Another ESM Lawsuit Launched in Germany
A fresh legal challenge threatens to further delay ratification of Europes permanent bailout facility. The euro stumbled in US trading but was still the top performer on the day while AUD lagged. The Asia-Pacific session is somewhat busy with the BOJ minutes and New Zealand retail sales. See Ashrafs latest OIL TECHNICALS on Daily, Weekly & Monthly below.
The German constitutional court is set to deliver a draft ruling on an ESM lawsuit on September 12 but that timeline may be stretched. The new claim says the court cannot make a decision until a similar case is settled in Luxembourg.
The euro climbed as high as 1.2375 in early US trading but faded back to 1.2325 on the lawsuit, which makes Europe vulnerable to a funding crunch before the funds come online. A margin hike on Spanish and Italian debt also weighed.
Overall, it was a quiet session with the main moves coming in EUR/AUD, which broke a 12-week downtrend and posted its largest one-day gain since May.
ECB data showed that the central bank did not buy any bonds for the 22nd consecutive week. Noyer, last week, said they could take action very soon but weekend comments from the ECBs Coene said the governing council is still at odds about when to re-activate the program.
Ashrafs LATEST ON DAILY, WEEKLY & MONTHLY TECHNICALS, http://www.cityindex.co.uk/market-analysis/ashraf-laidi-blog.aspx
The upcoming session starts with New Zealand second quarter retail sales at 2245 GMT. Excluding inflation, sales are expected to climb 0.7%.
At 0130 GMT, the focus shifts to Australia and the NAB business conditions survey. The prior reading was -1.
The progress report from Wednesdays Premium Insights includes 1 EURUSD short hitting all targets, the other in progress. 1 GBPUSD long hit all targets, the other stopped out. 1 CADJPY hit all, other unfilled. AUDJPY hit all. AUDUSD stopped out by 3 pips. Both Gold and oil trades are in progress. Direct access here: http://ashraflaidi.com/products/sub01/access/?a=673 To subscribe, pls click here: http://ashraflaidi.com/products/sub01/
-AB
Latest IMTs
-
محتوى بوصلة السوق من العائد الى الذهب و الناسداك
by Ashraf Laidi | Mar 20, 2024 12:42
-
BTC Needs Powell Correction بيتكوين بحاجة الى تصحيح
by Ashraf Laidi | Mar 18, 2024 17:20
-
Not once, twice, but six ستة مرات ليس صدفة
by Ashraf Laidi | Mar 13, 2024 10:07
-
Finding 88K Bitcoin كيفية الوصول الى
by Ashraf Laidi | Mar 4, 2024 12:21
-
شراء بيتكوين وصل الى عشر أضعاف الإنتاج
by Ashraf Laidi | Feb 29, 2024 9:17