Forex probes set to dwarf Libor cases
The global probe into possible price rigging
in foreign exchange markets has spawned a new industry centred on
investigating the £5.3tn a day sector as regulators and global banks
throw enormous resources at shedding light on the allegations.
At least a dozen authorities across the US, Europe
and Asia are assisting in or conducting investigation against more than
15 banks to find evidence that traders have shared information about client orders and tried to move crucial forex benchmarks.
2013-03-10 07:45 GMT (or 08:45 MQ MT5 time) | [EUR - French Industrial Production]
if actual > forecast = good for currency (for EUR in our case)
French Industrial Production Unexpectedly Slips Into Contraction
France's industrial production fell back into contraction in
January, contrary to economist's forecast for a marked increase, latest
data revealed Monday.
Industrial production edged down 0.1 percent
year-on-year in January, reversing increases of 0.3 percent and 1.5
percent logged in December and November respectively, statistical office
Insee said. Economists were looking for 1.3 percent expansion for
Sequentially, industrial production decreased 0.2 percent
in the beginning of the year, after falling 0.6 percent in December.
Expectations were for a 0.5 percent gain.
SEC Said to Probe Whether Forex Rigging Distorted Options
The U.S. Securities and Exchange Commission is investigating whether
currency traders at the world’s biggest banks distorted prices for
options and exchange-traded funds by rigging benchmark foreign-exchange
rates, according to two people with knowledge of the matter.
The SEC’s inquiry adds to European and U.S. regulatory probes of possible manipulation in currency markets.
The SEC’s investigation is in the early stages, said the people, who
asked not to be named because the matter isn’t public. The Commodity
Futures Trading Commission, which regulates foreign-exchange
derivatives, is also investigating possible manipulation, another person
Malaysian Airlines stock sharply lower
China, which also experienced its first corporate bond default
on Friday, saw the Shenzhen Composite tumble 3.5%, the Shanghai
Composite plunge 2.9% and Hong Kong's Hang Seng drop 1.8% at market
Japan's Nikkei lost 1%, after the government revised
annual gross domestic product growth to 0.7% in the fourth quarter, from
1.0%, ahead of a two-day central bank board meeting that begins
2013-03-11 00:30 GMT (or 01:30 MQ MT5 time) | [AUD - NAB Business Confidence]
if actual > forecast = good for currency (for AUD in our case)
Australia Business Conditions Plummet - NAB
Indexes monitoring business
conditions and business confidence in Australia declined in February,
the latest survey from National Australia Bank revealed on Tuesday.
reading for business conditions fell to 0 from an upwardly revised 5 in
January (originally 4), while business confidence dipped to 7 from the
upwardly revised 9 (originally 8) in the previous month.
2013-03-11 07:00 GMT (or 08:00 MQ MT5 time) | [EUR - German Trade Balance]
German Exports Recover In January
German exports grew more than expected in January after declining in December, official data showed Tuesday.
grew 2.2 percent month-on-month in January, reversing the 0.9 percent
fall in December, Destatis said. Shipments were forecast to grow 1.5
Likewise, imports advanced 4.1 percent after declining
1.4 percent a month ago. The rate of growth far exceeded the 1.4 percent
rise forecast by economists.
Due to a notable growth in imports,
the trade surplus fell to a seasonally adjusted EUR 17.2 billion in
January from EUR 18.3 billion in the prior month.