Greek jitters still running high

---

• US’s Geithner: ‘No Alternative’ To Budget Agreement By Aug 2
• ForexLive US wrap: Greek jitters still running high
• CFTC looking into oil price action ahead of IEA release
• Greek FM: Spending cuts a priority
• Greek FinMin: Greek negotiating position stronger in Euro
• New session lows for everything…
• US Budget Recap: Obama, Biden To Begin New Budget Talks Monday
• Tax-cheat repeats call for tax hikes
• European bank index holds support at the close
• 1.4200/05 sellers cap the bounce
• Obama to meet with Senate leaders on deficit on Monday
• Merkel: Supporters of Greek debt haircut must consider the side effects
• Fed Text: Release Of June 21-22 FOMC Mins Moved To July 12
• ECB Stark: Next Greek Bailout Is Final Chance For Country
• US DATA: FOMC will release June 21-22 meeting on 12,.
• ECB’s Stark: Last chance for Greece
• Cable approaching 1.5960 again
• Analysts Slam IEA Oil Release As ‘Risky’; Short-Term Fix
• BOC’s Carney: Policy may need to remain stimulative to close output gap
• EUR/USD back in the sovereigns buy-zone

US’s Geithner: ‘No Alternative’ To Budget Agreement By Aug 2 Posted: By Ian McKendry WASHINGTON (MNI) – U.S. Treasury Secretary Timothy Geithner Friday said there is “no alternative to a deal” on raising the debt ceiling before the August 2 deadline, adding that the U.S. needs to bring the federal deficit down to around 3% of GDP and keep it there. The U.S. needs to address [...]

ForexLive US wrap: Greek jitters still running high Posted: US durable goods orders rise 1.9% in May; firmer than expected; April orders revised up US Q1 GDP up 1.9% (final) Italian and Spanish debt spreads over Germany close at 2011 highs on Greek jitters Greek PM: Certain to get funding so long as Parliament approves medium-term austerity and second Troika package BOC’s Carney: Canadian [...]

CFTC looking into oil price action ahead of IEA release Posted: Crude got crushed about an hour before the announcement and we had rumors of a stocks release well before it was made official. The CFTC suspects a leak, those clever devils…

Greek FM: Spending cuts a priority Posted: Fiscal measures aren’t balanced now Greece will need measures for growth Reforms must be implemented in orderly fashion

Greek FinMin: Greek negotiating position stronger in Euro Posted: Damn right. No one would lend you a dime if you were out… Greece should remain in Eurozone, Venizelos says. Long term debt sustainability is key issue now Private investors should contribute to debt plan Selling EUR weakness: Not a good idea. EUR/USD 1.4195 from 1.4141 lows…

New session lows for everything… Posted: EUR/USD, S&P, yields (10-yr note at 2.87%). Oil is only about a quarter above yesterday’s lows a few cents above $90.00. EUR/CHF continues to slide as investors look for safety. Finding none in gold, Swissy is it. Now at 1.1842.

US Budget Recap: Obama, Biden To Begin New Budget Talks Monday Posted: –Obama and Biden To Meet Separately With Sens. Reid, McConnell Monday –House Speaker Boehner Says Debt Bill W/Tax Hikes Would Fail In House –Biden Says ‘Next Phase’ of Budget Talks Shift To Obama, Hill Leaders –Senate Budget Panel Chairman Explores ‘Another Way’ on Budget By John Shaw WASHINGTON (MNI) – After the only two Republican [...]

Tax-cheat repeats call for tax hikes Posted: Debt deal will “absolutely” be reached Debt deal needs modest changes to revenues Release of oil reserves will create modest help and relief to US economy

European bank index holds support at the close Posted: By the skin of its teeth. Worth keeping an eye on next week.

1.4200/05 sellers cap the bounce Posted: EUR/USD a shade easier, now at 1.4187.

Obama to meet with Senate leaders on deficit on Monday Posted: Seeking common ground on a “balanced approach” to deficit reduction He will find none. Republicans have no interest in touching taxes until spending is cut dramatically. Democrats are in the unusual position of seeming tax hikes and stimulus at the same time…Riddle me that one.

Merkel: Supporters of Greek debt haircut must consider the side effects Posted: Like German banks taking big losses, eh Angie? We do not have the right tools to be able to control the side effects of a haircut on Greek debt It is in Europe’s common interest to give Greece more time to return to a reasonable financial path

Fed Text: Release Of June 21-22 FOMC Mins Moved To July 12 Posted: WASHINGTON (MNI) – The following is a statement by the Federal Reserve Friday: The minutes of the Federal Open Market Committee (FOMC) meeting of June 21-22, 2011, will be released at 2 p.m. EDT on Tuesday, July 12, 2011, a day earlier than usual. The release date was rescheduled in light of the timing of [...]

ECB Stark: Next Greek Bailout Is Final Chance For Country Posted: FRANKFURT (MNI) – The next Greek bailout program will be the last one, European Central Bank Executive Board member Juergen Stark said in an interview with German daily Frankfurter Allgemeine Zeitung on Friday. “Support programs must not continue indefinitely. With the [new] program Greece is getting a chance, a final chance,” Stark told the newspaper. [...]

US DATA: FOMC will release June 21-22 meeting on 12,. Posted: US DATA: FOMC will release June 21-22 meeting minutes on July 12, 2011. Prev had scheduled this release for Jul 13 – when Bernanke gives Congressional mon-policy testimony.

ECB’s Stark: Last chance for Greece Posted: Aid program gives Greece last chance ECB could not accept Greek bonds as collateral with credit events for CDS or rating cut to “selective default” or lower

Cable approaching 1.5960 again Posted: Where Gerry earlier reported bids related to Monday’s HSBC dividend payment..1.5940 was yesterday’s nadir for cable before it pulled out of its dive. Still seems like a sell-the-rallies mode for the proud pound.

Analysts Slam IEA Oil Release As ‘Risky’; Short-Term Fix Posted: –API Economist: Obama Admin Action ‘Purely Political’ –Deutsche Bank: IEA Stock Draw ‘A Short-Term Fix’ By Brai Odion-Esene WASHINGTON (MNI) – Analysts describe the decision by the world’s major oil consumers to release 60 million barrels of oil into market as “risky,” and say it is just a short-term solution for a market that is [...]

BOC’s Carney: Policy may need to remain stimulative to close output gap Posted: Translation: No BOC rate hike soon. Details in a WSJ article. USD/CAD firmer, at 0.9845.

EUR/USD back in the sovereigns buy-zone Posted: Beware getting bear-ed on weakness in EUR/USD…Just when it looks the darkest a force from the East seems to come in to support the pair. They were buyers at 1.4150 and below yesterday and perhaps around 1.4200 today. One positive comment from Chinese premier Wen and we’ll be scrambling to cover shorts, again. Equities are [...]