HOT NEWS
Switzerland’s Producer/Import Price index for October slipped by 0.20% from the previous month, and was down 1.8% from 12 months ago.
Industrial production in the Eurozone fell 2.0% in September from August, but was still up 2.2% from the same period last year.
The dollar rose from 0.8962 to 0.9114 against the Swiss franc yesterday as currency markets got off to a slow start to the week and the EUR/USD gradually slipped to below 1.36. A raft of macroeconomic figures is due out today which will include US retails sales, the PPI and business inventories. For today, our expected trading range is 0.9000-0.9150.
After Greece, it’s now Italy’s turn to have European officials dancing to its tune. Italy was offered EFSF support at the G20 summit last week but the Italians declined the offer. Now that money could come in handy if borrowing conditions rapidly turn for the worse. Yesterday the EUR/USD fell from 1.3859 to 1.3515 and the next move will depend on how fast Greece and Italy can resolve their political crises and the measures that the new governments will try to take. For today’s session, our expected trading rage is 1.3450-1.3650.
Last week was a difficult one for investors’ nerves and also for markets, which were gripped by the European sovereign debt crisis. We had to wait until Friday for the epilogue on the Greek referendum. Pressure from the rest of Europe finally bore fruit, with George Papandreou deciding to scrap the idea of a popular referendum on the Greek bailout plan. Despite winning the vote of confidence on Friday evening, Papandreou has agreed to step down to allow a coalition government to take over until early elections are held in February. The new prime minister should be appointed today.
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