ForexLive European Wrap


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It’s your lucky day!!!

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You get an extra hour of Jamie and an hour less of me. He’ll be here in about half an hour.

Explosion at UN building in Nigerian capital Abuja –

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UN say blast was a bomb

European Commission: Premature to speculate on outcome of talks with private sector on final participation in Greek bailout

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We have no reason to think private sector participation will be far from target figure of 90%

Swissy scuttlebutt: Unconfirmed reports of possible additional measures from SNB to counter CHF strength

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Talk of a SNB letter received by banks warning of a levy called ‘excess balance fee’ if there is a continuation of net inflow of CHF. Oh eh.

ForexLive European Wrap: Waiting for Gentle Ben

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Greek FinMin: Finnish issue obstacle to new EFSF role Finland abandons Greek collateral deal under German pressure - Media report (but not so quick) Senior Finnish govt source: Collateral remains “absolute precondition” for Finnish participation in second Greek bailout German CDU parliamentary leader: He is confident coalition will have broad majority for EFSF rescue. All [...]

Swiss KOF leading growth indicator 1.61 in August

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Lower than median forecast of 1.82. July revised down to 1.98 from initial 2.04. Swissy weaker post release, EUR/CHF up at session high 1.1471.

I’m going to take advantage…..

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Of these comatose markets and pop away for 15 minutes or so. Hope that’s not a trigger for the shit to hit the fan. Back soon. UPDATE: I’m back. 15 mins on the dot. The monotony continues.

French FinMin: France able to keep increasing employment

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Bully for you!! French industrial confidence is rebounding (mon dieu!!) France, Germany cooperation is solid, committed to euro

Update: UK Q2 GDP Unrevised As Services Offsets IOP Fall

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–Adds Detail To Version Transmitted At 0830 GMT –UK Q2 Chain GDP unrevised 0.2% q/q; up 0.7% y/y –UK Q2 Ind. production down 1.6% q/q; manufacturing down 0.5% –UK Q2 Services output up 0.5% q/q; up 1.2% y/y LONDON (MNI) – The UK economy expanded by an unrevised 0.2% on the quarter in the second [...]

Analysis: Q2 GDP Unrevised With Services Offsetting IOP Fall

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–UK Q2 Chain GDP unrevised 0.2% q/q; up 0.7% y/y –UK Q2 Ind. production down 1.6% q/q; manufacturing down 0.5% –UK Q2 Services output up 0.5% q/q; up 1.2% y/y LONDON (MNI) – The UK economy expanded by an unrevised 0.2% on the quarter in the second quarter, with revisions to the industrial production and [...]

UK DATA: Q2 GDP Unrevised With Services Offsetting…

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UK DATA: Q2 GDP Unrevised With Services Offsetting IOP Fall –UK Q2 Chain GDP unrevised 0.2% q/q; up 0.7% y/y –UK Q2 Ind. production down 1.6% q/q; manufacturing down 0.5% –UK Q2 Services output up 0.5% q/q; up 1.2% y/y ———————————————————————— The UK economy expanded by an unrevised 0.2% on the quarter in the second [...]

EMU July M3 Growth, Private Sector Loans Weaker Than Expected

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July sa M3: +2.0% y/y M3 sa 3-mo avg: +2.1% y/y SA private loans: +2.4% y/y MNI survey median: July sa M3: +2.2% y/y M3 sa 3-mo avg: +2.2% y/y SA private loans: +2.5% y/y MNI survey range: July sa M3: +2.0% to +2.3% y/y M3 sa 3-mo avg: +2.2% to +2.3% y/y June sa [...]

Hot off the presses!!!

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Well maybe a slight exaggeration… You know I told you there were sell stops below 76.90 in USD/JPY. Well get this; now being told an Asian central bank has buy interest lined up (staggered) from 76.90 down to 76.75. Who do we think it is? I wonder if it’s our furry, bamboo-munching friend?

UK Q2 GDP unrevised at +0.2% q/q, +0.7% y/y

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As expected.

Collateral remains “absolute precondition” for Finnish particiaption in second Greek bailout – Senior Finnish govt source

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I wondered how long it would take them to respond after I put the story up. It’s really amazing, all the governments of the world read ForexLive…….

Talk ECB buying bonds

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What flavour?, dont know, don’t care. EUR/USD soars 8 pips on the Finnish, ECB news……. ;) Time for some toast!! You can never have too much toast, is what I say. UPDATE: I’ve topped the granary toast with plump vine-ripened tomatoes sprinkled with black ground pepper. Luvverly

Finland abandons Greek collateral deal under German pressure

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Here ya go

Euro zone July M3 annual growth 2.0%

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Versus Reuters’ median forecast of 2.2% M3 moving average May-July 2.1% vs 2.0% April-June. July annual growth loans to private sector 2.4%, slightly below Reuters’ median poll of 2.5%. Does anyone care one iota? I’d hazard a guess not……..

Greek FinMin: Finnish issue obstacle to new EFSF role

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‘Serious, delicate’ legal issues to collateral issue Catalyst for Greece is primary surpluses Primary surplus protects Greece No problem with Greece in euro Greece deposits completely guaranteed Clear signs of deposits returning to Greece

European stocks give ground

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FTSE down -0.9%, DAX down -1.1%, CAC 40 down -0.8% NYM light crude off half a buck. Forex………quiet so far EUR/USD steady at 1.4430, seemingly not unnerved by stock slippage, so far at least.

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