LTRO flow | FT Alphaville


From the ECB on Friday:

As announced by the Governing Council on 8 December 2011, counterparties have the option to repay, after one year, any part of the amounts that they were allotted in the longer-term refinancing operations settled on 21 December 2011 and 1 March 2012, on any main refinancing operation settlement day. Accordingly, on 30 January 2013 EUR 137159.10 million will be repaid in the tender 20110149 by 278 counterparties.

That’s around 30 per cent of the first three-year LTRO being sent back to the European Central Bank by 278 banks. The second three-year LTRO will become repayable from the 27th of February, with its initial announcement coming on the 22nd.

The €137bn or so being repaid this time is higher than the market expected, but not shockingly so.

LTRO flow | FT Alphaville

Week in FX Asia – Abe’s Cohorts Will Stand In The Way Of A Rising Yen | OANDA Forex Blog


  • Yen Surges to Near 91 after Minister’s Comments
  • Higher Taxes and Mortgage Requirements Turn Off Deals in Singapore
  • Japan’s Deputy Economy Minister Endorses Yen at 100
  • Aussies Slow Inflation Brings The RBA In Play
  • India, World’s Largest Gold Buyer, Raises Import Taxes
  • Australian Consumer Prices Gain Less Than Forecasts
  • BOJ’s Impact on the Yen
  • Yen Rises for Third Day Before Price Data
  • Deferred Actions from BOJ put pressure on Abe’s Stimulus Package
  • Yen on The Prowl; AP delayed
  • BOJ Adopts Abe’s 2% Inflation Target
  • BOJ’s next move will be under the Microscope
  • Offshore Trading of Yuan has Estimated to have Doubled to $6 billion a day
  • Japanese Stimulus Seen Boosting Southeast Asia
  • Singapore Dollar Losing Luster to Higher Returns
  • No more cheap labor? China’s growth at risk
  • SEA currencies to gain against SGD in 2013

    Week in FX Asia – Abe’s Cohorts Will Stand In The Way Of A Rising Yen | OANDA Forex Blog

    Week in FX Europe – EURO Landing Continues To Have Opportunities | OANDA Forex Blog


  • Record High Unemployment Marred Rajoy First Year
  • Greece Brings Charges Against Statisticians
  • UK Unemployment Fell to 7.7% 18 Month Low
  • France Plans to Implement Financial Transaction Tax
  • BoE Governor Says More Needed to Restore Confidence in Banks
  • Bank Of Spain Says Recession Has Deepened
  • Potential for UK to leave EU before 2017
  • Draghi Says ‘Darkest Clouds’ Over Europe Have Receded
  • U.K. to Have Referendum on Leaving EU by 2017
  • Positive and Negative Signs for the EuroZone in 2013
  • Disagreements expected over ESM Funds Meeting

    Week in FX Europe – EURO Landing Continues To Have Opportunities | OANDA Forex Blog

    Yen undermined by record export gap –


    The yen fell against other major currencies after the deputy economy minister in Japan, Yasutoshi Nishimura, said that a value of Y100 against the dollar would not be a problem for the country’s economy. 

    The comments came as Japan recorded its largest ever trade deficit in 2012, with a rise in the cost of imports and a drop in the value of exports due in part to the strong yen.

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    Yen undermined by record export gap –

    The 6am Cut London | FT Alphaville


    Japan’s 2012 trade deficit was its biggest ever: The deficit reached Y6.9tn ($77bn) as the cost of importing fuel rose following the Fukushima disaster, a strong yen, and frictions with China weighed on exports, bringing them 5.8% lower than the previous year, compared to expectations of a 4.2% decline. Prior to 2011, Japan had not recorded trade deficits since the 1980s. (Financial Times)(Reuters)

    The 6am Cut London | FT Alphaville

    Is The Euro “Ping-Pong” Rhetoric Strong Enough To Hunt Stops? | OANDA Forex Blog


    The Euro-group gets its own opportunity today to complain about the EUR’s consistent strength of late. Last week, the market witnessed Euro “Ping-Pong” rhetoric on the single unit. The Euro-group’s President Jucker complained that the currency’s recent +8% gain would hinder economic growth in the region, while ECB member, Nowotny, does not expect a currency war despite a slowdown. The EUR’s +26% appreciation against the Yen over the last six months should be expecting verbal intervention, at least on the exporters behalf. Today, the Euro-finance ministers should also be focusing on the review of Cyprus’ bank recapitalization needs and are expected to approve the disbursement of the +€9.2b aid sub-tranche to Greece.

    Is The Euro “Ping-Pong” Rhetoric Strong Enough To Hunt Stops? | OANDA Forex Blog

    CNBC: Is the ‘Abe Trade’ in Danger of Unwinding?


    Foreign exchange strategists said the currency, which has weakened 13 percent over the past three months on hopes for bold action by the central bank, is at risk of a reversal in the near-term.

    “The key is whether policy action really stands up to the rhetoric in terms of what the government is trying to get them (BOJ) to commit to. My fear is that the policy actions at this meeting and perhaps the next one (in February), will fall someway short of what is necessary,” Ray Attrill, co-head of forex strategy at National Australia Bank told CNBC on Monday.

    Is the ‘Abe Trade’ in Danger of Unwinding? – CNBC

    The 6am Cut London | FT Alphaville


    Asian shares declined and the yen strengthened on Thursday. The MSCI Asia Pacific was poised to fall for a second day after touching a 17-month high earlier this week. The Nikkei Stock Average headed for its biggest two-day drop since November 2011 after the yen reversed its losses. (Bloomberg)


    UK developers warn of FSA ‘slotting’ rules: “Property companies and bankers to the sector have warned that the rules, which will force banks to hold substantially more capital against loans secured on offices and shops, risk derailing the prospects of recovery in commercial real estate values.” Developments outside London are seen as most at risk. (Financial Times)

    The 6am Cut London | FT Alphaville

    The 6am Cut London | FT Alphaville


    The World Bank has cut its global growth outlook for 2013 from 3% to 2.4%, compared to 2.3% growth in 2012. “A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said” (Reuters)

    Spain calls for Germany to stimulate: Mariano Rajoy has called on Germany and other creditor countries in the eurozone to do more to stimulate growth, arguing that a switch to a more expansionary policy would boost economic recovery across the single currency area. “What is clear is that you cannot ask Spain to adopt expansionary policies at this time. But those countries that can, should,” he told the FT. (Financial Times)

    The 6am Cut London | FT Alphaville

    Forex Lab Notes | OANDA

    Forex Lab Notes | OANDA


    Giving algo traders what they need

    MT4 is a brand of online trading software used by millions of forex traders worldwide to execute automated trading strategies. Introduced by MetaQuotes Software Corporation in 2005, it has given retail traders access to a sophisticated trading style – one previously available only to banks and institutions, due to the costs of software development and server hardware.