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AUDUSD dropped to 1.0436 after the release of the RBA...

Tuesday, September 18, 2012 3:01 AM GMT

   Good Morning ,



§  AUDUSD dropped to 1.0436 after the release of the RBA, where the centralbank saw scope to cut rates further if needed. Interestingly comments by ECB Coene, especially after the rise of the peripheral yields, who expects markets to test Spain again unless they ask for aide.

§  Stocks: Nikkei -0.20 %, Hang Seng -0.20, Shanghai Composite -0.64 %, Dow Jones -0.30 %, S+P500 -0.31 %

§  European Central Bank Governing Council member Luc Coene said rising bond yields may force Spain into asking for aid and submitting to the ECB's conditions for granting it. If "markets see that Spain will not" ask for assistance, "then it will not last long before spreads will rise again, and then Spain will be somewhat forced to come back on its decision and submit to the conditionality program," Coene said at a panel discussion in London yesterday.

§  "For Slovenia I have to say that I was somewhat surprised about comments from some members of the government," which hinted at a bailout, ECB Nowotny said at a panel discussion. "The situation isn't that dramatic -- of course it is serious and the country needs reforms, but it isn't foreseeable that a program will be needed."

§  French Finance Minister Pierre Moscovici said he sees "light at the end of the tunnel" for the euro crisis. While a Greek exit from the euro area won't solve anything the country can't stay in the euro at any price, Moscovici said. Spain is on the "right track" in tackling its problems and the European Central Bank has made a "conceptual jump" by saying that the euro is irreversible, he added.

§  The Reserve Bank of Australia saw the strength of the local currency and slowing growth in China as risks to the domestic economy, signaling scope to cut interest rates if necessary, minutes of its Sept. 4 meeting showed. "The current assessment of the inflation outlook continued to provide scope to adjust policy in response to any significant deterioration in the outlook for growth," according to the minutes released. The overnight cash rate target was held at 3.5 percent.

§  Reserve Bank of Australia Assistant Governor Guy Debelle answers questions after speech in Adelaide: * RBA expects Australian economic growth around trend, sees risks to the outlook * Debelle declines to answer questions about where interest rates are going to be by year end, or in next 12 months

§  China's home prices rose 0.1 percent in August from July, to show a modest increase for a second consecutive month and signal a gentle recovery in the property market as the government seeks to spur economic growth.

§  BHP Billiton Ltd. reaffirmed its confidence in future demand for resources and said it plans to continue investing in its operations despite the sharp fall in commodity prices this year and rising costs. "Despite the volatility in global economic conditions and commodity prices we have experienced in the past financial year, we see significant opportunity for our company in the near term," BHP Chief Executive Marius Kloppers said in the company's annual report, released Tuesday.



US Current Account Q2


US TIC Data Jul


US NAHB Housing Market Index Sep


Fed Evans


Fed Dudley


Fed Dudley


Germany ZEW Survey Sep


Eurozone ZEW Survey Sep


ECB Makouch






UK ONS House Price Jul


Switzerland SECO Economic Forecasts



Have a nice day !

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