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26.01.2011 13:16

European session

The pound rose against the dollar after Bank of England minutes showed Martin Weale became the second policy maker to call for higher interest rates.
The euro extended gains, appreciating to more than $1.37 for the second day.
The pledge by Japan and China to buy European debt is encouraging Asian funds to follow suit as agencies start selling bonds to finance Ireland’s bailout.
A 5 billion euro ($6.84 billion) sale yesterday drew 44.5 billion euros in orders as the Japanese government snapped up more than 20 percent of the issue. Asian investors bought about 38 percent and government agencies 43 percent, according to two people familiar with the transaction. State institutions took 38.5 percent of the securities at a similar issue on Jan. 5, according to the European Commission in Brussels.
“I heard these issues will be hot,” said Masataka Horii, one of four managers in Tokyo of the $33.9 billion Kokusai Global Sovereign Open Fund, Asia’s largest bond fund. “Investors may see the new bonds as safe because central banks are buying.” He declined to say whether he would bid.
Kokusai, Daiwa SB Investments Ltd. and Fukoku Mutual Life Insurance Co. say they are interested in the AAA rated bonds sold to fund bailouts, even after investors sent the debt of Greece, Ireland, Portugal and Spain tumbling. ICBC Credit Suisse Asset Management Co. said it is interested in buying European government debt. German Chancellor Angela Merkel said her nation will do whatever is needed to save the 17-nation currency, while Europe’s economy is showing signs of improvement

The European Financial Stability Facility’s five-year 2.75 percent bonds were sold at 2.89 percent, or 6 basis points more than the benchmark swap rate, according to data compiled by Bloomberg. That’s down from the range of 8 basis points to 10 basis points where the bonds were initially marketed. German five-year debt with the same AAA rating has a yield spread of 44 basis points below the swap rate.

EUR/USD: posted high  at $1.3720, before eased back under thew figure. Offers seen at $1.3725/30. Further offers into $1.3740, with next barrier seen at $1.3750 and expected to draw sell interest ahead. Bids at $1.3680/55.
GBP/USD: spiked to $1.5890 from around $1.5825 as BOE MPC Minutes showed a 6-2-1 split, Weale joining Sentance in calling for a 25bp hike. Stops were triggered on the break of $1.5840, before the rate eased back to $1.5860. Resistance lies around $1.5885/90, ahead of $1.5910/20. Support remains at $1.5785/80, ahead of $1.5770 and $1.5750. Stops under $1.5740.
USD/JPY: edged higher after being repulsed from a move through Y82.00 to Y82.23. Offers lie ahead at Y82.30, Y82.70/75, Y83.00, Y83.15/20. Bids remain on approach to Y81.80/00, Y81.70, Y81.20/00.

US data starts at 1200GMT with the weekly MBA Mortgage Application Index. US data continues at 1500GMT, when the pace of new home sales is expected to rise to 300,000 at an annual rate in December, still very low relative to a year earlier. This is followed at 1530GMT by weekly EIA Crude Oil Stocks data.

The much awaited FOMC decision is due at 1915GMT.

26.01.2011 13:19

EUR/GBP holds steady

26.01.2011 12:47

Orders desk:

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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