Sentiments are mildly firmer in Asia today on talk that EU is going to double the size of the bailout fund. The current EUR 440b EFSF fund would be allowed to continue funning while a new EUR 500b would come into force in mid-2012. Meanwhile, it's widely expected that ECB would cut rates tomorrow and provide additional liquidity measures for the banking sector. And, investors are hopeful that EU leaders would finally take some decisive steps to resolve the never-ending sovereign debt crisis. US Treasury Geithner hailed the Franco German proposition of a fiscal compact and urged a strong firewall to end the crisis. EUR/USD and EUR/JPY recover slightly but remain in tight range.
Japan Finance Ministry said that its foreign exchange revers hit a record high of $1.3T in November after intervention. The number was $94.9b higher than that in October and surpassed the prior record of $1.22T set in August. No details was revealed on the intervention between October 28 and November 28 and it's reported that Japan could have made other "masked interventions" during the period.
Data from Australia was positive as Q3 GDP rose 1.0% qoq. The surprise was in Q2's upward revision from 1.2% to 1.4% qoq. It's expected that RBA's two consecutive recent rate cuts would secure the momentum for Q4. UK BRC shop price rose 2.0% yoy in November. Japan leading indicator dropped slightly to 91.5 in October. Swiss unemployment, UK industrial and manufacturing production, German industrial production will be released.
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Euro Mildly Firmer Against Dollar and Yen in Tight Range
Published 12/07/2011, 03:47 AM
Updated 03/09/2019, 08:30 AM
Euro Mildly Firmer Against Dollar and Yen in Tight Range
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