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Qe can be adjusted According to Funding for Lending Scheme, Believes Boe's Fisher
UK economy may or may not require more QE and C bank should be ready to do so, depending on success of Funding for Lending scheme, said BoE's Fisher in article by FT
Quotes
"It's very much an alternative. QE's all about putting money into the economy. With Funding for Lending we're not injecting any cash into the economy,"
"The amount of cash in the economy can be regulated through QE. Then we can adjust that according to how well the Funding for Lending scheme works."
"Not participating in the scheme and not lending will be seen as a negative. We want to get banks to do what we want in their own interest,"
"If Europe were to completely fall over - it's a remote risk, but suppose it does - then the impact of Funding for Lending might be to just keep lending going at its current rate,"
"If we don't get a fall over in Europe, then I'd like to see some return to positive, sustained growth in lending,"
BoE's Fisher
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China's House Prices Increase In July
House prices in China increased marginally in July from a month earlier, according to a report published by the National Bureau of Statistics on Saturday.
Out of the 70 major cities surveyed by the NBS, 50 cities recorded a month-on-month increase in prices. House prices in 9 cities declined during the month, while that in 11 cities remained at previous month's level.
Among the major cities, price growth was recorded in Beijing and Guangzhou on a monthly basis, while prices remained unchanged in Shanghai.
On an annual basis, prices decreased in 58 cities, while 11 cities recorded increase.
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Aussie Mixed Ahead Of RBA Minutes
The Reserve Bank of Australia will release the minutes of its August 7 meeting in early Tuesday Asian deals at 9:30 pm ET. Ahead of the release, the aussie moved sideways against the yen but recovered from early lows against the rest of major counterparts.
At 9:25 pm ET, the aussie was worth 1.0457 against the U.S. dollar, 1.1814 against the euro, 1.2919 against the kiwi and 83.01 against the yen.
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Greek PM Seeks More Time For Reforms
Greece needs more time to implement the reforms and spending cuts requisitioned by the country's international creditors, Prime Minister Antonis Samaras told German daily Bild, ahead of his crucial meeting with Eurozone leaders.
The troika consisting of the International Monetary Fund, the European Union and the European Central Bank will return to Athens in September to assess if Greece has fulfilled the bailout requirements for receiving the next installment of 31.5 billion euros.
Greece has committed to save 11.5 billion euros in public spending cuts in two years from 2013 under the bailout deal.
Samaras told the daily that Greece needs room to breathe, to keep the economy afloat and to boost government's revenue. More time does not automatically mean more money, he added.
"Let me be very clear. We are not asking for additional money," Samaras said, adding that the government is looking to stimulate growth and reduce the financial gap. "We will stand by our commitments and fulfill all the requirements" of the bailout program, he said.
Samaras said the consequences of returning to drachma would be disastrous for his country. It would extend the recession by another five years and push up unemployment above 40 percent. Shunning the euro could stir social unrest and democracy will face unprecedented crisis, he warned.
He admitted that a lot has gone wrong in Greece and outside Greece. "Now we are getting down to all the necessary reforms."
Greece is making progress in privatizations and structural reforms. Tax revenues are increasing and the economy is improving, he added.
Samaras vowed that Greece would soon have a smaller, healthier and more efficient public sector. For every ten public sector employees going into retirement, the government will only hire one new staff, he said.
Samaras will meet Eurogroup chief Jean-Claude Juncker on Wednesday and is expected to seek a two-year extension for the country's fiscal adjustment program. He will also visit French President Francois Hollande and German Chancellor Angela Merkel later this week.
Recently, one of the lawmakers in the Merkel government reportedly indicated that Greece may get some concessions on the bailout terms if it adheres to its reform pledges.
However, the German leadership has repeatedly insisted that any kind of leniency towards Greece both in terms of money and time is not possible.
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New Zealand Dollar Advances Against Majors
The New Zealand dollar climbed against its major counterparts in the early Asian session on Thursday.
The kiwi climbed to a 2-day high of 1.5338 against the euro, more than 2-week high of 0.8180 against the greenback and a fresh 5-week high of 1.2864 against the aussie.
Against the yen, the kiwi edged up to as high as 64.26 from yesterday's close of 63.99.
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US Dollar Drifts Up On Safe-haven Buying
The initial direction for the U.S. dollar is rather bullish in early Asian deals Friday as a fall in equity markets in the region following a negative closing in Wall Street overnight enhanced the safe-haven appeal of the currency.
The dollar typically strengthens in times of stock market slide as investors consider it as safe-haven.
Disappointing employment data from the United States and lingering worries about Europe weighed down the positive sentiment in the market.
Initial jobless claims unexpectedly increased in the week ended August 18, rising to 372,000 from the previous week's revised figure of 368,000. Economists had expected jobless claims to slip to 365,000 from the 366,000 originally reported for the previous week.
Also, Federal Reserve Bank of St. Louis President James Bullard said that Federal Reserve policy makers may hold off on further economic stimulus measures because of continued modest economic growth in the U.S.
Worries about the financial situation in Europe sent the euro paring some of its recent gains, with traders keeping a close eye on a meeting between German Chancellor Angela Merkel and French President Francois Hollande. Both Merkel and Hollande urged Greece to stick to crucial reforms in order to remain a part of the eurozone.
With the latest FOMC minutes turning more dovish than expected and the U.S. employment picture in the recent past showing bleak, the Fed Chairman Bernanke's speech at the Jackson Hole Symposium in the month-end is seen crucial as the market is staunch in its longing for further quantitative easing.
The dollar was trading 1.5855 against the pound and 78.62 against the yen after a few hours from its Asian session opening, up a few pips from Thursday's North American session closing values of 1.5863 and 78.50. No clear near-term direction is visible for the dollar against both of these currencies.
Bank of Japan said in a report that the corporate service prices index was down 0.2 percent on year in July, standing at 96.0 following the downwardly revised 0.4 percent contraction in June. On a monthly basis, prices were up 0.1 percent after easing 0.2 percent in June.
The greenback also rose as high as 0.9569 against the Swiss franc and 1.2554 against the euro in mid-morning Asian deals, up slightly from its overnight offshore closing quotes of 0.9561 and 1.2565, respectively. The dollar showed weakness in the past few sessions as elevated stimulus hopes in both the U.S. and China lifted high-yielding currencies.
Looking ahead, the U.K. GDP, exports & imports and government spending data-all for the second quarter are due out in the European session. Market will closely watch the developments in Europe, with the Spanish cabinet meets today and the Greek Prime Minister Antonis Samaras arrives in Berlin for talks with the German Chancellor Angela Merkel.
The U.S. durable goods orders for July is the lone economic data to watch in the New York session.
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Aussie Trades Further Lower Against Major Rivals
During early Asian trading on Tuesday, the Australian currency extended its previous session's downtrend against major opponents. The Aussie declined further against the US dollar in early deals and currently trading near a new multi-week low of 1.0361 from yesterday's close of 1.0371.
Against its Canadian counterpart, the Aussie plunged further during today's early Asian session and as of now trading at a fresh multi-month low of 1.0263, which may be compared to Monday's closing value of 1.0278.
The Australian currency also edged down further against other major rivals in early Asian trading on Monday. At 7:15 pm ET, the Aussie fell to 1.2816 against the NZ dollar, 81.60 versus the Japanese yen and 1.2074 against the euro, compared to yesterday's closing values of 1.2827, 81.68 and 1.2061, respectively.
Australia will schedule to release the July results of the HIA new home sales index in the upcoming Asian trading hours.
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Australian Dollar Showing Choppy Trend Against Majors
The Australian dollar moved in choppy trend against its major rivals in early Asian deals Wednesday as traders likely remaining reluctant to make any significant moves ahead of remarks by Federal Reserve Chairman Ben Bernanke at the Kansas City Federal Reserve's Jackson Hole symposium on Friday.
The Australian dollar that fell to an 8-week low of 1.2130 against the euro at the beginning of the session snapped back above yesterday's closing quote of 1.2113 in mid-morning deals. The trend for the aussie was choppy since then, trading between 1.2125 and 1.2115.
The Australian dollar failed to make any significant headway against the rest of majors, moving in tight ranges of 81.57- 81.43 against the yen, 1.2903-1.2886 against the NZ dollar and 1.0378-1.0365 against the US dollar in most of the early Asian session.
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[[Canadian Dollar Falls Against Most Majors
In the early Asian session on Thursday, the Canadian dollar slipped against most major currencies following a slide in oil prices.
Oil prices were lower yesterday also after report showed that oil inventories rose unexpectedly last week. The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 3.80 million barrels to 364.50 million barrels last week, and are above the upper limit of the average range for this time of year.
The loonie declined to a 2-day low of 0.9907 against the greenback and the next support level for the loonie is seen at 0.995.
The loonie also dropped to 79.45 against the yen and 1.2420 against the euro and the loonie may break 79.00 and 1.245, respectively on the downside.
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