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Update: Canadian Ivey PMI disappoints estimates

The December Canadian Ivey Purchasing Manager Index dropped to 39.1 from 40.2 in November and was well below the consensus estimate of a retreat to 37.5. By comparison the Ivey PMI was 45.9 in December 2007, and 49.4 in December 2006. The December 2008 Price Index also plunged to 47.5 from 51.6 prior, Inventories increased to 42.2 from 35.8, Deliveries were down to 40.2 from 48.4 prior, and finally Employment fell to 41 from 42.2 in November. The Canadian Ivey PMI unlike US ISM is based on end of month data and covers the complete Canadian economy, including the public and private sectors. It is not seasonally adjusted and shows responses to one question: â��Were your purchases last month in dollars higher, the same, or lower than the previous month?â�� As with US ISM, the 50 level is pivotal - below 50 indicates contraction, above 50 indicates expansion.

QuantHouse makes Euronext UTP Ultra Low Latency Data Feed available

January 6th 2009 - QuantHouse announces availability of brand new Euronext UTP feed-handler to benefit from the latest high speed real-time market data for NYSE Euronext markets via multicast technology

Thomson Reuters unveils Ultra Low Latency Direct Feed solution for NYSE Euronext UTP

January 6th, 2009 - Thomson Reuters announces beta release of ultra low latency direct feed solution for NYSE Euronext's Universal Trading Platform

FX Update- CHF

EUR/CHF rebound extended to 1.5459 before it turned back in to the 1.5400 region. Price action in the swissy cross was heavily influenced by USD/CHF price action. During the European morning large USD/CHF selling forced a move underneath 1.5300, with the dollar pairing trading down to 1.0416 lows before it rebounded to 1.0734 on the spike highs. The turnaround since it hit its lows has been swift, with dollar shorts covering positions in thin trade. There was speculation of potential dollar selling by a reserve manager in this week's dollar sell-off, but speculators are also responsible for a bulk of the move, with deleveraging running out of steam, easier Fed policy and weak technicals all contributing the dollar move, which became heavily skewed in one direction. Market positioning and momentum indicators have been flagging cautioun for a couple of sessions now, but the move could quite easily become just as disjointed as short term positions are pared back.

New software development and R&D facility launched in Manchester

December 12th, 2008 - Rapid Addition announces launch of new software development and R&D facility in Manchester

Trayport makes four new appointments

December 12th, 2008 - Trayport announces four key appointments to strengthen its electronic trading business

innerExchange opens Spanish office in Barcelona

December 5th, 2008 - innerExchange announces opening of Barcelona office

Update: Canadian Ivey PMI disappoints estimates

The November Canadian Ivey Purchasing Manager Index now stands at 40.2 a major fall from the 52.2 in October and well below the consensus estimate of a retreat to 50. By comparison the Ivey PMI was 58.7 in November 2007, and 52.8 in November 2006. The November 2008 Price Index also plunged to 51.6 from 78.5 prior, Inventories plummeted to 35.8 from 52.4, Deliveries were down to 48.4 from 49.2 prior, and finally Employment fell to 42.2 from 48.5 in October. The Canadian Ivey PMI unlike US ISM is based on end of month data and covers the complete Canadian economy, including the public and private sectors. It is not seasonally adjusted and shows responses to one question: â��Were your purchases last month in dollars higher, the same, or lower than the previous month?â�� As with US ISM, the 50 level is pivotal - below 50 indicates contraction, above 50 indicates expansion.

FX Update: Europe Midday

The euro and sterling both came under pressure ahead of today's rate decisions from the BOE and the ECB. Market speculation of more aggressive rate moves were heightened after the Riksbank shocked the market with a 175bps cut to 2.00%. Cable dived to hit 1.4471 trend lows and EUR/GBP hit new all time highs of 0.8692, with many now positioning for a 150bps cut from the BOE. EUR/USD followed Cable price action and traded as low as 1.2548 before an Asian reserve manager put a floor in place. The market is looking for a move of at least 50bps from the ECB, with some erring towards 75bps. Elsewhere, JPY and USD maintained a supportive tone, with the market favouring risk aversion. Meanwhile, the CHF traded at firmer levels, but was unable to sustain gains due to good USD/CHF buying interest.

FX Update: EUR/USD Under Pressure

EUR/USD slumped to hit two-week 1.2548 lows as short term speculative accounts and leverage funds positioned for aggressive ECB rate action later today. The pair currently trades just at 1.2605. The surprise Riksbank 175bps rate cuts fueled good selling pressure, which saw good quasi-official bids filled in between 1.2650 and 1.2600 and stops were triggered on the way down to the lows. An Asian reserve manager put a floor in place, which encouraged some intra-day euro shorts to take profit and forced a move back in to 1.2600. EUR/JPY traded as low as 116.36 and EUR/CHF hit 1.5284 lows, but both crosses have recovered their poise and trade above 117.00 and 1.5300 respectively.