- Spain September services PMI 40.2 from 44.0 in August, even worse than pessimistic median forecast of 42.5. Lowest read since November last year
- Spain EconMin: Bad bank to acquire real estate assets
- Euro zone September final composite PMI slips to 46.1 from 46.3 in August, slightly better than flash read of 45.9. Lowest read since May 2009
- UK September services PMI falls to 52.2 from 53.7 in August, weaker than Reuters’ median poll of 53.0
- Euro zone August retail sales +0.1% m/m, -1.3% y/y, stronger than Reuter’s median forecasts -0.1%, -2.0% respectively
- Japan’s Vice FinMin Nakao: Recent yen appreciation has been one-sided, not reflecting Japan’s economic fundamentals
- More Nakao: G7 won’t issue statement next week
- Even more Nakao: Better to avoid too much dependence on dollar in trade
- Japan Fin Min Jojima: Always ready to take firm measures on currencies when needed (ofcourse)
- EU banks propose new breed of bond – FT
- Head of Italy’s DMO: Says saw return of foreign investors at September auctions, also on longer maturities
- Portugal tolerance for higher taxes reaching limit: Euro Credit
- How ECB chief outflanked German foe in fight for euro – WSJ
Time for a long holiday. Can’t take much more of this shit.
Eurostoxx 50 flat as a pancake. Biggest net change in euro zone stocks, Italy’s FTSE MIB which is up a mere +0.4%. Kinda sums it up really.
EUR/USD up 10 pips since I arrived, presently at 1.2908. We did at least widen out the trading range seen in Asia (if ya can’t do THAT, then let’s be honest ya DOOMED) We traded as low as 1.2877 and as high as 1.2937, and not once did it really feel like we were actually going anywhere of note.
Middle Eastern sovereign buying seen into the dip. BIS apparently joined the fray buying circa 1.2890 (we didn’t have confirmation of that) and they were then seen selling circa 1.2920/30. I’d say 30 to 40 pips profit in a little jobbing exercise, in this market, is a right royal result.
Sell stops seen gathered down through 1.2875 before buy orders clustered 1.2850/60. More sell stops through 1.2845 before the 200 DMA at 1.2823.
On topside, buy stops gathering through 1.2950 and more through 1.2970.
USD/JPY unchanged on day at 78.20.