ECB buying Italian bonds

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• EMU DATA: June SA industrial new orders -0.7% m/m,…
• US investment house buys EUR/USD
• Update Ifo:Germany’s Business Morale Drops More Than Expected
• China been buying EUR/USD this morning
• Ifo:Germany’s August Business Morale Drops More Than Expected
• ECB buying Italian bonds
• Ifo’s Abberger: Strong fall in expectations is in all sectors of economy
• German Ifo business climate 108.7 in August
• Rumour Ifo 109
• Stops seen through 1.4385 in EUR/USD
• EUR/USD sits at 1.4407
• Time to sell AUD, NZD again – Morgan Stanley
• Spain’s EconMin: Will reach deficit of less than 3% at end of 2013
• Germany FinMin Seeks To Limit Parliamnt Control Of EFSF:Press
• Japan Crafts New Fund To Sell Yen But Quick Effects Doubted
• Moody’s: Future ratings actions on Japan could be either on upside or downside
• Katainen says Greek collateral talks continue – Kauppalehti
• Japan Avg Gasoline Price Posts 2nd Weekly Drop; +11.6% Y/Y
• Bank of Canada’s Macklem: G20 has fallen short in correcting global imbalances – Dow Jones
• European stocks seen opening firmer

EMU DATA: June SA industrial new orders -0.7% m/m,… Posted: EMU DATA: June SA industrial new orders -0.7% m/m, +11.1% y/y –EMU June industrial orders m/m below MNI median fcast (+0.4%) –EMU May industrial orders unrevised m/m +3.6% –EMU June orders ex-ships/rail/aerospace -3.0% m/m, +7.9% y/y –EMU 2Q industrial orders +2.7% Q/Q; 1Q +3.9%; 4Q +2.2% –EMU June orders 3m Aug (Apr-Jun:Mar-May) +0.9% after May [...]

US investment house buys EUR/USD Posted: In recent trade. We’re up at 1.4465.

Update Ifo:Germany’s Business Morale Drops More Than Expected Posted: –Adds Sectoral Details, Historical Comparison Aug MNI analysts survey Jul Jun median range ———————————————————————– Business sentiment: 108.7 110.9 109.5 – 111.5 112.9 114.5 Current conditions 118.1 119.6 118.9 – 120.0 121.4 123.3 Six-month outlook: 100.1 102.5 100.0 – 104.0 105.0 106.2 – FRANKFURT (MNI) – Germany’s business climate continued to deteriorate more than expected in [...]

China been buying EUR/USD this morning Posted: Don’t have exact levels unfortunately. Sounds like 1.4410/20 area. Bank of Korea was also a buyer into the post Ifo dip having sold earlier up around 1.4430. Sounds like sovereigns still playing the ranges to me. UPDATE: Sell orders clustered 1.4450/60. Stops through 1.4475. In fact source says “interesting” seller up at 1.4450. That counts me [...]

Ifo:Germany’s August Business Morale Drops More Than Expected Posted: Aug MNI analysts survey Jul Jun median range ———————————————————————– Business sentiment: 108.7 110.9 109.5 – 111.5 112.9 114.5 Current conditions 118.1 119.6 118.9 – 120.0 121.4 123.3 Six-month outlook: 100.1 102.5 100.0 – 104.0 105.0 106.2 – FRANKFURT (MNI) – Germany’s business climate continued to deteriorate more than expected in August, the Ifo institute said [...]

ECB buying Italian bonds Posted: Who would have thunk it News will be lending EUR/USD modicum of support in range bound market, presently up at 1.4440. Guess 1.4500 barrier interest still in situe.

Ifo’s Abberger: Strong fall in expectations is in all sectors of economy Posted: Would not yet talk of recession, but economy slowing down very significantly Stock market turbulences are making consumers nervous and causing uncertainty for firms US economic cool-down and debt problems in Europe and US are main reasons for worse economic outlook Situation with interest rates is very fragile, ECB must take a break in hiking [...]

German Ifo business climate 108.7 in August Posted: 109.0 rumour on the money. Slightly worse than median forecast of 111.0. Current conditions 118.1, slightly below median forecast of 120.0. Expectations 100.1, below median forecast of 103.0

Rumour Ifo 109 Posted: Take it for what you will.

Stops seen through 1.4385 in EUR/USD Posted: Makes sense I guess given the Asian low. EUR/USD sits a 1.4404, 3 pips easier since my last comment.

EUR/USD sits at 1.4407 Posted: To the pip where it was around 3 hours ago when I parked my bum. Ya having fun yet? I’m finding myself increasingly looking out the window at the house opposite. It’s the most delightful small cottage and it’s up for sale. Having sold my last house 4/5 years ago and rented since, I [...]

Time to sell AUD, NZD again – Morgan Stanley Posted: Dow Jones reporting that US investment bank Morgan Stanley are opining it’s time to sell AUD and NZD again. They advise placing stops above 1.0600 and .8420 respectively. The bank says “as equity markets roll-over, we will see high-beta currencies coming under selling pressure. Within the G10 AUD and NZD fall into the high-beta category.” AUD/USD [...]

Spain’s EconMin: Will reach deficit of less than 3% at end of 2013 Posted: Not reasonable to put a figure on debt limit enshrined in constitution There will be no new wealth tax announced on Friday

Germany FinMin Seeks To Limit Parliamnt Control Of EFSF:Press Posted: FRANKFURT (MNI) – Germany’s Finance Minister Wolfgang Schaeuble wants to limit parliamentary control over the European bailout fund, the EFSF, the business daily Handelsblatt reported Wednesday, citing a draft proposal by the minister. According to the report, Schaeuble will call on the Bundestag to delegate authority over future use of the fund’s new instruments. The [...]

Japan Crafts New Fund To Sell Yen But Quick Effects Doubted Posted: By Yasuhiko Seki TOKYO (MNI) – Tokyo has quickly put together a package to counter a harmful rise of the yen, just a few days after the Japanese currency hit a fresh record high versus the dollar, but some analysts question whether it could reverse the forex market trend. The government will launch a $100 [...]

Moody’s: Future ratings actions on Japan could be either on upside or downside Posted: Japan’s current account surplus, net overseas investment position is buffer against financial turbulance

Katainen says Greek collateral talks continue – Kauppalehti Posted: Finnish PM says talks over collateral in the Greek bail-out continue. Finland doesn’t seek to harm euro area stability or other member countries. PM hasn’t yet held talks with Angela Merkel, who yesterday rejected the collateral deal.

Japan Avg Gasoline Price Posts 2nd Weekly Drop; +11.6% Y/Y Posted: TOKYO (MNI) – The average price of regular gasoline in Japan this week stood at Y149.1 ($1.94) per liter, or $7.37 per gallon, down from Y150.2 last week, posting the second straight weekly drop, while maintaining a rise from a year earlier, data released by the Oil Information Center showed on Wednesday. The average price [...]

Bank of Canada’s Macklem: G20 has fallen short in correcting global imbalances – Dow Jones Posted: China’s slow forex adjustment fuels inflation, holds back US recovery Fixed currencies, capital controls risk thwarting forex adjustment Pursuing “measureable commitments” to reduce forex reserve accumulation Global economic momentum “somewhat” weaker, risks elevated Must accelerate progress on G20 growth framework Delays in policies to safeguard growth ups likelihood of calamity Don’t need more curbs on [...]

European stocks seen opening firmer Posted: Financial bookmakers see FTSE up around 0.8%, DAX up around 1.1%, CAC 4O up around 1.1%. EUR/USD has traded a touch easier in Asian, presently down at 1.4410 from a North American close Tuesday up around 1.4435. We remain however ostensibly narrow rangebound. Euro zone data due this morning: 08:00 GMT: German Ifo business climate for [...]