Middle Eastern sovereign sells EUR/USD

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• EMU DATA: Industrial orders in the Eurozone fell by..
• UK Treasury: Government Making Headway On Cutting Deficit
• Middle Eastern sovereign sells EUR/USD……..again
• Germany Source:EMU Debt Crisis Not Focus Of G8 Summit This Wk
• Update: Ifo: Germany’s Business Morale Stabilizes In May
• UK April PSNB 7.713 bln
• Greek 5 year credit default swaps rise to 1,435 bps, up 22 bps on day
• Ifo’s Abberger: German economy continues to perform well despite international risks
• UK Data: Apr Public Sector Borrowing Hits Record High
• UK DATA: Apr PSNB-X Stg9.954bn vs Stg7.25bn in Apr…
• Ifo: Germany’s Business Morale Stabilizes In May
• EUR/USD firmer post Ifo
• ECB’s Noyer: Greek debt restructuring would equate to default, Greece would gain nothing
• Germany Seeks Bids On E5 Bn Top Up Of Jul 2021 Bund May 25
• Ifo German business climate index 114.2 in May
• BOE’s Fisher: Nervous And Worried Over Consumer Consumption
• We have an little treat in store for you today
• ACB sells cable
• Who wants to hear a rumour…….
• Middle Eastern sovereign sells EUR/USD

EMU DATA: Industrial orders in the Eurozone fell by.. Posted: EMU DATA: Industrial orders in the Eurozone fell by an expected 1.8% on the month in March, though was up 14.1% on the year, Eurostat reported on Tuesday. – EMU March industry orders m/m matches MNI median fcast – EMU February industry orders rev down +0.5% m/m (+0.9%) – EMU March orders ex-ships/rail/aerospace -1.1% m/m, [...]

UK Treasury: Government Making Headway On Cutting Deficit Posted: LONDON (MNI) – The UK Treasury insisted today that the UK government’s deficit reduction strategy is working despite National Statistics’ data showing net borrowing rose to its highest ever level for an April, as spending growth picked up significantly. “One-off factors affected borrowing this month, but it is clear from the downward revision to last [...]

Middle Eastern sovereign sells EUR/USD……..again Posted: We’re down at 1.4075 from session high 1.4103. Quite a persistent bugger.

Germany Source:EMU Debt Crisis Not Focus Of G8 Summit This Wk Posted: BERLIN (MNI) – The sovereign debt crisis in the Eurozone won’t be the focus of the G8 summit in the French seaside town of Deauville later this week, a senior German government official said Tuesday. “The clear focus will be on the developments in Northern Africa,” the source said. Some of the G8 leaders “might [...]

Update: Ifo: Germany’s Business Morale Stabilizes In May Posted: – adds detail on sector breakdown May MNI analysts survey Apr Mar median range ———————————————————————— Business sentiment: 114.2 113.8 113.3 – 114.2 114.2 115.0 Current conditions 121.4 121.0 120.6 – 121.7 121.0 121.0 Six-month outlook: 107.4 105.6 105.0 – 106.0 107.7 109.2 – FRANKFURT (MNI) – Optimism among German firms stabilized in May after two [...]

UK April PSNB 7.713 bln Posted: Worse than Reuters’ median forecast of 5.35 bln. Worst April reading on record. Deep joy. Treasury says UK public finances hit by one-off factors, government making headway on cutting deficit. Phew, one-off factors, that’s OK then

Greek 5 year credit default swaps rise to 1,435 bps, up 22 bps on day Posted: Same as it ever was.

Ifo’s Abberger: German economy continues to perform well despite international risks Posted: Export expectations for German firms still positive, slightly improved in May Strong euro volatility is a problem for German firms, makes it more expensive to hedge Expects further interest rate hikes by ECB, but this is not a problem for Germany

UK Data: Apr Public Sector Borrowing Hits Record High Posted: –Apr PSNB-X Stg9.954bn vs Stg7.25bn in Apr 10 –Apr PSNCR Stg3.259bn vs -Stg5.834bn in Apr 10 –Apr Current Budget -Stg8.388bn vs -Stg5.58bn in Apr 10 LONDON (MNI) – UK public sector net borrowing rose to its highest level for an April on record as spending growth picked up significantly, according to figures released by National [...]

UK DATA: Apr PSNB-X Stg9.954bn vs Stg7.25bn in Apr… Posted: UK DATA: Apr PSNB-X Stg9.954bn vs Stg7.25bn in Apr 10 –Apr PSNCR Stg3.259bn vs -Stg5.834bn in Apr 10 –Apr Current Budget-X -Stg8.388bn vs -Stg5.58bn in Apr 10 ———————————————————————— Public Sector Net Borrowing ex fin. interventions hit its highest level for an April on record rising to Stg9.9bn from Stg7.3bn in Apr 10, above the median [...]

Ifo: Germany’s Business Morale Stabilizes In May Posted: May MNI analysts survey Apr Mar median range ———————————————————————— Business sentiment: 114.2 113.8 113.3 – 114.2 114.2 115.0 Current conditions 121.4 121.0 120.6 – 121.7 121.0 121.0 Six-month outlook: 107.4 105.6 105.0 – 106.0 107.7 109.2 – FRANKFURT (MNI) – Optimism among German firms stabilized in May after two months of declines, as a further [...]

EUR/USD firmer post Ifo Posted: Been as high as 1.4096 so far. Real money reportedly bought a chunk at 1.4084. I’ve finally got some joy on where the buy stops gathering. Apparently they’re through 1.4110. Who would have thunk it?

ECB’s Noyer: Greek debt restructuring would equate to default, Greece would gain nothing Posted: Greek default or exit from euro would be “horror scenario” Extending Greek debt maturities would pose complicated legal questions, could be read as default A restructuring would cut Greece off from markets, ECB financing: “No one would want to finance Greece” Restructuring would make Greek debt unacceptable as collateral for central banks If Greece goes [...]

Germany Seeks Bids On E5 Bn Top Up Of Jul 2021 Bund May 25 Posted: FRANKFURT (MNI) – The German federal government called for bids Tuesday on its E5 billion top-up of the 3.25%-coupon July 2021, 10-year bund, the Bundesbank announced Tuesday. Bids for the top-up are due by 9:00 GMT Wednesday, May 25, with results of the allocation to be announced shortly thereafter. The top-up tranche will settle on [...]

Ifo German business climate index 114.2 in May Posted: Unchanged from reweighted 114.2 in April. Better than median forecast of 113.7. So much for bloody rumours. EUR/USD up at 1.4085.

BOE’s Fisher: Nervous And Worried Over Consumer Consumption Posted: LONDON (MNI) – Paul Fisher, Executive Director, Markets and Monetary Policy Committee member at the Bank of England has said that he is extremely “nervous and worried” about consumer consumption, according to an interview in the Scotsman newspaper. “There was no real growth in consumption in 2010 at all,” Fisher said in an interview published [...]

We have an little treat in store for you today Posted: One hour less of me and an extra hour of The Maestro. That’s if numbnuts can drag himself out of bed.

ACB sells cable Posted: Above 1.6130 in recent trade. We’re at 1.6118 from session high 1.6140.

Who wants to hear a rumour……. Posted: I’m beginning to really hate rumours, but I know some out there are partial to a bit of gossip. Talk in the market Ifo is going to come in weaker than expected. No specific level/s mentioned. Take it for what you will, but the talk is out there. Who knows……. UPDATE: I’ve decided; if it comes [...]

Middle Eastern sovereign sells EUR/USD Posted: Above 1.4080. Having been to 1.4087 we’re back down at 1.4070 at writing. Lots of sovereign interest around this morning to add a touch of spice to proceedings.