EURUSD

The pair is stagnant and shows no reaction on Draghi's speech

2011.12.19 17:50:28 *Draghi Thinks US Does Need Structural Reforms
2011.12.19 17:50:42 *Draghi: U.S. Labor Market Is Very Flexible, Maybe Too Flexible

LONDON (Dow Jones)--European Union finance ministers were holding emergency talks late Monday in a bid to finalize a multibillion-euro loan to the International Monetary Fund and other steps to build a credible firewall around Italy and Spain, as continued political resistance meant commitments were likely to fall short of expectations.
Few nations have so far come forward to commit funds, prompting IMF Managing Director Christine Lagarde on Thursday to call on the international community to help resolve the European debt crisis. A target for a total contribution of EUR200 billion ($260.43 billion) in the form of additional bilateral loans to the IMF by the European Union isn't likely to be reached, IMF and euro-zone officials said Monday, because the euro zone has to overcome objections to the deal from the U.K. as well as Germany's Bundesbank. Poorer eastern European nations, such as the Czech Republic and Poland, have also expressed concerns that the deal is too expensive for them.
The difficulty to raise the funds comes as IMF officials begin a visit in Rome this week for a review of the country's economy. The market will also be eyeing the results of the European Central Bank's new three-year liquidity operation for any signs that additional liquidity for banks could provide indirect support to the bond market. This is the known worry list:
--Tuesday: Spanish and Greek T-bill auctions. German December Ifo business climate index.
--Wednesday: Swearing in of Mariano Rajoy as Spanish prime minister and disclosure of new cabinet expected around this time. ECB 14-day dollar operations. Announcement by ECB of three-month and 36-month long-term refinancing operation results.
--Thursday: EUR980 million of Greek debt falls due.
--Friday: Potential first cabinet meeting of new Spanish government and approval of first economic measures, including an emergency budget decree ahead of a formal 2012 budget.
--Wednesday, Dec. 28: Italian T-bill, zero-coupon bond auction.
--Thursday, Dec. 29: EUR5.23 billion of Greek debt falls due. Italian bond auction.
--Friday, Dec. 30: EUR715 million of Greek debt falls due. Presentation of emergency Spanish budget measures.
--Monday, Jan. 2: Euro zone December manufacturing PMI.
--Wednesday, Jan. 4: Euro zone December services PMI. ECB 84-day and seven-day dollar operations.
--Friday, Jan. 6: Spanish government deadline for unions and business leaders to agree labor market reforms.
--Wednesday, Jan. 11-Thursday Jan. 12: European Commission visits Danish presidency in Copenhagen. ECB seven-day dollar operation
--Thursday, Jan. 12: ECB interest rate statement and press conference. Spain auctions new three-year bond.
--Sunday, Jan. 15 : Troika of international inspectors expected to return to Greece to resume talks on new bailout deal.
--Wednesday, Jan. 18: ECB seven-day dollar operation.
--Friday, Jan. 20: Troika talks in Greece expected to end.
--Monday, Jan. 23: Euro zone January flash PMI. Euro-zone finance ministers meeting.
--Tuesday, Jan. 24: European Union finance ministers meeting.
--Wednesday, Jan. 25: Preliminary data on Spain's government annual budget deficit expected around this time. German January Ifo business climate index. ECB seven-day dollar operation. Announcement by ECB of three-month long-term refinancing operation.
--Tuesday, Jan. 31: Ireland's troika of lenders releases its latest quarterly review of the country's bailout. Greece aims to conclude talks detailing new EUR130 billion loan deal, debt exchange program with private sector creditors by this date.
-By Jenny Paris and William Kemble-Diaz, Dow Jones Newswires; 44-20-78429347; [email protected]
(Emese Bartha in Frankfurt, David Roman in Madrid, Neelabh Chaturvedi in London, Alkman Granitsas in Athens, Patricia Kowsmann in Lisbon and Eamon Quinn in Dublin contributed to this article.)

(END) Dow Jones Newswires December 19, 2011 11:53 ET (16:53 GMT)

Thanks, and yes, I was expecting more...

Is he still talking?

How long b4 he announces a surprise that shocks this market into a movement

Quote

Disliked

The pair is stagnant and shows no reaction on Draghi's speech

The market is waiting on S&P, then it will be a free fall...OHHH YEAA!!!!

this is not a question

No the first bit was ?

It already started...but no reaction till now...

1.208 to break to have a runner down under 1.195 and on fiber break of 1,2995.

december market still in focus...I only trade cus im an addict.

watching Draghi's speech and comparing his body language, tone of voice and facial movements, he looks like he knows whats going to happen.As to the others, they are shivering in their seats.

Hi Folks, I'm new to the forum and nooby as well. Just registered.

Just to inform you that, you can watch Draghi's speech (now a discussion) live at:

http://www.zerohedge.com/news/watch-...predict-future

me too , that sexy bastard

FRANKFURT -- Embarking on large-scale government bond purchases to support economic growth, a measure known as quantitative easing and practiced by the U.S. and the United Kingdom, is not the way forward for the European Central Bank as that would destroy its credibility, bank President Mario Draghi said in an interview published Sunday.
"The important thing is to restore the trust of the people--citizens as well as investors--in our continent. We won't achieve that by destroying the credibility of the ECB. This is really, in a sense, the undertone of all our conversation today," Draghi said in his first interview with the Financial Times since he became the ECB's president Nov. 1.
Calls on the ECB have been mounting to start quantitative easing. Instead, the ECB has cut interest rates to a historic low and offered extra-long, unlimited liquidity with eased collateral conditions to banks to ease their funding pressures.
However, providing liquidity to euro-zone banks, showing "reliance on banking channels," as Draghi put it, is well within the ECB's mandate, which is geared toward reaching price stability in the medium term and which restricts the ECB from monetary financing.
"People have to accept that we have to and always will act in accordance with our mandate and within our legal foundations," Draghi said.
The ECB fears that banks may deleverage by cutting back on lending and hopes that the additional liquidity it provides would help small and medium-size enterprises gain access to capital and that banks may also use it to buy sovereign bonds, Draghi said.
The ECB does buy sovereign euro-zone bonds but on the secondary market, not directly from governments, and in limited quantities.
The ECB's government bond purchases are "neither eternal nor infinite" and may remain in place as long as the monetary transmission channel--the pass-through of the ECB's monetary policy--is "seriously impaired," Draghi said.
When asked whether the ECB would consider putting a limit on the yields or spreads of the sovereign debt it purchases, Draghi said that sovereign spreads are a reflection of national economic policy and "monetary policy cannot do everything."
The ECB is gearing to get ready to start acting on behalf of the European rescue fund, the European Financial Stability Facility, as early as in January, Draghi said.
The EFSF, whose firepower will be boosted as a result of an recent agreement of European Union politicians, is designed to use its funds partly to buy distressed government bonds.
Delays with the boosting of the firepower of the EFSF has increased the need for resources to stabilize financial markets, Draghi noted.
Draghi reiterated that he sees no alternative to fiscal austerity for some euro-zone countries to regain confidence and that structural measures are necessary to ensure sustainable economic growth. Leaving the euro zone wouldn't solve the economic problems, he added.
-By Margit Feher, Dow Jones Newswires; +49 160 9050 2679; [email protected]
(END)

Dow Jones Newswires
December 18, 2011 19:05 ET (00:05 GMT)

2011.12.19 17:56:47 *Draghi: ECB To Produce Guidelines On New Collateral Rules For National Central Bks
2011.12.19 17:57:30 *Draghi: ECB Must Protect Its Own Balance Sheet
2011.12.19 18:00:13 *Draghi: Most Banks Unable To Issue Senior Secured Debt For Months

Prior to that it'll jump up to trigger stops for billions
Will it cross 1.3000 down I'll short safe

2011.12.19 18:00:35 *Draghi: Hard To Establish Different Rules For Different Countries
2011.12.19 18:01:56 *Draghi: Banks Are Also Short On Capital
2011.12.19 18:05:19 *Draghi: Euro Area Economy Is Largely Balanced Towards Older Generation
2011.12.19 18:10:36 *Draghi: We Never Pre-Commit On Interest Rates
2011.12.19 18:16:23 *Draghi: EU Fiscal Agreement Could Be Improved

Am not touching eur/usd until i see some news, news is driving the market this month, meanwhile am making 70 pips on aud/cad

FRANKFURT -- The European Central Bank aims to avoid the possibility of an economic slowdown or even a recession next year by providing unlimited liquidity to euro-zone banks, which are to face a credit crunch, ECB President Mario Draghi said Monday.
Banks will be experiencing a very difficult period of funding constraints in the first quarter and probably throughout 2012, and the ECB "wants to avoid a further slowdown in economic growth and a possible recession," Draghi said at his first hearing at the European Parliament's Committee on Economic and Monetary Affairs since taking over the helm at the ECB Nov. 1.
The ECB is trying "to do its best" to avoid a credit crunch stemming from the lack of funding banks are facing in the euro-zone, Draghi added.
The ECB must boost financial stability without weakening its credibility, Draghi added as a reason for the ECB rejecting large-scale government bond buys.
(Tom Fairless and William Launder in Frankfurt contributed to this story)
By Margit Feher, Dow Jones Newswires, +49 69 29725 509; [email protected]
(END) Dow Jones Newswires
December 19, 2011 12:15 ET (17:15 GMT)

2011.12.19 18:20:05 *Draghi: ECB, Like Other Central Banks, Has Accomodative Policy
2011.12.19 18:21:47 *Draghi: EU Fiscal Agreement Is First Step, Not Finished Product
2011.12.19 18:22:16 *Draghi: Euro Area States Have Specific Problems
2011.12.19 18:22:45 *Draghi: EU States Want To Stay Together, But Euro Zone Problems Are Specific

It moved 7,26 pip mate...At the end of the conference I guess they could ride her in some direction...otherwise...she will not move unless he says euro is a gonner!

Covered here few piggies...will let 2 run in the mud.