| Market Analysis Forex - 20 december 2011 |
 ECB President Draghi said in a Financial Times interview that the bank’s sovereign bond purchases can be neither infinite nor eternal. He also poured cold water on any prospect of QE. German FinMin Schaueble said Germany may pay its full contribution to the ESM bailout fund in 2012. Gains in European stocks were ‘limited’ after Oct Eurozone construction output fell for -1.4% m/m and -2.8% y/y, the third straight decline.USD/JPY fell to a 2-1/2 week low as Japanese PM’s Noda's cabinet held a security meeting and the Obama administration said it is "closely monitoring" the situation. China's Shanghai Stock Index fell to a 2-1/2 year low after property developers and homebuilders fell when China reported that home prices posted their worst performance of the year with Nov new home prices falling in 49 of 70 cities monitored by the government, compared with 33 cities posting declines in Oct. Wall Street stocks rose at the open after a steep market decline last week as plans emerged to ease Europe's debt crisis, potentially offsetting geopolitical concerns after the death of North Korea's leader. Talks over potential asset sales as part of AT&T Inc's efforts to get approval of its $39bn purchase of T-Mobile USA have gone cold, the Wall Street Journal reported. |
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