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Hungarian Foreign Minister: Price Of Italian Default Is ‘Too High’

fxbom.com
05:45 PM

SINGAPORE -(Dow Jones)- Hungarian Foreign Minister Janos Martonyi Wednesday said that the cost of an Italian default would be too high and that the country can’t be allowed to get into real trouble.

“Italy will never be lost; the price of that is too high,” Martonyi said in a speech during an official visit to Singapore.

“No one can afford Italy getting into real trouble.”

He said that Italy has a sound economy and that he had no doubt that the country would adopt new budget package that will see it having a balanced budget by 2013.

Sterling Strengthens ahead of Manufacturing Data Release

fxbom.com
03:53 PM

Recent data indicator Manufacturing Production m / m which is scheduled to be released by National Statistics, are expected to show a positive indication of progress on the British economy.

Expected release of such data to the trade impact GBP/USD pair this afternoon (08-11), which monitored the movement of the strengthening pound sterling currency.

The forex market responds to this by encouraging early pair GBP/USD so that in the range of 1.6065.

Recent data indicator Manufacturing Production m / m is set to increase to 0.2% from -0.3%.

UK Retail Sales Remain Weak In October – Survey

fxbom.com
10:58 AM

LONDON -(Dow Jones)- U.K. retail sales remained weak in October, and the mood among consumers is unlikely to lift until they sense there will be an improvement in jobs, costs, and incomes, a monthly survey by the British Retail Consortium showed Tuesday.

The trade association said like-for-like sales values–which exclude sales from stores that opened or closed during the year–were 0.6% weaker than in October last year. Total sales values–which include new stores–rose 1.5% on the year, down from a 2.5% increase in September.

UK Treasury Committee: Chancellor Should Direct BOE At Times Of Crisis

fxbom.com
10:07 AM

LONDON -(Dow Jones)- U.K. lawmakers responsible for scrutinizing economic policy Tuesday called for sweeping changes to the way the Bank of England is run, including giving the Chancellor of the Exchequer power to direct it during times of financial crisis.

In a report on the BOE’s governance, the House of Commons’ Treasury Select Committee also said governors should be limited to a single term of eight years, recommended that the BOE’s governing body be renamed, slimmed down and given new powers, and that the BOE should publish measures of financial stability that give outsiders a means of judging its performance.

Euro Zone Seeks Written Pledge From Greek Politicians

fxbom.com
09:34 AM

BRUSSELS-(Dow Jones)- Euro-zone governments are expecting both parties of the new Greek government to sign a letter accepting the conclusions of last month’s euro-zone summit, ministers said Monday.

The move is intended to lock the Greek political system into what will likely be another round of painful austerity measures. Euro-zone leaders say broad domestic political support for the bailouts in Portugal and Ireland has helped those programs succeed. They hope a similar consensus will put the Greek program back on track after a year-and-a-half of missed budget targets.