga emas berada di posisi 738,80-739,80 dollar AS per ounce, turun dibandingkan dengan penutupan Senin pada 742,00-743,00 dollar AS.
Sumber : http://www.kompas.com/read/xml/2008/11/18/0852182/Harga.Emas.Turun
Pelemahan Rupiah Hambat Penurunan Harga Solar
Menurut Detik Finance
Jakarta - Pelemahan mata uang rupiah terhadap dolar AS menjadi salah satu penyebab belum turunnya harga solar. Pelemahan rupiah membuat solar makin jauh dari harga keekonomiannya.
"Solar itu masih jauh di atas harga keekonomian pada kondisi sekarang. Tapi jangan lupa kurs pada kondisi sekarang kan Rp 11.000/US$. Jadi pada harga US$ 62 per barel, itu sudah capai harga keekonomian. Jadi di bawah itu kita sudah bisa turunkan harga BBM khususnya premium, kalau solar itu sekitar US$ 57-58 per barel baru bisa kita turunkan, karena berbeda struktur biayanya. MOPS-nya beda," papar Kepala Badan Kebijakan Fiskal Depkeu Anggito Abimanyu ketika ditemui di kantor Menteri Keuangan, Jalan Wahidin Raya, Jakarta, Senin malam (17/11/2008).
Dikatakannya meskipun harga minyak dunia turun, namun kurs yang melemah membuat pemerintah belum menurunkan harga solar.
"Jadi harga minyak turun tapi kurs naik. Harga domestik, harga keekonomian sudah di bawah harga yang berlaku sehingga kita turunkan, itu untuk premium. Kalau solar MOPS masih di atas, jadi tunggu sama dulu baru harga diturunkan,sehingga kita tidak rugi," jelasnya.
Berbeda dengan harga premium yang akan turun Rp 500 menjadi Rp 5.500 per 1 Desember 2008, pemerintah belum akan menurunkan harga solar
Sumber : http://www.detikfinance.com/read/2008/11/18/090356/1038692/4/pelemahan-rupiah-hambat-penurunan-harga-solar
Jakarta - Pelemahan mata uang rupiah terhadap dolar AS menjadi salah satu penyebab belum turunnya harga solar. Pelemahan rupiah membuat solar makin jauh dari harga keekonomiannya.
"Solar itu masih jauh di atas harga keekonomian pada kondisi sekarang. Tapi jangan lupa kurs pada kondisi sekarang kan Rp 11.000/US$. Jadi pada harga US$ 62 per barel, itu sudah capai harga keekonomian. Jadi di bawah itu kita sudah bisa turunkan harga BBM khususnya premium, kalau solar itu sekitar US$ 57-58 per barel baru bisa kita turunkan, karena berbeda struktur biayanya. MOPS-nya beda," papar Kepala Badan Kebijakan Fiskal Depkeu Anggito Abimanyu ketika ditemui di kantor Menteri Keuangan, Jalan Wahidin Raya, Jakarta, Senin malam (17/11/2008).
Dikatakannya meskipun harga minyak dunia turun, namun kurs yang melemah membuat pemerintah belum menurunkan harga solar.
"Jadi harga minyak turun tapi kurs naik. Harga domestik, harga keekonomian sudah di bawah harga yang berlaku sehingga kita turunkan, itu untuk premium. Kalau solar MOPS masih di atas, jadi tunggu sama dulu baru harga diturunkan,sehingga kita tidak rugi," jelasnya.
Berbeda dengan harga premium yang akan turun Rp 500 menjadi Rp 5.500 per 1 Desember 2008, pemerintah belum akan menurunkan harga solar
Sumber : http://www.detikfinance.com/read/2008/11/18/090356/1038692/4/pelemahan-rupiah-hambat-penurunan-harga-solar
Bank of England throws the towel, will EURUSD 1.23 hold?
Bank of England throws the towel, will EURUSD 1.23 hold?
EURO Report
Current Environment
During this past week, Europe joined the group of nations that have shown economic contraction on a quarter-on-quarter basis. Yet, the ZEW Economic Sentiment for the euro zone showed an improvement in consumer sentiment. Trichet's hawkish words this past week also could be understood as bullish for the euro at face value, but that is also how the UK Governor King used to sound a few weeks ago and look at him now. Currency markets followed these developments boosting the euro to a record rise against sterling all the way to 0.8655 – a 5.3% EURGBP rise, compared to an average weekly fluctuation of 0.3% in this pair for the past three months.
Perhaps the notion that the Euro zone is handling the global crises better than the UK has some merit. The EU is more self-sufficient than the UK , it is also many times larger in terms of population and economic output. Perhaps the EU operates in a bubble where the woes of others are largely irrelevant, but then again, we live in a time where bubbles burst. All it takes is a major corporation having financial trouble, perhaps an icon in manufacturing to cast doubt about the EU economic resiliency. The lack of major EU economic news for most of the week should allow the euro to continue to gain grounds against the majors. The Friday PMI, however, could pose a potential hurdle for euro bulls.
STERLING REPORT
Current Environment
The UK economy has come under considerable pressure, as it is becoming evident that foreign investors are deserting UK investments and this is having a direct impact on cable. BoE Governor M. King likened last month the UK to an emerging market country in need of outside investment to finance a sizeable trade deficit. The higher return that foreign investors will demand for holding UK assets would raise costs for businesses and individuals, while further dampening economic demand. The BofE forecast announced Wednesday of a sharp 2009 UK economic contraction did not lift any spirits either.
The changing economic outlook should be an embarrassment for the Bank of England and for King, for their persistent hawkish monetary policy for so long. UK CPI on Tuesday should reveal the start of a falling inflationary trend, while UK retail sales on Thursday should highlight the cause: weaker retail consumption. In short, the outlook for cable this week is again poor.
EURO Report
Current Environment
During this past week, Europe joined the group of nations that have shown economic contraction on a quarter-on-quarter basis. Yet, the ZEW Economic Sentiment for the euro zone showed an improvement in consumer sentiment. Trichet's hawkish words this past week also could be understood as bullish for the euro at face value, but that is also how the UK Governor King used to sound a few weeks ago and look at him now. Currency markets followed these developments boosting the euro to a record rise against sterling all the way to 0.8655 – a 5.3% EURGBP rise, compared to an average weekly fluctuation of 0.3% in this pair for the past three months.
Perhaps the notion that the Euro zone is handling the global crises better than the UK has some merit. The EU is more self-sufficient than the UK , it is also many times larger in terms of population and economic output. Perhaps the EU operates in a bubble where the woes of others are largely irrelevant, but then again, we live in a time where bubbles burst. All it takes is a major corporation having financial trouble, perhaps an icon in manufacturing to cast doubt about the EU economic resiliency. The lack of major EU economic news for most of the week should allow the euro to continue to gain grounds against the majors. The Friday PMI, however, could pose a potential hurdle for euro bulls.
STERLING REPORT
Current Environment
The UK economy has come under considerable pressure, as it is becoming evident that foreign investors are deserting UK investments and this is having a direct impact on cable. BoE Governor M. King likened last month the UK to an emerging market country in need of outside investment to finance a sizeable trade deficit. The higher return that foreign investors will demand for holding UK assets would raise costs for businesses and individuals, while further dampening economic demand. The BofE forecast announced Wednesday of a sharp 2009 UK economic contraction did not lift any spirits either.
The changing economic outlook should be an embarrassment for the Bank of England and for King, for their persistent hawkish monetary policy for so long. UK CPI on Tuesday should reveal the start of a falling inflationary trend, while UK retail sales on Thursday should highlight the cause: weaker retail consumption. In short, the outlook for cable this week is again poor.
US Banks All Cashed UP, nowhere to lend
GLOBAL ECONOMY WEEKAHEAD-US banks all cashed up, nowhere to lend
By Emily Kaiser
WASHINGTON, Nov 16 (Reuters) - The latest U.S. effort to get more money flowing to consumers assumes that there are plenty of credit-worthy households eager to borrow and spend.
That may not be the case.
Rising unemployment and foreclosures are driving more people out of the 'prime' credit category, in which banks are still fairly willing to lend. At the same time, consumer confidence has fallen so far that even wealthier people with little trouble getting credit are cutting their spending.
U.S. Treasury Secretary Henry Paulson announced last week that he was redirecting a $700 billion rescue package to focus on consumer loans in an effort to spur lending and get the economy going again.
It was the third incarnation of a program launched last month that was initially touted as a way for the government to buy bad assets from banks and unclog credit channels. Instead, it has been used primarily to buy stakes in banks in the hope that the capital cushion would encourage lending.
So far, there is little sign that banks are loosening their grip on cash, much to the frustration of the U.S. government and countries around the world that rely on a healthy U.S. consumer to drive economic growth.
That will no doubt be a major topic this week as investors brace for another round of grim economic data from many advanced economies and leaders in Washington consider whether even more spending is needed to stave off a deep recession.
Charles Dallara, managing director of the bank lobby group Institute of International Finance , said that just because banks have billions of taxpayer dollars in hand, it was unrealistic to expect normal lending to resume immediately.
'Capital does not automatically create credit-worthy borrowers,' he said. 'In an environment where banks are already recovering from serious losses on earlier lending, it's not only natural -- it's inevitable that there is a substantial degree of caution built in to lending activities.'
WINTER OF DISCONTENT
That caution is largely a reflection of the current economic weakness and concern that it will get much worse.
The number of U.S. workers drawing jobless benefits hit a 25-year high, according to data released last week. Unemployment is likely to climb through next year, perhaps surpassing 8 percent for the first time since 1983.
Between job losses and foreclosures, the number of people who qualify for lower-cost prime rates on credit cards and other loans has been declining. According to consumer credit company Experian, 4.3 percent of U.S. consumers fell out of prime into subprime between September 2007 and 2008.
U.S. retail sales fell a record 2.8 percent in October and were down four straight months, an ominous sign considering consumers account for two-thirds of economic activity.
'Whether this recession turns out to be the worst in 30 years or 60 years is a question of little consequence to most Americans at the moment,' said Bernard Baumohl, chief global economist at the Economic Outlook Group.
'People are now sufficiently scared about their jobs and future income that they are shutting down all spending and hunkering down. Many simply want to hibernate through the recession winter,' he added.
It is a similar story in the rest of the developed world. Figures due on Friday are expected to show a 0.5 percent decline in consumer spending in France and a sharp contraction in manufacturing across the euro zone.
In Japan , where exports have been hit hard by falling demand in the United States and elsewhere, economists expect a report on Monday to show the economy grew by a slim 0.1 percent in the third quarter. A separate report on Thursday is expected to show an 8 percent decline in October exports.
REVIVING CONFIDENCE
To restore U.S. consumer confidence, particularly among higher-income brackets that account for a disproportionately large percentage of spending, it may be a matter of more time rather than more government money.
The latest Reuters/University of Michigan Surveys of Consumers showed that the mood picked up slightly in November, thanks primarily to a steep drop in fuel prices. But a gauge of expectations fell, suggesting that consumers have little hope the economy will improve quickly.
That does not bode well for spending in the holiday season, typically the biggest shopping period of the year.
Luxury shoppers, who can normally be counted on to keep spending even when times get tough, have cut back dramatically. October sales at upscale chain Neiman Marcus dropped 25 percent from a year earlier.
Figuring out when things will get better is a bit of a chicken-and- egg exercise. Falling stock markets have battered consumer confidence, and that in turn has curtailed spending and dragged down stocks.
Burton Tansky, chairman and chief executive of Neiman Marcus, said luxury demand may remain weak for a while.
'Based on our experience in previous business cycles, we believe our customers' buying levels will increase once the economic environment stabilizes,' he said.
By Emily Kaiser
WASHINGTON, Nov 16 (Reuters) - The latest U.S. effort to get more money flowing to consumers assumes that there are plenty of credit-worthy households eager to borrow and spend.
That may not be the case.
Rising unemployment and foreclosures are driving more people out of the 'prime' credit category, in which banks are still fairly willing to lend. At the same time, consumer confidence has fallen so far that even wealthier people with little trouble getting credit are cutting their spending.
U.S. Treasury Secretary Henry Paulson announced last week that he was redirecting a $700 billion rescue package to focus on consumer loans in an effort to spur lending and get the economy going again.
It was the third incarnation of a program launched last month that was initially touted as a way for the government to buy bad assets from banks and unclog credit channels. Instead, it has been used primarily to buy stakes in banks in the hope that the capital cushion would encourage lending.
So far, there is little sign that banks are loosening their grip on cash, much to the frustration of the U.S. government and countries around the world that rely on a healthy U.S. consumer to drive economic growth.
That will no doubt be a major topic this week as investors brace for another round of grim economic data from many advanced economies and leaders in Washington consider whether even more spending is needed to stave off a deep recession.
Charles Dallara, managing director of the bank lobby group Institute of International Finance , said that just because banks have billions of taxpayer dollars in hand, it was unrealistic to expect normal lending to resume immediately.
'Capital does not automatically create credit-worthy borrowers,' he said. 'In an environment where banks are already recovering from serious losses on earlier lending, it's not only natural -- it's inevitable that there is a substantial degree of caution built in to lending activities.'
WINTER OF DISCONTENT
That caution is largely a reflection of the current economic weakness and concern that it will get much worse.
The number of U.S. workers drawing jobless benefits hit a 25-year high, according to data released last week. Unemployment is likely to climb through next year, perhaps surpassing 8 percent for the first time since 1983.
Between job losses and foreclosures, the number of people who qualify for lower-cost prime rates on credit cards and other loans has been declining. According to consumer credit company Experian, 4.3 percent of U.S. consumers fell out of prime into subprime between September 2007 and 2008.
U.S. retail sales fell a record 2.8 percent in October and were down four straight months, an ominous sign considering consumers account for two-thirds of economic activity.
'Whether this recession turns out to be the worst in 30 years or 60 years is a question of little consequence to most Americans at the moment,' said Bernard Baumohl, chief global economist at the Economic Outlook Group.
'People are now sufficiently scared about their jobs and future income that they are shutting down all spending and hunkering down. Many simply want to hibernate through the recession winter,' he added.
It is a similar story in the rest of the developed world. Figures due on Friday are expected to show a 0.5 percent decline in consumer spending in France and a sharp contraction in manufacturing across the euro zone.
In Japan , where exports have been hit hard by falling demand in the United States and elsewhere, economists expect a report on Monday to show the economy grew by a slim 0.1 percent in the third quarter. A separate report on Thursday is expected to show an 8 percent decline in October exports.
REVIVING CONFIDENCE
To restore U.S. consumer confidence, particularly among higher-income brackets that account for a disproportionately large percentage of spending, it may be a matter of more time rather than more government money.
The latest Reuters/University of Michigan Surveys of Consumers showed that the mood picked up slightly in November, thanks primarily to a steep drop in fuel prices. But a gauge of expectations fell, suggesting that consumers have little hope the economy will improve quickly.
That does not bode well for spending in the holiday season, typically the biggest shopping period of the year.
Luxury shoppers, who can normally be counted on to keep spending even when times get tough, have cut back dramatically. October sales at upscale chain Neiman Marcus dropped 25 percent from a year earlier.
Figuring out when things will get better is a bit of a chicken-and- egg exercise. Falling stock markets have battered consumer confidence, and that in turn has curtailed spending and dragged down stocks.
Burton Tansky, chairman and chief executive of Neiman Marcus, said luxury demand may remain weak for a while.
'Based on our experience in previous business cycles, we believe our customers' buying levels will increase once the economic environment stabilizes,' he said.
Market outlook 18 Nov 2008
The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2510 level and was capped around the $1.2595 level. The National Association of Business Economists released a survey that concludes the U.S. economy will shrink 2.6% in Q4 and another 1.3% in Q1, exacerbating the current economic recession in the U.S. Group of Twenty officials convened in Washington , D.C. this weekend and issued a communiqué that read “Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries.” Officials pledged “urgent and exceptional measures” to deal with the current market turmoil and indicated a “college of supervisors” would be instituted by the end of March to monitor the world’s largest financial institutions. Many had believe this weekend’s meeting with essentially lead to a second Bretton Woods arrangement but this was deemed unlikely on account of the forthcoming transition in power in the U.S. Global leaders pledged to reconvene by the end of April. In eurozone news, Italy pledged €80 billion to support its economy and traders are closely watching ongoing strikes across France . Data released in the U.S. on Friday saw an uptick in mid-November University of Michigan consumer sentiment while October retail sales were off a record 2.8%. Data to be released in the U.S. today include October industrial production and capacity utilization. Euro bids are cited around the US$ 1.2135 level.
The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥95.85 level and was capped around the ¥97.55 level. Data released in Japan overnight revealed that country is in a recession for the first time in seven years as Q3 gross domestic product was off 0.1% q/q and an annualized 0.4%. Bank of Japan convenes a two-day Policy Board meeting on Thursday and is likely to keep the overnight call rate unchanged at 0.30%. Data released in Japan overnight saw the September tertiary sector index off 0.6% m/m while September wages were upwardly revised to +0.2% y/y. Prime Minister Aso spoke at the weekend’s G20 meeting saying “It is the worst crisis in 100 years but the crisis could be a chance at the same time. History tells us that when we overcome crisis, a new order is created. We should not be just flustered by the crisis. The crisis in 1929 led to the outcome (that it did) because we were flustered. But it is different this time because we have a framework for cooperation.” Aso also expressed “firm” support for the U.S. dollar-centered global currency system saying “There is a voice questioning if it's stable for the U.S. dollar of the world's largest-debt country to continue to be a key currency. But (we) stressed that no currency but the dollar can be used as a key currency.” French President Sarkozy had suggested the U.S. dollar not be the world’s reserve currency any longer. Finance minister Nakagawa verbally intervened against the yen’s recent gains last week saying “Rapid foreign exchange rate swings would have a negative impact on the economy.” The Nikkei 225 stock index climbed 0.71% to close at ¥8,522.58. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥120.15 level and was capped around the ¥122.85 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥140.35 level while the Swiss franc lost ground vis-à-vis the yen and tested bids around the ¥79.85 level. In Chinese news, President Hu Jintao urged global leaders to guard against protectionism barriers to international investment and trade.
The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4640 level and was capped around the $1.4775 level. Data released in the U.K. today saw Rightmove November house prices off 7.1% y/y. Chancellor of the Exchequer Darling said global leaders are unified in using fiscal policy to help contend with the ongoing market crisis, noting it is “almost universally accepted.” Darling with released the government’s pre-Budget report on 24 November and is expected to reveal a package that includes tax cuts and spending increases. Regarding sterling’s recent depreciation, Darling said volatility is to be expected given “the nature of what’s happening at the moment.” Speaking on the same subjects, Prime Minister Brown countered Tory official Osborne’s comment that “We are in danger, if the government is not careful, of having a proper sterling collapse, a run on the pound. The danger of that is that it pushes up long-term interest rates.” Brown “regretted the partisan talk from the opposition.” Sterling is partially on the defensive because Bank of England Governor King has made it abundantly clear the central bank “is certainly prepared to cut interest rates again if it is necessary.” Cable bids are cited around the US$ 1.4315 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.8510 level and was capped around the ₤0.85 level.
The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2005 level and was supported around the CHF 1.1960 level. The Swiss government last week agreed an economic stimulus package valued around CHF 890 million to counter the anticipated economic recession next year. The government reported “ Switzerland is still currently in a comparatively good economic and employment situation, but due to global economic developments, the prospects have become noticeably more gloomy since September.” Data released in Switzerland last week saw the November ZEW expectations index improve marginally to -88.5 while October producer and import prices rose 2.9% y/y and were off 0.6% m/m. U.S. dollar offers are cited around the CHF 1.2120 level. The euro and British pound lost ground vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5000 and CHF 1.7555 levels, respectively.
The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥95.85 level and was capped around the ¥97.55 level. Data released in Japan overnight revealed that country is in a recession for the first time in seven years as Q3 gross domestic product was off 0.1% q/q and an annualized 0.4%. Bank of Japan convenes a two-day Policy Board meeting on Thursday and is likely to keep the overnight call rate unchanged at 0.30%. Data released in Japan overnight saw the September tertiary sector index off 0.6% m/m while September wages were upwardly revised to +0.2% y/y. Prime Minister Aso spoke at the weekend’s G20 meeting saying “It is the worst crisis in 100 years but the crisis could be a chance at the same time. History tells us that when we overcome crisis, a new order is created. We should not be just flustered by the crisis. The crisis in 1929 led to the outcome (that it did) because we were flustered. But it is different this time because we have a framework for cooperation.” Aso also expressed “firm” support for the U.S. dollar-centered global currency system saying “There is a voice questioning if it's stable for the U.S. dollar of the world's largest-debt country to continue to be a key currency. But (we) stressed that no currency but the dollar can be used as a key currency.” French President Sarkozy had suggested the U.S. dollar not be the world’s reserve currency any longer. Finance minister Nakagawa verbally intervened against the yen’s recent gains last week saying “Rapid foreign exchange rate swings would have a negative impact on the economy.” The Nikkei 225 stock index climbed 0.71% to close at ¥8,522.58. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥120.15 level and was capped around the ¥122.85 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥140.35 level while the Swiss franc lost ground vis-à-vis the yen and tested bids around the ¥79.85 level. In Chinese news, President Hu Jintao urged global leaders to guard against protectionism barriers to international investment and trade.
The British pound moved lower vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4640 level and was capped around the $1.4775 level. Data released in the U.K. today saw Rightmove November house prices off 7.1% y/y. Chancellor of the Exchequer Darling said global leaders are unified in using fiscal policy to help contend with the ongoing market crisis, noting it is “almost universally accepted.” Darling with released the government’s pre-Budget report on 24 November and is expected to reveal a package that includes tax cuts and spending increases. Regarding sterling’s recent depreciation, Darling said volatility is to be expected given “the nature of what’s happening at the moment.” Speaking on the same subjects, Prime Minister Brown countered Tory official Osborne’s comment that “We are in danger, if the government is not careful, of having a proper sterling collapse, a run on the pound. The danger of that is that it pushes up long-term interest rates.” Brown “regretted the partisan talk from the opposition.” Sterling is partially on the defensive because Bank of England Governor King has made it abundantly clear the central bank “is certainly prepared to cut interest rates again if it is necessary.” Cable bids are cited around the US$ 1.4315 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the ₤0.8510 level and was capped around the ₤0.85 level.
The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2005 level and was supported around the CHF 1.1960 level. The Swiss government last week agreed an economic stimulus package valued around CHF 890 million to counter the anticipated economic recession next year. The government reported “ Switzerland is still currently in a comparatively good economic and employment situation, but due to global economic developments, the prospects have become noticeably more gloomy since September.” Data released in Switzerland last week saw the November ZEW expectations index improve marginally to -88.5 while October producer and import prices rose 2.9% y/y and were off 0.6% m/m. U.S. dollar offers are cited around the CHF 1.2120 level. The euro and British pound lost ground vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.5000 and CHF 1.7555 levels, respectively.
Langganan:
Komentar (Atom)
Postingan
