DayTrading 24.09.2012

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ITALY MONTI: Recent forecast revisions show harshness of recession
- First step toward growth is controlling public finances
- 2013 will be year of economic growth

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CABLE: Holding firm above $1.6240 but so far holding off a retest on
overnight highs at $1.6250. Some chatter linking buoyancy for cable to
end of week CAP payment, the be fixed at the ECB fix Friday, the UK
clearer with the order said to have been seen with cable demand this
morning. Others note that today is HSBC divi day, the FX component part
of the Oct4 payment to be fixed at or around 1000GMT today.

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EURO-DOLLAR: Extended recovery highs to $1.2972 but again found air thin
above $1.2970. Rate currently trades around $1.2963 as we turn attention
toward the Germany Ifo data release at the top of the hour. Offers seen
$1.2980 through to $1.2990. More toward $1.3000. Support remains between
$1.2930/20.

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EURO-DOLLAR: Eases down to $1.2952 area as rumours suggest we could see
a weaker than expected release. Data due at the top of the hour.

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EGBS: Bunds are again edging higher after the weaker than expected IfO
data, with the Dec Bund up 20 at 140.20. The front of the curve is
Eurex complex is underperforming, although off the lows, with the Dec
Schatz at 110.675..

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OIL: November Nymex WTI prices slip back to below $92 after slightly
weaker than expected German IFO data. November WTI now trades $91.98 a
barrel, down 91 cents on the session.

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EURO-DOLLAR: Rate drops from $1.2954 to retest overnight lows at $1.2928
on release of softer than forecast Germany Ifo. Market rumours ahead of
release had suggested a soft reading which had presseed the rate back
from around $1.2964. Profit take buying into the dip allowed rate to
recover to $1.2936 but second wave sales take rate to extended lows at
$1.2924. Stronger demand seen into $1.2920 (Sep20 low) with stops in
place on a break below. Rate currently trades around $1.2932.

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EURO-YEN: Weaker than expected German IFO adds weight to the cross and
the pair makes a show under Y101.00 to Y100.87 where the rate met
support from the overnight low. Through here and Japanese held stops
noted on a break of Y100.80, ahead of bids into Y100.60. Rate last
Y100.94.

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EURO-DOLLAR: Traders note reserve manager demand met into the dip to the
lows at $1.2924, with recovery away seen taking rate to $1.2935 at
posting.

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AUSSIE: Falls in tandem with euro-dollar following release of soft
German IFO data to $1.0405 and flirts with the intraday low. Reported
bids seen into $1.0400, through here opens $1.0398 (Asian low), ahead of
$1.0386 (21 dma). Rate bounces to $1.0413 at typing.