- ZEW Institute December German economic sentiment index 6.9, demonstrably stronger than Reuters’ median forecast of -12.0 and -15.7 in November
- ZEW says indicator in positive territory for first time since May 2012
- ZEW economist: ECB and BUBA’s recent growth forecasts are too pessimistic
- German Economic Ministry: German growth may weaken further in fourth quarter
- UBS sent swift note to clients on deposit rate – Bloomberg
- PBOC official says China has room for RRR adjustment: Caijing
- Italy’s Berlusconi: Accuses Monti government of following a “German centric” policy which has taken Italy into recession
- Italy’s Monti: His government has made very great progress in short time in tackling economic crisis
- Spanish auction results
- Italian 10 year govt bond yield falls -6 bps to 4.76%
- Spanish 10 year govt bond yield falls -5 bps to 5.52%
- French Q3 non-farm payrolls -0.3% q/q, -0.4% y/y
- Japan’s LDP, partner on track for big election win: surveys - Reuters
Pockets of activity, but when all said and done its been dull end of year fare this morning.
EUR/USD up 10 pips from when I arrived, presently at 1.2965. Early reports had sell orders clustered up at 1.2970/80 and even demonstrably better than expected ZEW survey data wasn’t enough to take them out.
USD/JPY up marginally at 82.50 from early 82.30, EUR/JPY up at 107.00 from early 106.70. Japanese election looms this coming weekend and LDP’s Abe continues to look a shoe-in to be Japans’ next Prime Minister. With Abe will come accelerated monetary easing.
USD/CHF up at .9345 from early .9322, EUR/CHF up at 1.2110 from early 1.2080. Swiss franc weakness comes as UBS joins Credit Suisse in introducing charges on swiss franc balances (see above)
