RESEARCH VIA DAILY FOREX REPORT 10/FEB/2014

MARKET HEADLINES

• Euro falls, German bunds rise after German court statement

The euro fell to a session low against the dollar while German bund futures rose to day's highs after a German Constitutional court referred the European Central Bank's bond-buying programme to the European Court.

The German court said it saw substantial reasons to suggest the Outright Monetary Transactions (OMT) exceeded the ECB's mandate, but also considered it possible that it could conform with the law if interpreted restrictively.

The euro fell to a session low of $1.3552 from around $1.3582 beforehand.

German Bund futures rose as high as 144.02, up 69 ticks on the day, having stood at 143.56 before the news. Italian BTP futures trimmed earlier gains.

The pan-European FTSEurofirst 300 trimmed gains after the announcement, trading up 0.1 per cent, while the euro zone blue-chip EuroSTOXX50, Germany's DAX and Spain's IBEX all turned negative.

• Asia FX rise, headed for weekly gains as US jobs test loom

Emerging Asian currencies were largely higher Friday as signs of solid momentum in the US economy calmed frayed nerves ahead of a key jobs report.

The Taiwan dollar advanced on foreign fund inflows, while the South Korean won was up with foreign investors turning net buyers of stocks.

Short-covering and upbeat shares bumped up the Philippine peso after the central bank left interest rates on hold.

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