More Gains Ahead
Markets extend gains on optimism that France and Germany will iron out a comprehensive plan to recapitalize European banks. The recapitalization plan is due for next Sunday, while the Troika's final report on Greece is due this Wednesday night, laying out the numbers for as far as funding gaps are concerned. Separately, IMF's Lagarde said emerging markets are being hit by the debt crisis, confirming the fact that the BRICS are no longer adding the fuel to the global economy as was the case this same time last year. Meanwhile, the US Treasury has delayed the release of its semi annual currency manipulation report to Congress, expecting China to show some act of good faith in its currency (publicly) as the Senate's currency bill moves to the House. US industrial production is due later today, expected to show the 5th consecutive monthly figure above zero. The volatile Empire manufacturing survey (NY ISM released by Fed), due today, could also surprise on the upside, by delivering a positive figure (above zero), after 4 straight negative months. PREMIUM SUBSCRIBERS MUST TAKE ANOTHER LOOK at the Weekly EURUSD chart from Oct 12th piece http://ashraflaidi.com/products/sub01/access/?a=519 Today's Premium Insights are due at approx.6:45 EST, 10:45 GMT, 11:45 BST
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