- Buba could triple credit line to IMF
- Buba also cooled ECB bond buying talk
- ECB members Weidmann sees EU making progress, but Nowotny warns about recession
- Japan’s domestic CGPI +1.7% YoY
- Australian October trade balance +AUD 1.6 billion
- Metal prices fall heavily with Gold over 1% lower and Silver -1.7%; Copper also fell over 1%
- Regional stockmarkets gained over 1% on average
EUR/USD closed in NY around 1.3370 and spent the entire Asian morning trading around this level. Even the early interbank market was quiet, trading in a 30 pip range 1.3365/95. Comments from the Bundesbank and ECB members didn’t have much impact. CFTC data suggests that the market has reduced it’s heavy EUR shorts somewhat, but still remains very short. We are pushing toward session lows as the session winds down. Range: 1.3335/95
AUD was impacted by falling metal prices and has drifted lower through the session. Higher equity prices have been ignored and local bank dealers suggest that corporate selling may outweigh buying in coming days up to Christmas. Interest has been very low but the market has edged slowly lower. Ranges: 1.0157/1.0213
USD/JPY has been motionless in a 12 pip range. Cable traded 1.5625/65 and USD/CHF .9242/82.