Germany Govt Adopts 2012 Budget Bill;Fed’l Net Borrow E27.2Bn

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BERLIN (MNI) – The German government cabinet on Wednesday adopted the 2012 federal budget bill and the medium-term fiscal outlook up to 2015. The 2012 draft budget foresees federal net new borrowing of E27.2 billion. In 2011, federal net new borrowing will likely also be less than E30 billion, a senior finance ministry official said [...]

Middle East sovereign buys EUR/USD

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In recent trade. Not said to be overly large. We’re at 1.4360 from session low 1.4350.

Portuguese 5 year credit default swaps rise 82 bps on day to 850 bps

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Greek 5 year credit default swaps rise 59 bps on day to 1,975 bps Irish 5 year credit default swaps rise 42 bps on day to 780 bps Spanish 5 year credit default swaps rise 21 bps on day to 297 bps Italian 5 year credit default swaps rise 24 bps on day to 220 [...]

Well I never…..

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Thought it was going to be a snooze-fest today, but lo and behold the joint is jumpin. Latest info from the trenches. Talk of more sell stops through 1.4340, but also talk of Asian sovereign bids/buy orders lined up around 1.4330.

EUR/USD extends sell-off, stops tripped

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Stops have been tripped through 1.4380 and we’ve been as low as 1.4360, presently at 1.4370. There have been very vague mutterings of an Irish downgrade. Given yesterday’s multi notch downgrade of Portugal by Moody’s I guess the talk isn’t overly surprising. Personally I’d take the talk with a pinch of salt. Reflective of ongoing periphery [...]

Analysis: ECB To Raise Rates, Focus On Greek Debt Rollover

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By Johanna Treeck FRANKFURT (MNI) – The European Central Bank is set to raise its refi rate to 1.50% on Thursday and President Jean-Claude Trichet will likely keep an overall hawkish tone during his press conference. Journalists are likely to seek clarity on how far the central bank may be willing to go to ensure [...]

Halifax: UK House Prices Rise 1.2% On Month In June

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–June House Prices Up 1.2% m/m; Down 3.5% 3m y/y LONDON (MNI) – UK house prices rebounded in June, rising 1.2% on the month to stand down 3.5% on the year, according to the Halifax house price survey. After the bank holiday impacted April and May, the full working month of June saw a rally [...]

Portuguese/German 10 year govt bond yield spread 865 bps, 40 bps wider

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Spanish/German 10 year govt bond yield spread 262 bps, 13 bps wider Italian/German 10 year govt bond yield spread 210 bps, 10 bps wider No doubt hangover from Moody’s Portuguese downgrade. EUR/USD slips through 1.4400, presently at 1.4397. Earlier had reports of sell stops through 1.4380.

EUR/JPY lower

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Down at 116.40 from around 116.80 when I arrived amid reports of strong selling from CTA’s, apparently bailing out of long possies. This will not be helping EUR/USD any, that pairing down at 1.4415. Periphery bond spreads have widened out again this morning which will be weighing on the single currency.

France FinMin: Next Greek Bailout Probably Ready In September

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PARIS (MNI) – The next bailout plan for Greece should “probably” be ready in September, assuming Athens agrees to “solid measures” to reduce its deficit, notably via privatizations worth E50 billion, France’s new finance minister, Francois Baroin, said Wednesday. The plan will include a “voluntary” rollover of bank loans to the government with a maturity [...]

A few sources have drawn my attention to this

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Here you go Took me a little while to work out the graphs.

Rpt: Survey Table: Analysts’ Forecasts For BOE Bank Rate, QE

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–Median Forecast: First Hike In Bank Rate Q1 2012 –Analysts See 1-in-4 Chance Of More QE This Policy Cycle LONDON (MNI), July 5 – The following table shows analysts’ forecasts for Bank of England Bank Rate and the probability they attach to further quantitative easing. The survey highlights how analysts have pushed back their forecasts [...]

Rpt: Analysts See 1-in-4 Risk More QE From BOE MPC This Cycle

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–Analysts’ Median Forecast For First Rate Hike Pushed Back To Q1 2012 LONDON (MNI) – Members of the Bank of England’s Monetary Policy Committee have floated the idea of further quantitative easing, but analysts see it as an outside bet, attaching only a one-in-four chance to it in this policy cycle in a Market News’ [...]

Cable gives ground early

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Down half a cent from when I sat down, presently at 1.6030. Talk UK clearer with strong Asian ties has been an aggressive seller of the GBP/JPY cross in early European trade. Can probably expect “retail” buy interest on any further dip to 1.5970/85 area (as per yesterdays’ reports) Stops seen through 1.5970.

BIS been sniffing about in EUR/USD

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Said to have been on the bid in recent trade, circa 1.4445/50. Not that we’re any higher mind you, presently at 1.4448.

JAPAN DATA: The revision to Japan’s consumer price…

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JAPAN DATA: The revision to Japan’s consumer price index to be announced next month will produce only a minor shuffle of the basket of goods and services used for calculating the data, and thus the consensus call by economists that it will push down the annual rate of core CPI by around 0.5 percentage point [...]

French FinMin Baroin: France has confidence in Portugal to deal with its debt

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Ahhhh, ain’t that nice. Second Greek rescue package probably to be ready in September EUR/USD sits at 1.4450, effectively unchanged in past couple of hours.

Japan CPI Revision: Details of Changes to CPI Basket

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TOKYO (MNI) – The Japanese Ministry of Internal Affairs and Communications will reveal consumer price index data under a new formula and base year next month, which will feature a minor shuffle of items covered and their weightings aimed at reflecting changing consumer preferences for high-tech items and diversifying lifestyles in a fast-aging society. The [...]