Swiss tourism sector lobbying for a new CHF cap at 1.1500 vs EUR

Bloomberg with the story quoting from an article in today's Schweiz am Sonntag The president of Grisons mountain railways, Sylvia Schmid, said: "We've grown convinced that there needs to be a cap of 1.15 francs per euro" Not a major lobby given that tourism contributes less than 3% to Swiss GDP but the idea may catch on The article also reports comments from a banking executive saying the industry is worried that the...

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Currency Update 23rd of November

Monday, November 23rd, 2015 by Jarratt Davis We do not plan to enter any new positions until we assess the outcome of the Fed’s unscheduled meeting during the NY session. Start your week off on the right foot by reading my currency update below.  Currency Update: USD: The market currently prices a 72% probability for a Fed rate hike on December 16. The Fed have clearly signalled they are ready to commence the tightening...

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Doves in Euro, Hawks in US

On Friday, euro came under pressure as European Central Bank (ECB) President Mario Draghi reiterated to the markets that the ECB is ready to extend the current asset purchasing program. The euro was down 0.42% at $1.0688 against the dollar following the speech, falling under the weight of Draghi’s words. It was the second dovish speech in a week for Draghi, who continues to hint that a ramping-up of the ECB’s trillion-euro asset purchase program...

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Eurozone data shows why the ECB may skip additional QE in December

Improvement in the manufacturing and services sectors could see Draghi holding back on extra QE Manufacturing rose at the fastest rate since May 2011. Employment, new orders, and backlogs also posted their strongest month for four and a half years Services are at a 54 month high, the composite output index is at a 54 month high and manufacturing is at a 19 month high This is the sort of data the ECB wants to...

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More from the order boards 20 November

Here's today's latest news on the usual key pairs USDCHF currently 1.0140 still underpinned by potential SNB action but weighed by EURCHF supply again Sellers  1.0170 1.0200 1.0230 1.0250 1.0275 1.0300 1.0330 1.0350Buyers 1.0120 1.0100 1.0080 1.0050 1.0025-30 1.0000 EURCHF currently 1.0835 near session lows post-Draghi. Ditto above re SNBSellers 1.0900 1.0930 1.0950 1.0975-80 1.1000 1.1025-30 1.1050Buyers 1.0860 1.0830-35 1.0800 1.0775-80 1.0750 1.0730 1.0700 USDCAD currently lower...

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October 2015 UK PSNB 7.5bn vs 5.3bn exp m/m

Details of the October 2015 UK Public sector net borrowing data report 20 November 2015 Prior 8.6bn. Revised to 8.3bn PSNB- ex-financials 8.2bn vs 6.0bn exp. Prior 9.4bn. Revised to 9.1bn PSNCR -4.0bn vs +17.9bn prior. Revised to +15.4bn Central government NCR -0.1bn vs +21.5bn prior. Revised to +21.6bn Government spending was higher than income this month but revenues from income tax and VAT were up 3.4% & 2.0% respectively y/y. Corp taxes...

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AUDUSD orders 19 Nov

   Currently 0.7175 after finding support into 0.7150 but offers nearby Offers: 0.7180-85 0.7200 0.7220 0.7250 0.7275-80 0.7300 Bids: 0.7150 0.7120-25 0.7100 0.7085 0.7065 0.7050 Sources:   http://orders.forexlive.com/!/audusd-orders-19-nov-201511...

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Switzerland trade balance Oct +CHF 4.16bln vs +3.52bln prev

Latest data now out prev revised up from +CHF 3.05bln exports mm +5.4% vs +2.3% prev revised up from +0.2% imports mm +3.5% vs +2.6% prev watch exports fall 13.2% yy real terms to CHF 2bln Not a price changer but welcome news for the Swiss as CHF weakens over the period SNB will still be on high alert but any smoothing they've been doing, and which I've often mentioned, is having some impact Fall in watch exports reflects...

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Japan's Abe says GDP decline is due to a drop in inventory investment

Japanese PM's spokesman Kawamura speaking at the APEC meeting Abe told the meeting he sees downside risk to global growth stressed need for quality growth TPP creates a new economic order Abe says Japan close to ending deflation A mix of caution and optimism sees USDJPY unfazed at 123.28 still Abe- the future's not that bright but he's still wearing shades Sources: http://news.forexlive.com/!/japans-abe-says-gdp-decline-is-due-to-a-drop-in-inventory-investment-20151119...

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BOJ's Kuroda says economy continues to improve moderately

BOJ boss with his usual post-announcement presser just underway inflation expectations appear to be rising on the whole will check risks and adjust policy as needed BOJ easing is having intended effects expect CPI to reach 2% target H2 2016 GDP data showed final demand is rising Q3 contraction largely due to decline in inventory investment new wording on price expectations reflects weak data no need to change view that price expectations...

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