CL Redux
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Euro on a tare
Euro, German Yields Rise As Trichet Stays Mum On Rates
Last update: 10/6/2011 10:19:50 AM
LONDON (Dow Jones)--Yields on short-dated German bonds rose and the euro climbed above its lows for the day after European Central Bank President Jean-Claude Trichet did little Thursday to suggest interest rate cuts were imminent, while reviving liquidity provisions to help euro-zone banks.
Earlier Thursday, the ECB left its official interest rates unchanged for the third month in a row, leaving the key refinancing rate at 1.5%. Trichet said the governing council's decisions were "by consensus" rather than unanimous, indicating that rate cuts had been discussed, encouraging expectations for easier monetary policy at a later date.
"There is some disappointment that there hasn't been a rate cut but the key issue is what happens going forward... We still think there will be a rate cut before year-end," said Steven Saywell, BNP Paribas' head of currency strategy in Europe, a view that has been echoed elsewhere.
"There were no particular hints that there will be a rate cut at the Nov. 3 meeting," said Julian Callow, economist at Barclays Capital in London, in a note. "Overall ,this would suggest that if the ECB is still to lower its main policy rate, which is what we expect given the deteriorating economic environment with moderating inflation pressures, then this would be more likely on Dec. 8," he said.
Trichet said the ECB will buy up to EUR40 billion in covered bonds issued by banks, starting in November. It will also offer a 12-month tender of liquidity in October and a tender with an approximate maturity of around 13 months in December. Furthermore, he said the bank will continue to offer unlimited liquidity at its one-week, one-month and three-month operations at least until July next year.
Euro, German Yields Rise As Trichet Stays Mum On Rates
Last update: 10/6/2011 10:19:50 AM
LONDON (Dow Jones)--Yields on short-dated German bonds rose and the euro climbed above its lows for the day after European Central Bank President Jean-Claude Trichet did little Thursday to suggest interest rate cuts were imminent, while reviving liquidity provisions to help euro-zone banks.
Earlier Thursday, the ECB left its official interest rates unchanged for the third month in a row, leaving the key refinancing rate at 1.5%. Trichet said the governing council's decisions were "by consensus" rather than unanimous, indicating that rate cuts had been discussed, encouraging expectations for easier monetary policy at a later date.
"There is some disappointment that there hasn't been a rate cut but the key issue is what happens going forward... We still think there will be a rate cut before year-end," said Steven Saywell, BNP Paribas' head of currency strategy in Europe, a view that has been echoed elsewhere.
"There were no particular hints that there will be a rate cut at the Nov. 3 meeting," said Julian Callow, economist at Barclays Capital in London, in a note. "Overall ,this would suggest that if the ECB is still to lower its main policy rate, which is what we expect given the deteriorating economic environment with moderating inflation pressures, then this would be more likely on Dec. 8," he said.
Trichet said the ECB will buy up to EUR40 billion in covered bonds issued by banks, starting in November. It will also offer a 12-month tender of liquidity in October and a tender with an approximate maturity of around 13 months in December. Furthermore, he said the bank will continue to offer unlimited liquidity at its one-week, one-month and three-month operations at least until July next year.
L 80.40
ST 80.00
this is in the QM. equities look strong today and i hope we follow along with oil
edit: no target, hold until close, unless equities start to look different
ST 80.00
this is in the QM. equities look strong today and i hope we follow along with oil
edit: no target, hold until close, unless equities start to look different
09-28-11 12:25 PM
Quote from DonCorleone:
how come the best trader on thread this week is on sim?
when are you going live?
LOL Don.
1. I don't have the money.
and
2. Just learning CL.
I know Josh from another thread and there I traded for several day swings (also paper). This is just to practice day trading.
All the trades are in advance - so fill your boots ! haha.
Thanks for your support.
.
hmmm... these rally spikes always tempt me to take a quick profit. going to try to hold onto this one though.
