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15pm HKT)
Currency
Currency
EURUSD
1.06315-48
EURJPY
131.18-38
USDJPY
123.35-48
EURGBP
0.69915-99
GBPUSD
1.5196-1.5220
USDSGD
1.4236-65
USDCHF
AUDUSD
1.0142-70
0.7092-0.7115
USDTHB
USDKRW
35.975-36.07
1169.5-1175.0
NZDUSD
0.6460-80
USDTWD
32.782-975
USDCAD
1.3314-31
USDCNH
6.4073-6.4180
AUDNZD
1.0970-97
XAU
1065.5-1071.5
Key Headlines
FX Flows
Japanese banks bought UsdJpy but offers at 123.50
stalled the rally. When dollar was up there, we didnt see
thick offers up there when dollar was up at 123.48. We
do hear semi-official name but suspect offers are in
stealth mode. Small stops are developing above 123.60.
The price action in EurUsd is similar to yesterday. There
are both sellers and bids the pair drifting lower very
slowly. Our trader Sam said he sees bids at 1.0630 in
platform and offers at 1.0660. I suspect 1.0650 will
attract sellers too. Digital option at 1.0600 and then at
1.0550. ECB speakers today Mersch at 9.00am CET;
Coene at 3.35pm CET.
Profit taking cited in EurGbp pushed GbpUsd below
1.5200. Chatter from street there are offers in GbpUsd
above 1.5240 but same time, offers in EurGbp nearer to
0.7010.
Aud and Nzd are dull too. AudNzd profit taking seen
early Asia near 1.0990s and drifted down to 1.0972. Our
trader Sam said market is still piling NzdUsd shorts after
yesterdays dairy auction. Offers should come in ahead of
0.6500. Aussie rates are pointing spot AudUsd to
0.7225.
Asians
US dollar advanced against the Asian currencies the
most significant move was in the CNH 1-year forward
points. The points moved from 1750 to 1860. From what
I heard, the regulators have imposed a 200-point
administrative fee for all CNH FX transactions for the
offshore Chinese branches. Which meant that any
offshore branch transacting FX with Chinese corporates
will be subjected to this fee. This is not in black and
white.
Our trader Gary suspects this will ultimately push
USDCNH up as well.
UsdSgd challenging offers atop 1.4260, got to 1.4265 and
there are more offers up to 1.4300.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.
http://www.wsj.com/articles/dollars-revival-poses-newthreat-to-commodities-1447806958?
mod=wsj_nview_latest&alg=y
Business Times: SGX fires warning on suspect
China-linked impairments, write-offs
Singapore Exchange (SGX) has flagged disclosure
concerns over some companies, particularly several with
large operations in China. Some companies have
reported customer claims for compensation more than
10 times the value of the original sales, while others
inflated trade receivables written off, and provided little
clarity. Some made significant loans and advances to
business associates, which were not part of the normal
course of business. These debts were eventually deemed
uncollectible and written off. There are also others which
made impairment provisions on their fixed assets such
as factories and land on the basis that discounted cash
flow from the business was impaired and the value-inuse negligible.
http://www.businesstimes.com.sg/companiesmarkets/sgx-fires-warning-on-suspect-china-linkedimpairments-write-offs
WSJ: Air Liquide to Buy Airgas for $10.3 Billion
Frances Air Liquide SA agreed to pay $10.3 billion for
U.S.-based Airgas Inc., which produces cylinders of gases
used in manufacturing, food production, health care and
to fill helium balloons. Air Liquide, which makes large
volumes of gases including hydrogen used for carcharging stations, highlighted the complementary
businesses of the two companies, in a statement. Under
the deals terms, Air Liquide would pay Airgas
shareholders $143 a share. Airgas stock jumped more
than 29% to $137.35 on Tuesday. The deal, unanimously
approved by the companies respective boards, is subject
to regulatory and Airgas shareholders approval.
http://www.wsj.com/articles/air-liquide-to-buy-airgas1447789070?mod=wsj_nview_latest
Jeremy Warner in Telegraph: Europe is sliding
towards the abyss, and the terrorists know it
Terrorism is defined by the US State Department as
"premeditated,
politically
motivated
violence
perpetrated against non-combatant targets by subnational groups or clandestine agents, usually intended
to influence an audience. The atrocities in Paris at the
weekend conform to every one of those characteristics.
For an economy that relies heavily on tourism, any
nascent recovery in France, which recorded 0.3pc
growth in the third quarter, may well be snuffed out by
the latest carnage. The terrorists have given President
Hollande the excuse he was looking for to abandon
eurozone-imposed fiscal constraints, but his escape will
only make Frances long-term economic predicament
worse still.
These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.
http://www.telegraph.co.uk/finance/comment/1200171
0/Europe-is-sliding-towards-the-abyss-and-theterrorists-know-it.html
Nikkei: Securities watchdog eyes record fine
topping 7bn yen
Japanese regulators are expected to recommend as early
as this month a penalty of more than 7 billion yen ($56.3
million) for Toshiba for book-padding that they contend
had a substantial adverse impact on investors. The
Securities and Exchange Surveillance Commission, part
of the Financial Services Agency, has undertaken a fullscale investigation based on scandal-related write-downs
of earnings for the past seven years, which the company
announced Sept. 7. Profits were downgraded by a total of
224.8 billion yen, with previously reported gains turning
to losses in multiple years. The securities watchdog
considers this falsification of financial statements.
http://asia.nikkei.com/Business/Companies/Securitieswatchdog-eyes-record-fine-topping-7bn-yen