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Risk on - Commodity- and EMG-currencies did very well after ECB's...

Friday, September 7, 2012 3:58 AM GMT

  Good Morning,



§Risk on - Commodity- and EMG-currencies did very well after ECB's OMT announcement yesterday. EUR-crosses are well off the highs of the pre ECB short-squeeze, I would expect them to suffer further in the coming days.

§FX Forecast : We have turned more bearish on AUD and NZD .   

§Stocks: Nikkei +1.92 %, Hang Seng +2.44 %, Shanghai Composite +4.03 %, Dow Jones +1.87 %, S+P500 +2.04 %

§ECB Coene said the timing of the ECB's bond-purchase program is out of its control, as aid requests need to be first "approved by a lot" of people. "It's not depending on us how fast we will react," Coene told reporters in Luxembourg late today when asked how quickly the ECB would intervene in government bond markets. "It will depend on all the other instances that have to approve these things and then we will intervene."

§Monetary policy cannot be used to solve fiscal problems, German Finance Minister Wolfgang Schaeuble said Thursday. "If we were to begin to want to solve the problems of fiscal policy via the more comfortable means of monetary policy ... then we would have a problem," Schaeuble said.

§Japanese Finance Minister Jun Azumi said on Friday that the government has decided on a contingency plan to avoid a cash crunch with the opposition blocking the passage of a deficit-bond bill needed to cover roughly 40 percent of the state annual budget.

§Australia's trade deficit widened more than expected in July, largely due to declining gold and iron ore exports.

§Australia Data Recap Period Survey Actual Prior Revised * Trade Balance Jul -300m -556m 9m -227m * AiG Perf. of Construction Index Aug - 32.2 32.6

§China gave the green light for 60 infrastructure projects this week. China's powerful economic planning body, the National Development and Reform Commission, announced approvals between Wednesday and Thursday for projects that analysts estimate total more than 1 trillion yuan ($157 billion), or 2.1



US Nonfarm Payrolls Aug


US Unemployment Rate Aug


Germany Trade Balance July


France Trade Balance July


ECB Constancio


Switzerland Unemployment Rate Aug


SNB Foreign Currency Reserves Aug


BOE/GfK Inflation next 12 months Aug


UK Industrial Production Aug


UK Manufacturing Production Aug




UK NIESR GDP Estimate Aug


Canada Unemployment Rate Aug


Canada Net Change in Employment Aug


Canada Labor Productivity Q2


Canada Building Permits July


Canada IVEY PMI Aug


Norway Industrial Production July


Norway Production Manufacturing July


Have a nice day !

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