MORNING BRIEFING: ECB’s Stark says EU will not save Greece

What’s new :
Euro Zone: Stark (ECB): The European Union will not save Greece.
Euro Zone: the ECB should not change interest rates before the 4th quarter 2010.
US: Factory orders increased by 1.10% in November.
US: 16% fall in pending home sales in November.
Euro Zone: Inflation accelerated to 0.90% for year over year in December.
Germany: 3,000 decrease in the number of unemployed in December.

Today:


Rates in Asia and Indices:
EURUSD: 1.4371 - 1.4283.
USDCHF: 1.0380 - 1.0325.
EURUSD: 1.6018 - 1.5945.
EURJPY: 132.24 - 131.25.
USDJPY: 92.23 - 91.52.
Dow Jones: 10’572 -0.11%.
NASDAQ: 2’308 +0.01%.
S & P 500: 1'136 +0.31%.
Nikkei: 10'731 +0.46%.
Shanghai: 3'275 -0.20%.
Gold: $1,122.
Crude oil: $81.77.

Comments:
The Dollar is higher this morning, it benefits again from its save haven status after the fall in the Pending Homes Sales of 16% in November, which ends a run of nine month of consecutive increases.

The statement of Mr. Stark (European Central Bank) stating that the European Union will not save Greece is a negative for the Euro and the carry trades but positive for save haven currencies, like the Dollar.

Today is the report on the employment of the private sector (ADP report) expected at 14:15 CET, it could give us an idea of the temperature of the labor market in the United States in December. The ISM Non-Manufacturing at 16:00 CET is also to be watched carefully. The minutes of the monetary policy meeting of the FED from 15th and 16th December at 20:00 CET are also important. All this, in anticipation of the announcement of the BoE rate tomorrow and the U.S. unemployment figures Friday.

Have a good day.

Nicolas Longchamp
RTFX Ltd
Head Office
The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel:  +356 23 31 00 00
Fax: +356 21 41 24 58
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