M3 declined more than consensus expected. This was not so surprising though as the decline is due to base effects. Monthly developments in M3 have been pretty much flat since October last year with outstanding amounts staying in the EUR9.380-9.430bn range. In October, M3 fell 0.14% from EUR9.414bn to EUR9.4014bn.
Tag Archives: decline
European Market Update
The dollar managed to compose itself from a recent decline in both sentiment and price levels as the European morning approached aided by verbal support, intervention rumors and renewed debt default concerns.
Trade Idea: GBP/USD – Sell at 1.6650
Cable’s selloff after yesterday’s rise to 1.6747 has reinforced our early consolidative view and although sterling has recovered after intra-day fall to 1.6500, upside should be limited to the Tenkan-Sen (now at 1.6623) and the Ichimoku cloud area (now at 1.6648-82) should remain intact, bring another decline later. Below indicated…
Trade Idea: EUR/JPY – Stand Aside
The single currency finally dropped below indicated support at 131.01, dampening our previous bullish count that the correction from 138.49 has ended there and we have re-labeled the break-down of this decline from 138.49 as: a- 131.01, b: 135.76 (4 Nov) and the c leg of wave 2 is still…