AUD/USD struggling early doors; buy orders, stops noted

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• EMU DATA: 1q real GDP unrev +0.8% q/q,+2.5% y/y; 4q:.
• Euro zone Q1 GDP confirmed at +0.8% q/q, +2.5% y/y
• UK’s Cable: Clearly a problem with bank lending, could hinder economic recovery
• AUD/USD struggling early doors; buy orders, stops noted
• ACB buys EUR/USD and we continue lower
• Japan auto association calls on govt’s correction of the yen
• IMF Urges Japan To Triple 5% Sales Tax, BOJ To Ease More
• Moody’s: Sees ‘certain probability’ of Hungarian downgrade – Bloomberg
• ACB buys cable off the lows
• Japan ESP Survey: Economists More Optimistic On Econ Outlook
• Moody’s senior analyst: UK could lose AAA rating – MNI
• Rpt: Scottish Power Hike Signals Energy To Drive Q3 UK CPI Up
• French April trade balance -7.144 bln
• FRANCE DATA: Jan-Apr central govt deficit E61.35 up..
• FRANCE DATA: April sa merchandise trade deficit to…
• IMF’s Lipsky: Don’t perceive yen level will be a problem for Japan’s future growth
• IMF’s Lipsky: Japan has taken appropriate steps including emergency budget to deal with earthquake
• GERMANY DATA: The trade surplus in April fell to a…
• German April trade balance sa 12.0 bln
• Japan senior MOF official: Lipsky tells Noda Japan’s economy to achieve 3% growth in 2012

EMU DATA: 1q real GDP unrev +0.8% q/q,+2.5% y/y; 4q:. Posted: EMU DATA: 1q real GDP unrev +0.8% q/q,+2.5% y/y; 4q: revised to +0.3% q/q, +1.9% y/y, Eurostat reported on Wednesday. – EMU 1q private consumption +0.3% q/q; 4q +0.3%; 3q +0.2% – EMU 1q fixed capital formation +2.1% q/q; 4q unch; 3q -0.2% – EMU 1q government consumption +0.8% q/q; 4q -0.1%; 3q +0.2% – [...]

Euro zone Q1 GDP confirmed at +0.8% q/q, +2.5% y/y Posted: As expected. Elsewhere some rather crappy Greek data just come out: Greek March unemployment 16.2%, up from 15.9% in February Greek April industrial output -11.0% y/y, down from -8.0% in March

UK’s Cable: Clearly a problem with bank lending, could hinder economic recovery Posted: Oh dear, they’ve let Vince out again.

AUD/USD struggling early doors; buy orders, stops noted Posted: AUD/USD down at 1.0625 from around 1.0655 when I arrived. Aussie struggling a bit as general risk aversion picks up. Talk of “option-related” bids between 1.0620 and 1.0600 now. Sell stops seen below there.

ACB buys EUR/USD and we continue lower Posted: They bought around 1.4660 apparently and we’re a touch lower at 1.4653. There’s progress. Good to see. Risk aversion picking up, NYM light crude oil off about a full buck, gold around session low. Got to think some stops below 1.4640 overnight low. But admittedly I don’t have confirmation of that.

Japan auto association calls on govt’s correction of the yen Posted: See Maria, they ain’t happy. Gotta think they’re a powerful lobby group.

IMF Urges Japan To Triple 5% Sales Tax, BOJ To Ease More Posted: TOKYO (MNI) – The International Monetary Fund on Wednesday urged Japan to raise the 5% sales tax gradually to 15% over 10 years starting next year as part of its fiscal consolidation efforts. IMF Acting Managing Director John Lipsky told reporters that there is broad recognition among the Japanese and Japan’s trading partners that action [...]

Moody’s: Sees ‘certain probability’ of Hungarian downgrade – Bloomberg Posted: A ‘certain probability’ !!!!!!!!!! I give up, I really do.

ACB buys cable off the lows Posted: From 1.6352 we’re back up at 1.6375. I’d wager a few bob it was the Reserve Bank of India……. UPDATE: Dow Jones: Moody’s spokesman – UK downgrade is not our central scenario. Cable touch higher again at 1.6385. Bloody idiots.

Japan ESP Survey: Economists More Optimistic On Econ Outlook Posted: TOKYO (MNI) – Economists turned more optimistic in May about the outlook for Japan’s growth and inflation compared with the previous month, the latest monthly survey by the Cabinet Office’s Economic Planning Association released on Wednesday showed. The association conducted its ESP Forecast Survey between May 25 and June 1. The previous survey was conducted [...]

Moody’s senior analyst: UK could lose AAA rating – MNI Posted: Cable tumbles, presently at 1.6370 having been as low as 1.6361. Senior analyst Sarah Carlson has told MNI that weak growth and fiscal slippage could see the UK lose it’s prized AAA rating. Stops in EUR/GBP we’ve been banging on about through 8950 have been tripped and the cross is presently up at 8970 having [...]

Rpt: Scottish Power Hike Signals Energy To Drive Q3 UK CPI Up Posted: –Repeating Version Transmitted To Wires 1715GMT Tuesday –Analyst Says Energy Hikes Likely To Add 0.5pp – 0.6pp To CPI –Scottish Power Raises Gas Prices 19%; Electricity 10% From August LONDON (MNI) – Scottish Power’s announcement Tuesday that it will hike gas prices by 19% and electricity prices by 10% in August has paved the way [...]

French April trade balance -7.144 bln Posted: Worse than median forecast of -5.9 bln. French budget deficit-61.35 bln end-April versus -56.20 bln a year earlier.

FRANCE DATA: Jan-Apr central govt deficit E61.35 up.. Posted: FRANCE DATA: Jan-Apr central govt deficit E61.35 bln, up E5.15 bln y/y - Deficit boosted by one-off effects, says Budget Ministry - Jan-Apr govt outlays -1.8% y/y; revenues +8.6% y/y

FRANCE DATA: April sa merchandise trade deficit to… Posted: FRANCE DATA: April sa merchandise trade deficit jumped to record high of E7.144 bln from -E5.906 bln in March (revised from -E5.746 bln). –Deficit far bigger than expected; MNI survey median forecast -E5.6 bln –April sa exports -2.0% m/m; sa imports +1.4% m/m

IMF’s Lipsky: Don’t perceive yen level will be a problem for Japan’s future growth Posted: G7 is willing to take action on fx when market conditions appear disorderly

IMF’s Lipsky: Japan has taken appropriate steps including emergency budget to deal with earthquake Posted: Looks forward to Japan economic rebound in coming year Sees uncertainty about recovery in Japan’s power sector, external demand Japan, most other advanced economies, must tackle fiscal consolidation Timely passage of 2nd extra budget by Japan for quake, other related bills would help address downside risks, catalyse private spending Current US monetary policy is consistent [...]

GERMANY DATA: The trade surplus in April fell to a… Posted: GERMANY DATA: The trade surplus in April fell to a lower-than-expected E12.0 billion, as the fall in exports more than doubled that of imports, the Federal Statistical Office reported on Wednesday. – Germany April nsa trade surplus +E10.9bn;March rev +E18.8(+E18.9bn) – Germany April nsa c/a surplus +E8.8bn; March rev +19.6bn(+E19.5bn) – For more information, please [...]

German April trade balance sa 12.0 bln Posted: Below Reuters median forecast of 13.8 bln. Exports -5.5% m/m, imports -2.5% m/m.

Japan senior MOF official: Lipsky tells Noda Japan’s economy to achieve 3% growth in 2012 Posted: Am I missing something here. Shouldn’t Noda already know what Japan’s growth rate is going to be next year Tells Noda not worried about Japan’s economic outlook IMF’s basic stance is that Japan needs to make its fiscal state sustainable