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Ranges (Up Till 11.50am HKT) : Currency Currency
Ranges (Up Till 11.50am HKT) : Currency Currency
50am HKT)
Currency
Currency
EURUSD
1.0590-1.06195
EURJPY
130.62-81
USDJPY
123.225-345
EURGBP
0.7095-0.7104
GBPUSD
1.4923-50
USDSGD
1.4115-38
USDCHF
AUDUSD
1.0182-1.0203
0.7284-0.7312
USDTHB
USDKRW
35.87-90
1164.0-1170.4
NZDUSD
0.6628-51
USDTWD
32.742-779
USDCAD
1.3339-55
USDCNH
6.4455-6.4511
AUDNZD
1.0976-1.1006
XAU
1046.5-1055
Key Headlines
FX Flows
Frustration thats how market is playing this Euro
game. That report in Bloomberg that ECB policy makers
were presented with updated economic forecasts which
was unchanged from Sept has somehow gotten market
thinking. Then this FT article got people thinking harder.
It said that while ECB governing council will support
Draghi for more QE, there is resistance coming from 5
other members and this might water-down Draghis
plan.
Asians
Custodians were responsible to higher UsdKrw this
morning; opened 1164 and popped to 1170.4 in onshore
market. From our Asian desk Perry, there has been close
to US$1bn of equity outflow and this has been the main
cause of weak Krw.
Usd opened firm versus Asians but towards the end of
morning, profit taking turned dollar around.
USDCNH revisited 6.45-handle only briefly. Slightly
lower USDCNY fix at 6.3982 versus expectations of 6.40handle saw offshore pair given down to 6.4460. 1-month
ATM vols are looking softer being told profit taking by
macro names. 1-year forward points have eased away
from +2100 as well.
Gary from our Asian desk thinks that intraday traders
have gone long UsdThb and were covering the funding
today. This pushed the Thb T/N points up to 0.55 this
morning. Although some said this is a 3-day cover, 1-day
points were par to 0.05.
Constant selling of UsdPhp NDF futures from US names
this morning, not decent amount but very consistent.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.
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%2Fproduct#axzz3t1M6bPZb
FT: Indias headline GDP growth disguises
problems below the surface
India has many problems bubbling beneath the surface,
from bad debts in the banking system to a worrying
reluctance of entrepreneurs to invest in their own,
seemingly successful, economy. Most of the rise in
investment has been government-led. There are at least
three reasons not to count Indias chickens just yet.
http://www.ft.com/intl/cms/s/0/aee822de-98dd-11e595c7-d47aa298f769.html#axzz3t1M6bPZb
FT Lex Column - Canadian banks: maple belief
Direct damage from oil and gas lending has so far been
limited. The energy sector represents over a tenth of the
nations economy, but lending to oil and gas companies
is just a few percentage points of the total loan book.
That lending is typically secured by the commodity and
so provisions, which have increased through the year,
are still only around 50 basis points of total oil and gas
lending. Those provisions are expected to inch up
through 2017 as commodity prices remain low.
http://www.ft.com/intl/cms/s/3/34a1975c-991a-11e59228-87e603d47bdc.html#axzz3t1M6bPZb
WSJ: Wall Street Goes Short on Bond Traders
The shift in fortunes for the industrys bond traders was
driven home for Susan Estes last month in a large
conference room at the Federal Reserve Bank of New
York in lower Manhattan. Ms. Estes, a former senior
bond trader with Deutsche Bank AG, was among more
than 200 traders and investors gathered to discuss the
evolving market for Treasurys. In previous years, big
banks, also called primary dealers, would have
dominated this type of conference, said Ms. Estes, who
started an electronic bond exchange and now lives in
North Carolina. The dynamics are shifting, primary
dealers are being pushed out.
http://www.wsj.com/articles/wall-street-goes-short-onbond-traders-1449102232?mod=wsj_nview_latest
WSJ: Chinas Rigged IPOs
The China Securities Regulatory Commission (CSRC)
allowed initial public offerings to resume this week on
the countrys two stock exchanges after a five-month
freeze. If that sounds like good news, its also part of a
policy that puts the interests of companies above those of
shareholders and prevents Chinas markets from
maturing.
http://www.wsj.com/articles/chinas-rigged-ipos1449102648?mod=wsj_nview_latest
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.