Steps taken by China to tighten monetary policy

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• UK Data: April Trade Deficit Narrows As Consumer Imports Fall
• UK DATA: Data from ONS………………………….
• IMF: Steps taken by China to tighten monetary policy, normalize credit growth and withdraw stimulus “fully appropriate”
• UK April visible trade -7.389 bln
• China Foreign Ministry Hopes US Improves Its Fiscal Situation
• Fitch: Spanish regions need continued effort to meet deficit targets
• Fed’s Plosser: ‘Dangerous’ If Try To Use Mon Pol As Cure-All
• Fed’s Plosser: Current economic weakness a soft patch, expect growth to pick up in second half
• Fed’s Plosser: High Hurdle For Further QE, Recovery Sluggish
• For all the looneys who trade the loonie
• China ForMin: Hopes US can adopt effective measures to maintain fiscal stability
• Rumour BIS selling EUR/USD
• Analysis: Bank of France Survey Points To Weaker Growth Ahead
• German Wiseman Lars Feld says Greek debt restructuring is just a matter of when and how – TV
• Fed’s Plosser Says High Hurdle For Further QE
• Cable touch higher in early trade
• Fed’s Plosser: Hurdle very high for further QE
• JAPAN DATA: Orders for Japanese machine tools Y108.2.
• Bank of France business sentiment 103 in May
• Germany Green Party: ECB must accept Greek restructuring

UK Data: April Trade Deficit Narrows As Consumer Imports Fall Posted: –UK Apr Global Goods Trade Deficit Stg7.389bn vs Stg7.708bn Mar –UK Apr Non-EU Goods Trade Deficit Stg4.339bn vs Stg4.495bn Mar –UK Apr Total Trade Deficit Stg2.762bn vs Stg2.793bn Mar –UK Apr Global Trade Gap Ex-oil/erratics Stg6.983b vs Stg7.209bn Mar –UK Apr EU-27 Trade Deficit Stg3.05bn vs Stg3.213bn Mar LONDON (MNI) – The UK’s goods trade [...]

UK DATA: Data from ONS…………………………. Posted: UK DATA: Data from ONS – UK APR GLOBAL GOODS TRADE DEFICIT STG7.389B VS STG7.708B MAR – UK APR NON-EU GOODS TRADE DEFICIT STG4.339BN VS STG4.495BN MAR – UK APR TOTAL TRADE DEFICIT STG2.762BN VS STG2.793BN MAR

IMF: Steps taken by China to tighten monetary policy, normalize credit growth and withdraw stimulus “fully appropriate” Posted: Steps to cool rise in real estate prices having desired impact, but still a “propensity for property bubbles” Expects China’s current account surplus to begin to rise this year

UK April visible trade -7.389 bln Posted: Slightly better than median forecast of -7.55 bln. Non EU -4.339 bln compared to median forecast of -4.28 bln

China Foreign Ministry Hopes US Improves Its Fiscal Situation Posted: BEIJING (MNI) – China hopes that the United States will take measures to improve its fiscal stance, which would be helpful not only to its own economy but the world economy, as well, the Chinese Foreign Ministry spokesman Hong Lei said at a regular briefing Thursday. Hong was responding to a question about the suggestion [...]

Fitch: Spanish regions need continued effort to meet deficit targets Posted: Yes they do.

Fed’s Plosser: ‘Dangerous’ If Try To Use Mon Pol As Cure-All Posted: –Must Be Willing To Act To Keep Infl Expectations Stable, Protect Cred By Brai Odion-Esene WASHINGTON (MNI) – Echoing the words of Federal Reserve Chairman Ben Bernanke and his other colleagues on the Federal Open Market Committee, Philadelphia Fed President Charles Plosser Thursday warned that monetary policy cannot be expected to be a panacea for [...]

Fed’s Plosser: Current economic weakness a soft patch, expect growth to pick up in second half Posted: Drama in Congress over debt and spending an area of uncertainty for economy Expect moderate but above trend growth for remainder of year Expect modest declines in jobless rate as economy strengthens He be a monetary hawk, he be…… EUR/USD back down at 1.4625. Ho hum. Bring on Jean Claude!!!!!!

Fed’s Plosser: High Hurdle For Further QE, Recovery Sluggish Posted: LONDON (MNI) – The hurdle for any further quantitative easing in the US is set very high, Charles Plosser, president of the Philadelphia Federal Reserve said Thursday. Speaking on BBC Radio 4, Plosser was pressed on the possibility that the Fed might do more QE, “I think the hurdle is very high,” he responded. Plosser [...]

For all the looneys who trade the loonie Posted: Is that politically correct? Probably not, but I’m way past caring. Anyways, Asian sovereign has been selling USD/CAD in recent trade. The pair is down at .9785 from .9797 when I parked my bum.

China ForMin: Hopes US can adopt effective measures to maintain fiscal stability Posted: UPDATE: Please note headline above has been amended. Someone at the newswire ommitted the word “hopes” Roll on home time…….. I’m not in the mood for this today.

Rumour BIS selling EUR/USD Posted: 1.4640+ We’re at 1.4636. Note at the present time this is only a rumour, not the usual confirmed sighting. Reports sell orders clustered 1.4650/60, stops just above there.

Analysis: Bank of France Survey Points To Weaker Growth Ahead Posted: PARIS (MNI) – French services activity is likely to lose steam in the near term and industry should contract slightly, the Bank of France said Thursday, citing the results of its monthly business survey. The central bank revised down its projection for GDP growth in 2Q to show a marked slowdown to 0.4% from the [...]

German Wiseman Lars Feld says Greek debt restructuring is just a matter of when and how – TV Posted: See that’s why they call him “wise.” He cuts through all the bull. Extension of Greek debt maturities is probably not enough to solve Greek debt problem Greek restructuring will cost the German budget several billion euros in coming years Doesn’t seem to be hurting the euro any, EUR/USD advancing to session high 1.4639 at [...]

Fed’s Plosser Says High Hurdle For Further QE Posted: LONDON (MNI) – The hurdle for any further quantitative easing in the United States is set very high, Charles Plosser, President of the Philadelphia Federal Reserve said Thursday. Speaking on BBC Radio, Plosser said, “I think the hurdle is very high” for any further QE in the US. –London Bureau; Tel: +442076341655; email: ukeditorial@marketnews.com [TOPICS: [...]

Cable touch higher in early trade Posted: Model funds have been seen selling the EUR/GBP cross in early trade (down at .8895 from around .8905 when I arrived) which will be helping lend cable some support. We’re presently at 1.6435.

Fed’s Plosser: Hurdle very high for further QE Posted: Mexico City 1968, David Hemery winning an Olympic gold medal for Great Britain in the 400 m hurdles. Funny what memories one word can bring back. Remember it as though it were only yesterday……. Where did all the time go?

JAPAN DATA: Orders for Japanese machine tools Y108.2. Posted: JAPAN DATA: Orders for Japanese machine tools totaled Y108.2 billion in May, up 34.2% on year, compared with a revised +32.3% in April, data released by Japan Machine Tool Builders’ Association show. An association official said orders for machine tools have been “steady,” adding that the negative impact of the March 11 earthquake disaster on [...]

Bank of France business sentiment 103 in May Posted: Down from revised 106 in April (prev 107), and weaker than median forecast of 106. Bank trims its forecast for French Q2 GDP to 0.4% from previous 0.5%.

Germany Green Party: ECB must accept Greek restructuring Posted: Gerhard Schick, a financial policy expert representing the Green party, has told German daily Handlesblatt that the ECB must accept the reality of a Greek debt restructuring. The official opined that the banks’ strategy of ‘keep at it’ is hardly convincing. Schick also feels that Schaeuble’s proposal to extend the maturities on Greek debt by seven [...]