Asian Highlights 13 Feb
*EUR, EUR/Crosses, Cross/JPY rallied in early hours after Greek parliament passed the austerity bill, amidst violent protests in Athens and across the country.
*EUR/USD hit 1.3260, from 1.3205 on Fri. ran into good offers at 1.3260-80 ahead of 1.33 option expiries, NY cut tonight.
*Talks Asian, sovereign amongst sellers. EUR vulnerable as the ball on second bailout goes to EU/IMF/ ECB - good to watch for any more obstacles ahead.
*USD/JPY rose to 77.76 on weaker Q4 GDP, but capped by exporters, Japan offers 78.
*Focus on BoJ decision. EUR/JPY at 102.80, vs F 102.44, good offers before 103.
*GBP up at 1.5786-90, but good US funds offers at 1.5820-50.
*AUD/USD recovered to 1.0740 vs Fri close 1.0672, but stops below 1.0640 after dovish RBA.
*EUR/CHF at 1.2096-99, eye SNB ahead of 1.2000.
*After the bout of profit taking last Fri, USD/Asians are trading heavily again. USD/KRW at 1120 and USD/SGD at 1.2530
*Nikkei +0.75% or +67.31pts at 9014.80. JGBs a tad lower, 10-yr yields +0.005% at 0.980%, eye BoJ decision tomorrow.
*Greek Parliament has approved on Monday the deeply unpopular austerity bill to secure the second EUR130bln bailout from EU/IMF, to avoid a default. The bill sets out EUR3.3bln in wage, pension and job cuts for this year alone.
*Greek PM Papademos said vandalism and violence have no place in a democracy and will not be tolerated.
*Finance Minister Venizelos told parliament that the alternative to the international bailout - would be bankruptcy and an exit for eurozone - which would be worse for Greece.
*Kathimerini: Soros predicted weak growth and lingering political tension that could shatter Europe's economic union even if Greece agrees to austerity measures. -CNN.
*Kathimerini: Europe's rescue fund may provide EUR35bln to help Greece buy back bonds held by ENCBs.
*Japan Q4 GDP -0.6%q/q, vs -0.3% expected.
*Japan Econ Furukawa: Expect economy to continue moderate recovery trend but need to watch downside risks. Expect BoJ to take firm monetary policy measures when necessary
*Japan PM Yoshihiko Noda said there is no truth Japan intervenes with specific FX levels in mind.
*Chinese Premier Wen Jiabao quoted as saying China will start to fine-tune its economic policy in Q1. Will stick to policy to cool property market. - Shanghai Securities News.
*FT: China has instructed its banks to embark on a mammoth roll-over of loans to local governments.