Talk Giant Panda on the prowl in AUD/USD

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• Talk Giant Panda on the prowl in AUD/USD
• Analysis:Eurozone HICP Unexpectedly Eases to +2.7% Y/Y In May
• ITALY DATA: Preliminary May HICP rose 0.2% m/m, 3.0%.
• EMU DATA: Eurozone consumer price inflation slowed…
• Draghi: ECB Won’t Be Distracted By Debt Crisis,Dependent Banks
• ECB’s Draghi – ECB monetary policy still accomodative, ensuring price stability is its fundamental contribution to growth
• Greek 5 year credit default swaps fall 43 bps on day
• Can euro-zone chiefs repeat trick with Vienna initiative?
• Germany’s Jobless Below 3 Mln;May’s Fall Weaker Than Expected
• GERMANY DATA: The German jobless rate remained at a..
• Italian April adj jobless rate 8.1%
• German unemployment change May -8k
• USD/JPY firms in early European trade
• Danish Q1 GDP -0.5% q/q, +1.1% y/y
• FRANCE DATA: April PPI +0.8% m/m, +6.4% y/y; March…
• FRANCE DATA: April sa consumer spending on mfg gds…
• French April producer prices +0.8% m/m
• Cash-strapped UK families switch £60 bn-worth of mortgages to interest-only
• Germany’s Retail Sales Recovered Less Than Expected In April
• UBS consumption indicator for Switzerland falls to 1.58 in April

Talk Giant Panda on the prowl in AUD/USD Posted: Getting reports China sold AUD/USD above 1.0700 in recent trade. We’re presently at 1.0690. They seem to have been fairly regular sellers into strength of late. Also talk sell stops gathering through 1.0675.

Analysis:Eurozone HICP Unexpectedly Eases to +2.7% Y/Y In May Posted: May flash: +2.7% y/y MNI survey median: +2.8% y/y MNI survey range: +2.6% to +3.0% y/y April: +2.8% y/y — FRANKFURT (MNI) – Eurozone inflation eased somewhat in May to 2.7% from April’s 30-month high of 2.8%, Eurostat estimated Tuesday. Most analysts had expected a steady rate or a slight acceleration The annual rate suggests [...]

ITALY DATA: Preliminary May HICP rose 0.2% m/m, 3.0%. Posted: ITALY DATA: Preliminary May HICP rose 0.2% m/m, 3.0% y/y, unchanged y/y from April’s 30-month high –The preliminary main domestic index (NIC) rose 0.1% m/m and 2.6% y/y, also unchanged y/y from in April. –Core NIC inflation stabilizes at 1.8% y/y; net of energy up 2.1% y/y –The May NIC data provided a platform of [...]

EMU DATA: Eurozone consumer price inflation slowed… Posted: EMU DATA: Eurozone consumer price inflation slowed to +2.7% on the year in May, Eurostat reported on Tuesday, citing preliminary figures. Median forecasts had been for no change to the +2.8% figure. – For more information, please see MNI Mainwire

Draghi: ECB Won’t Be Distracted By Debt Crisis,Dependent Banks Posted: ROME (MNI) – The European Central Bank is completely committed to its primary objective of price stability and will not be distracted by the Eurozone’s sovereign debt crisis or the problem of weak banks still dependent on central bank funding, ECB Governing Council member Mario Draghi said Tuesday. “The ECB has the task of ensuring [...]

ECB’s Draghi – ECB monetary policy still accomodative, ensuring price stability is its fundamental contribution to growth Posted: Neither sovereign risks nor some banks’ abnormal dependence on ECB funds can divert it from primary goal of ensuring price stability Risk of inflation rising, now greater need to proceed globally with monetary policy normalisation No shortcuts available on euro zone debt crisis, response lies in complete implementation of agreed adjustment plans

Greek 5 year credit default swaps fall 43 bps on day Posted: To 1,400 bps. Portuguese 5 year credit default swaps fall 12 bps to 673 bps Greek/German 10 year govt bond yield spread narrows to 1,304 bps from 1,336 when I arrived.

Can euro-zone chiefs repeat trick with Vienna initiative? Posted: Paul Hannon in WSJ

Germany’s Jobless Below 3 Mln;May’s Fall Weaker Than Expected Posted: SA Unemployment: -8k (pan-German), -9k (West), +1k (East) MNI survey median: -30k m/m MNI survey range: -5k to -35k m/m – FRANKFURT (MNI) – The number of unemployed in Germany fell below the symbolic three million mark in May for the first time since November, but the seasonally adjusted monthly decline was weaker than generally [...]

GERMANY DATA: The German jobless rate remained at a.. Posted: GERMANY DATA: The German jobless rate remained unchanged at a seasonally-adjusted 7.0% as expected, as 8,000 persons left the ranks of the unemployed, the Federal Labour Office reported – Germany May sa unemployment -8k (MNI median -30k) – Germany April sa unemployment rate 7.0% (MNI median 7.0%) – Germany May sa job vacancies +2k vs [...]

Italian April adj jobless rate 8.1% Posted: Better than median forecast of 8.3%.

German unemployment change May -8k Posted: Not as good as Reuters median forecast of -30k. May s.a jobless rate down to 7.0% from previous 7.1%, as expected. EUR/USD sits at 1.4410.

USD/JPY firms in early European trade Posted: Presently up at 81.65 from around 81.15 when I arrived. Talk of sizeable USD/JPY fix demand today (said to be in excess of a yard of dollars) Market as usual busy front running said interest. Model funds have been notable buyers of the pairing in this latest leg higher.

Danish Q1 GDP -0.5% q/q, +1.1% y/y Posted: Demonstrably weaker than median forecasts of +0.5%, +2.3% respectively. Q4 GDP revised up, to -0.2% from previous -0.4%.

FRANCE DATA: April PPI +0.8% m/m, +6.4% y/y; March… Posted: FRANCE DATA: April PPI +0.8% m/m, +6.4% y/y; March +0.9% m/m, +6.6% y/y – PPI in line with MNI analysts survey median forecast – April manufacturing PPI +0.5% m/m, +6.4% y/y – April oil product prices +2.4% m/m, +31.2% y/y – April food and tobacco prices +0.8% m/m, +6.7% y/y – April industrial import prices [...]

FRANCE DATA: April sa consumer spending on mfg gds… Posted: FRANCE DATA: April sa consumer spending on mfg gds -1.8% m/m, -0.1% y/y – Below most analysts’ forecasts; MNI survey median fcst: -0.3% m/m – April consumer spending -2.2% vs 1Q average; 1Q +0.3% q/q – March spending revised to -1.0% m/m from -0.7% m/m – For more information, please see MNI Mainwire

French April producer prices +0.8% m/m Posted: As expected. Consumer spending -1.8% m/m, much weaker than median forecast of -0.3%. March data also revised lower to -1.0% from previous -0.7%.

Cash-strapped UK families switch £60 bn-worth of mortgages to interest-only Posted: Sign of the times

Germany’s Retail Sales Recovered Less Than Expected In April Posted: Real, seasonally adjusted retail sales: April: +0.6% m/m, +3.6% y/y MNI survey median: +1.8% m/m MNI survey range: +0.5% to +3.0% m/m March: -2.7% m/m, -3.6% y/y (unrevised) – FRANKFURT (MNI) – German retail sales recovered less than generally expected in April after a steep drop in March, the Federal Statistical Office said Tuesday. Turnover [...]

UBS consumption indicator for Switzerland falls to 1.58 in April Posted: From revised 1.68 (prev 1.66) in March. UBS economic research opines that consumer sentiment may have been adversely affected by negative reporting on the European debt problem and Japanese disaster. Still has a positive outlook for Swiss consumers.