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Japan Ready To Cooperate On More EFSF Purchases

fxbom.com
02:09 PM

CANNES, FRANCE — Japanese finance minister Jun Azumi said Thursday Japan is willing to make additional EFSF purchases depending on the E.U.’s efforts to stabilize its financial sector.

Speaking to reporters after Thursday’s G20 meetings in Cannes, France, Azumi said Japan is “willing to cooperate on additional purchses of EFSF depending on the E.U.’s efforts.”

Azumi also added the market may not be confident in creating a separate vehicle to leverage EFSF funds to increase the needed bailout capital, saying it is preferable “that the IMF step up rather than create a new framework” for such operations. “We’re willing to cooperate in strengthening IMF funds” if the G20 can achieve a consensus, Azumi said.

Japan Portfolio Flows Table, Week of 23 Oct – 29 Oct 2011

fxbom.com
02:08 PM

Aussie Hit by a lack of Good Data and Retail Service Sector

fxbom.com
09:54 AM

In today’s trading the Australian dollar exchange rate has decreased significantly (3.11).Two pieces of economic data from Australia indicates unfavorable conditions resultingselling pressure against the Australian dollar. In addition, the dollar is still strongmomentum for stronger also appear to provide a significant boost to the weakening of the Australian currency.

Services index data collected by AIG shows that the contraction in the services sector in October last. Index figures show 48.8 points, down considerably from the previous month’slevel at 50.3 points.

Meanwhile, growth in retail sales in September also showed less satisfactory results.Growth in retail sales only amounted to 0.4% from an estimated 0.5%.

Responding to the release of two data aussie monitored continuing decline against the U.S. dollar. Aussie is currently at 1.0224 dollar position, posted a decline compared to the position of the close of trading early this morning in 1.0347 dollars.

Fxbom.com Analysts estimate that the Australian dollar exchange rate movements ontrade today will likely decline further. It is estimated that the Australian dollar will test thesupport level at 1.0145 dollar positions.

The Euro Was Under Pressure after the Greek Relief Pending Before Referendum

fxbom.com
09:51 AM

In today’s trading the euro exchange rate movements have weakened significantly against the U.S. dollar (3.11). The euro bounced back after French President Nicholas Sarkozy and German Chancellor Angela Merkel decided to postpone the next stage of providing assistance to Greece before the country is carrying out a referendum scheduled for five weeks.

Merkel and Sarkozy declare suspend aid worth 8 billion euros (11 billion dollars) to Greece before the referendum conducted. Sarkozy and Merkel also stressed that Greece has only two choices: accept the terms of EU aid or get out of membership.

UK Think Tank Says Bank Reform Proposals Don’t Go Far Enough

fxbom.com
09:49 AM

LONDON -(Dow Jones)- Proposals to reform U.K. banks may reduce the probability of individual bank failures but are unlikely to prevent another financial crisis, a U.K. research group said Thursday.

The National Institute for Economic and Social Research said recommendations put forward by an independent commission on banking reform put too much faith in regulators and more fundamental reform of bank governance is needed.

Angus Armstrong, director of macroeconomic research at the institute, said in a research paper that the commission’s proposal to ring-fence retail banking from investment banking within an institution may not be sufficient to avert future crises. He said it would be better were banks’ retail and wholesale units separated completely.