Ranges (Up till 11.

10am HKT)
Currency

Currency

EURUSD

1.0720-70

EURJPY

132.20-84

USDJPY

123.16-48

EURGBP

0.7126-385

GBPUSD

1.5043-73

USDSGD

1.4209-30

USDCHF
AUDUSD

1.0040-60
0.7016-61

USDTHB
USDKRW

35.805-875
1151.3-1155.4

NZDUSD

0.6505-65

USDTWD

32.592-800

USDCAD

1.3281-1.3310

USDCNH

6.3820-6.3953

AUDNZD

1.0753-95

XAU

1089.6-1093.9

Key Headlines

Chinese trade data and Indian PM Modi losing

the regional election in Bihar state caused initial
sell off in risk but that soon turned around

Our trader Jon observed that Asia has always

been seller of Usd and reverses when Europe
comes in.

Offers in UsdJpy near 123.50, heard some

belonging to Mrs Watanabes

FX Flows
New Zealand started the week with slight risk off given
the weekend Chinese trade data and Indian PM Modi
losing the regional election in Bihar state. AudUsd ended
NY at 0.7044, opened up at 0.7025 and traded on heavy
side. Our trader observed that there were decent volume
as Australian dollar attempted to take out bids below
0.7020.
Weak opening for Australia S&P/ASX200; following last
Fridays NFP, traders are now discounting RBA rate cut.
Rates are now pointing up, AudUsd returned to 0.7040.
Offers are light at moment; real sellers are mostly
0.7130-40.
At the start UsdJpy was rather cautious moved up
slowly and was challenged by offers at 123.35. But with
Nikkei Index staying strong, took a while for the
interbank traders to chew away offers. I hear more
selling are reported at 123.50, supposedly from Japanese
retail accounts. We should see some fresh buying below
122.90.
EurJpy was bought up and that was the main reason
EurUsd printed 1.0750. Talk of profit taking in low
1.07s. Keep an eye on the political developments in
Finland, Spain and especially, Portugal. Offers are
reported above 1.0765 and 1.0790.

Slight recovery in oil futures this morning and helped

Canadian dollar to 1.3286. One German name was seen
hitting platform bids from 1.3295.

Who said what

ECB Villeroy De Galhau: Sees risks of a too low

inflation and weaker growth in Eurozone
ECB Villeroy De Galhau: Still some room for
manoeuvre in monetary policy if necessary
Portuguese Communist Party: Will present
motion to reject government
Portuguese Communist Party: Conditions in
place to defeat Coelho government
Chosun Ilbo: South Korea Finance Minister Choi
is likely to be replaced after 2016 budget is
passed in parliament next month

News & Data

Japan Oct Official Reserve Assets $1.244trln

from $1.248trln
Australia Oct ANZ Job Ads up 0.4% from +3.9%

FT: Saudi Arabia will not stop pumping to boost

oil prices
Saudi Arabia is determined to stick to its policy of
pumping enough oil to protect its global market share,
despite the financial pain inflicted on the kingdoms
economy. Officials have told the Financial Times that the
worlds largest exporter will produce enough oil to meet
customer demand, indicating that the kingdom is in no
mood to change tack ahead of the December 4 meeting
in Vienna of the producers cartel Opec.
http://www.ft.com/intl/cms/s/0/b639a458-8600-11e59f8c-a8d619fa707c.html#axzz3qvHmDUQO
AFR: Credit Suisse may cut bonuses by 60pc
Credit Suisse Group, Switzerland's second-biggest bank,
may need to cut bonuses by as much as 60 per cent this
year because of losses incurred by a writedown,
according to calculations made by Schweiz am Sonntag.
Chief Executive Officer Tidjane Thiam wants to
substantially write down assets following the acquisition
of investment bank Donaldson, Lufkin & Jenrette in
2000. Impairment charges on 6.3 billion francs ($US6.3
billion) in legacy assets could lead to an annual loss of
2.6 billion francs to 2.8 billion francs, the newspaper
reported.
http://www.afr.com/news/world/credit-suisse-may-cutbonuses-by-60pc-20151108-gktvy6
FT: Catalan parliament to vote on break with
Spain
The Catalan independence campaign heads for a
potentially perilous new phase on Monday, as the
regional parliament prepares to vote on a resolution to

These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.

disconnect from the rest of Spain and renounce all

rulings from the countrys constitutional court. The
resolution commits the recently elected parliament to
the creation of the independent state of Catalonia, in
the form of a republic. It also calls for the passing of
new legislation to set up an independent tax authority
and social security system within 30 days. Most
controversially, perhaps, it states that the Catalan
parliament is no longer bound by the decision of Spanish
institutions and, in particular, the constitutional court,
the highest tribunal in Spain.
http://www.ft.com/intl/cms/s/0/f704b3dc-84a3-11e58095-ed1a37d1e096.html#axzz3qvHmDUQO
WSJ - ECBs Weidmann: German Economy on
Robust Growth Path
Germanys economy is on a robust growth path this year
and wont be weighed down by the emission scandal at
Volkswagen AG, the countrys chief central banker and
member of the European Central Banks governing
council, Jens Weidmann, told the newspaper Der
Tagesspiegel in an interview published Sunday. He said
that economic growth has likely somewhat abated in the
second half of the year, but stressed that neither
Volkswagen nor Deutsche Bank are representative for
Europes largest economy.
http://www.wsj.com/articles/ecbs-weidmann-germaneconomy-on-robust-growth-path-1447008608?
mod=wsj_nview_latest
BBC: India Prime Minister in Bihar election
setback
The Indian Prime Minister Narendra Modi has admitted
defeat for his governing BJP in a key regional election in
Bihar state. The BJP was running against an alliance of
parties in the state assembly. Mr Modi won a convincing
victory in last year's national elections, but this poll was
seen as a referendum on his economic programme.
Defeat is a major setback, says the BBC's Sanjoy
Majumder in Delhi.
http://www.bbc.com/news/world-asia-india-34759343
Lawrence Summers in FT: Grasp the reality of
Chinas rise
For the first time in centuries, China now affects the
global economy as much as it is affected by the global
economy. In the years ahead, China is likely to account
for between a third and half of growth in global incomes,
trade and commodity demand, and its significance will
only increase as its share of the world economy rises.
http://www.ft.com/intl/cms/s/2/284b68f8-84ab-11e58e80-1574112844fd.html#axzz3qvHmDUQO
WSJ: French Government Ups Stakes in Battle
With Nissan Over Renault

The French government opposes significant changes in

the cross-shareholding system that underpin Renault
SAs alliance with Nissan Motors Co., Prime Minister
Manuel Valls said, escalating the battle between the
French car makers biggest shareholders. Earlier this
week the French government entered talks with the
Japanese car maker after Nissan complained about the
balance of cross-shareholdings as well as the
governments growing influence over Renault.
http://www.wsj.com/articles/french-government-upsstakes-in-battle-with-nissan-over-renault-1447002579?
mod=wsj_nview_latest
Kathimerini: Greece and lenders discuss actions
ahead of Eurogroup
The chances of the Eurogroup approving the disbursal of
the 2-billion-euro sub-tranche appear very slim,
meaning that probably the best Athens can hope for is
for the meeting to end on a positive note and with an
agreement in principle between the government and the
institutions on what steps need to be taken in the coming
days to conclude the prior actions.
http://www.ekathimerini.com/203238/article/ekathime
rini/news/greece-and-lenders-discuss-actions-ahead-ofeurogroup
Telegraph: Greek problems here to stay warns
tax chief, as government battles for creditor cash
Greece is battling to secure the release of 2bn in bailout cash as one of the world's foremost tax chiefs has
warned the country cannot survive without rooting out
rampant tax evasion. Lenders have been broadly positive
about the government's progress in implementing new
reforms. But Athens still faces a number of stumbling
blocks in its bid to satisfy the first set of legislative
milestones in return for bail-out funds. Creditors could
yet delay the disbursement if Greece fails to ease
restrictions on home repossessions. The OECD has
ranked Greece as the worst developed world nation at
collecting tax and social security receipts.
http://www.telegraph.co.uk/finance/economics/119804
41/Greek-tax-problems-here-to-stay-warns-OECDchief-as-government-battles-for-creditor-cash.html
Business Times: Maersk and CMA CGM in talks
with Singapore's NOL over acquisition
Singapore container shipping firm Neptune Orient Lines
(NOL) said at the weekend it was in talks with France's
CMA CGM SA and Denmark's A.P. Moeller-Maersk over
a potential sale of the company. Marseille-based
container transportation and shipping company CMA
CGM has made a preliminary offer for NOL, which has a
market value of S$2.7 billion, Bloomberg News reported,
quoting people with knowledge of the talks.

These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.

http://www.businesstimes.com.sg/companiesmarkets/maersk-and-cma-cgm-in-talks-withsingapores-nol-over-acquisition

These information have been obtained or derived from sources believed to be reliable, but I make no representation or warranty as to their accuracy or completeness.
Copyright 2013 The Poon Report by Vincent Poon. All rights reserved.