Italy June business confidence falls to 100.5

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• GERMANY DATA: Consumer prices in North-Rhine rose on.
• Italy June business confidence falls to 100.5
• Giant Panda 1 – Rest of The World 0
• UK Analysis: Q1 Current Account Gap Lowest Since Q4 2009
• UK Analysis: Q1 Quarterly GDP Unrevised; Households Squeezed
• UK DATA: Q1 Current account -Stg9.354bn vs in Q4…..
• UK DATA: Q1 GDP Unrevised at +0.5% q/q; revised down.
• UK final Q1 GDP +0.5% (unrevised), +1.6% y/y (revised down from +1.8%)
• Thought this was interesting…..
• Germany: Hesse And Brandenburg June CPI +0.1% M/M
• GERMANY DATA: Consumer prices in Brandenburg rose on.
• Talk China on top EUR/USD
• Germany Finance Agency Cuts Q3 Debt Issuance To E60 Bln
• GERMANY DATA: Hesse June CPI +0.1% m/m, +2.1% y/y;…
• Chinese PM: European difficulties are temporary
• China’s PM: Europe Will Be Able To Master Its Current Crisis
• Merkel: German economy has best prospects for strong growth
• EUR/USD recovers from early dip
• France Expects Lagarde To Be IMF Chief, Readies Successor
• Papaconstantinou:EMU Problems Also An Obstacle For Greece: FT

GERMANY DATA: Consumer prices in North-Rhine rose on. Posted: GERMANY DATA: Consumer prices in North-Rhine Westphalia rose 0.2% on the month in June, resulting in an annual change of +2.5%, the state’s statistical office reported on Tuesday. – NRW June CPI m/m above MNI median for Germany (+0.1) – For more information, please see MNI Mainwire

Italy June business confidence falls to 100.5 Posted: Versus revised 101.1 in May (previous 101.3), weaker than median forecast of 101.0.

Giant Panda 1 – Rest of The World 0 Posted: EUR/USD back below 1.4300, presently at 1.4283. But as we know Brian a lot can happen over the ninety minutes……… It’s not over till the final whistle blows…….. UPDATE: Sell stops noted through 1.4240. Oh eh, who would have thunk it?

UK Analysis: Q1 Current Account Gap Lowest Since Q4 2009 Posted: –UK Q1 Current Account Deficit Stg9.354bn Vs Stg12.956bn Q4 LONDON (MNI) — The UK’s current account deficit narrowed in the first quarter to its lowest level for more than a year, as the visible trade gap fell sharply, figures released by National Statistics showed Tuesday. The current account shortfall narrowed to Stg9.354 billion in Q1 [...]

UK Analysis: Q1 Quarterly GDP Unrevised; Households Squeezed Posted: –Q1 GDP Unrevised at +0.5% q/q; revised down to +1.6% y/y –Q1 GDP median forecast +0.5% q/q; +1.8% y/y –Q1 Household Spending -0.6% q/q; -0.5% y/y; largest q/q fall Q2 09 –Net trade adds 1.4pp to q/q growth largest since 1979 LONDON (MNI) – Quarterly economic growth was unrevised in the first quarter with a [...]

UK DATA: Q1 Current account -Stg9.354bn vs in Q4….. Posted: UK DATA: Q1 Current account -Stg9.354bn vs -Stg12.956bn in Q4 ———————————————————————— The current account deficit narrowed in Q1 but by less than the median forecast for a narrowing to Stg4.3 billion.

UK DATA: Q1 GDP Unrevised at +0.5% q/q; revised down. Posted: UK DATA: Q1 GDP Unrevised at +0.5% q/q; revised down to +1.6% y/y –Q1 GDP median forecast +0.5% q/q; +1.8% y/y –Q1 Household Spending -0.6% q/q; -0.5% y/y; largest q/q fall Q2 09 –Net trade adds 1.4pp to q/q growth largest since 1979 ———————————————————————— Quarterly economic growth was unrevised in the first quarter with a [...]

UK final Q1 GDP +0.5% (unrevised), +1.6% y/y (revised down from +1.8%) Posted: Cable down a quick quarter cent (25 pips) post release. Presently at 1.5958.

Thought this was interesting….. Posted: Just been reading an article on Bloomberg relating to a recent Barclays Capital research note on cable. The bank seem pretty bearish the pairing. The interesting bit was that they see a breach of 1.5820/60 support area opening up a drop to 1.5000. Something to tuck away in the old brainbox. Today cable is seeing little net [...]

Germany: Hesse And Brandenburg June CPI +0.1% M/M Posted: Hesse CPI June: +0.1% m/m, +2.1% y/y May: -0.2% m/m, +2.0% y/y — Brandenburg CPI June: +0.1% m/m, +1.9% y/y May: -0.1% m/m, +1.9% y/y — Pan-German CPI MNI median forecast: +0.1% m/m, +2.3% y/y MNI forecast range: flat to +0.3% m/m May: flat m/m, +2.3% y/y – FRANKFURT (MNI) – Consumer prices in the [...]

GERMANY DATA: Consumer prices in Brandenburg rose on. Posted: GERMANY DATA: Consumer prices in Brandenburg rose 0.1% on the month in June, resulting in an annual change of +1.9%, the state’s statistical office reported on Tuesday. – For more information, please see MNI Mainwire

Talk China on top EUR/USD Posted: No specific levels mentioned. Guess 1.4320-ish. Stops remain through 1.4330 or 1.4335 depending on who you believe. We sit at 1.4308.

Germany Finance Agency Cuts Q3 Debt Issuance To E60 Bln Posted: FRANKFURT (MNI) – The German government has reduced its bond and bill issuance for the third quarter of this year to a combined E60 billion from the previously announced E71 billion in December, the country’s Federal Finance Agency reported on Tuesday. The announcement means that Germany will issue E39 billion in capital market bonds in [...]

GERMANY DATA: Hesse June CPI +0.1% m/m, +2.1% y/y;… Posted: GERMANY DATA: Hesse June CPI +0.1% m/m, +2.1% y/y; May +2.0% y/y Hesse June CPI m/m matches MNI median for Germany (+0.1)

Chinese PM: European difficulties are temporary Posted: Countries involved equipped to overcome challenges

China’s PM: Europe Will Be Able To Master Its Current Crisis Posted: BERLIN (MNI) – Chinese Prime Minister Wen Jiabao believes that Europe will overcome its current crisis, he said in a draft for a speech to be delivered at a German-Chinese conference here on Tuesday. Wen stressed that it is of strategical importance for China and Europe to work together more closely. “Some EU states are [...]

Merkel: German economy has best prospects for strong growth Posted: Wants trade with China to reach volume of 200 bln euros in next 5 years EUR/USD back over 1.4300, presently at 1.4310. Slightly conflicting reports re next batch of buy stops. Hearing through 1.4330 and through 1.4335. Take your pick. What’s 5 pips between friends. Market remains extremely nervy.

EUR/USD recovers from early dip Posted: Sell stops were tripped through 1.4270 on the way to session low in 1.4250′s in early European trade before subsequent recovery. Eastern European names were notable sellers, while model funds reportedly bought into the brief dip and we’re back up at 1.4278. UPDATE: Asian sovereign seen buying around 1.4270.

France Expects Lagarde To Be IMF Chief, Readies Successor Posted: PARIS (MNI) – The French government expects Finance Minister Christine Lagarde to be named managing director of the International Monetary Fund as early as Tuesday and already has a plan in place to replace her, which could be announced as early as Wednesday, France’s daily Le Figaro reported. According to the newspaper, recent comments by [...]

Papaconstantinou:EMU Problems Also An Obstacle For Greece: FT Posted: FRANKFURT (MNI) – “Broader systemic issues” within the Eurozone are the main obstacle to Greece’s access to financial markets next year, former Greek Finance Minister George Papaconstantinou said in the Financial Times. “It is clear that the [Greek] programme design was flawed and had to be subsequently corrected: the interest rate was set too high [...]