Spanish April calendar-adjusted industrial production -1.6% y/y # EUR/USD ticks higher

For the misguided who trade EUR/CHF

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Being told some light stops through 1.2260. We’re presently at 1.2246 having been as high as 1.2252 so far.

Analysis: EMU PPI Saw Energy-Fueled Acceleration In April

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April preliminary: +0.9% m/m, +6.7% y/y MNI survey median: +0.8% m/m, +6.6% y/y MNI survey range: +0.5% to +1.1% m/m March revision: +0.8% m/m, +6.8% y/y (+0.7%, +6.7%) – FRANKFURT (MNI) – Producer prices in the Eurozone rose slightly more than generally expected in April, with all major components led by energy showing further gains, [...]

USD/CHF,EUR/CHF: Buyers

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Reports of steady buying in both pairs this morning in a short squeeze, which has taken the cross to a session high of 1.2255. Talk now of stops postioned on a break of 1.2260

Euro zone April producer prices +0.9% m/m, +6.7% y/y

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Marginally firmer than median forecasts +0.8%, +6.6% respectively.

ECB’s Constancio: Several possible ways of involving private sector in Greek assistance

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Important thing for ECB is that this doesn’t involve haircuts or partial default ECB always been more open to private sector involvement in Greek debt help, if no credit event involved

Euro zone sentix index falls to 3.5 in June from 10.9 in May

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Much weaker than median forecast of 8.6.

ECB Noyer: To Act Forcefully To Defend EMU Price Stability

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HELSINKI (MNI) – The European Central Bank will take forceful action if needed to meet its medium-term inflation objective, ECB Governing Council member Christian Noyer said Monday. “As for the European system of central banks, I can assure you that we stand ready to act as forcefully as necessary to ensure price stability and preserve [...]

ECB’s Constancio: Reforms proposed so far to improve euro zone governance are not yet sufficient

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Reforms for better euro zone governance must be more ambitious Yer, nothing like being ambitious. So I’ve been told. Can’t be doing with it meself….. EUR/USD back down at 1.4620 having run in to decent selling out of Eastern Europe. NYM light crude off a buck. Guess that will be weighing a little on EUR/USD.

UK Osborne: Deficit Reduction Plan Has Built In Flexibility

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LONDON (MNI) – UK Chancellor of the Exchequer George Osborne has dismissed warnings that the British economy is too weak to withstand the government’s deficit reduction plan in its current form. In an interview with the BBC’s Today program, Osborne said that tighter fiscal policy will give the Bank of England more room to maneuver [...]

Fed’s Plosser:’It Is Reasonable’For Publc To Fear Infl Rise-2

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By Steven K. Beckner (MNI) – Reiterating a plan he first put forth back in March, Philadelphia Federal Reserve Bank President Charles Plosser proposed “a systematic, rule-based approach that would involve the Fed’s selling assets from its portfolio as it increased its policy rate, with the pace of sales dependent on the state of the [...]

Fed’s Plosser: ‘It Is Reasonable’For Public To Fear Infl Rise

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By Steven K. Beckner (MNI) – Philadelphia Federal Reserve Bank President Charles Plosser said early Monday that “it is reasonable” for the public to be concerned about inflation given all the money the Fed has created and warned that the Fed’s anti-inflationary credibility could increasingly come into question if inflation expectations continue to drift higher. [...]

Plosser: Troubling that public’s inflation concerns can be so volatile

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Volatility suggests less-than-desired confidence in credibility of Fed’s price stability pledge Fed, Bank of England face daunting challenges as they unwind easy money policies Fed’s credibility crucial, must communicate easy monetary policy exit strategy clearly Repeats call for inflation target “Floor system” operating framework would be “troubling” Reasonable for public to be concerned about inflation [...]

UK’s Osbourne says govt economic plans provide credibility and stability

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Can look to future of British economy with confidence Yer, you tell ‘em Georgey boy…….

Forget the markets, I’m watching the rain fall

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It’s pouring with rain outside my window. It’s been so long since I’ve seen rain, it has me sort of mezmerised.

Spanish April calendar-adjusted industrial production -1.6% y/y

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Fair amount weaker than median forecast of -1.0%.

EUR/USD ticks higher

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Amid reports of a large hedge fund buying. As mentioned earlier, talk of stops through 1.4660 and 1.4665. Update: I’ve altered above comment. The report I’m getting is of “a” large hedge fund buying, not large hedge fund buying. Slightly different I guess. Entity seen buying from 1.4640.

ECB’s Noyer: Pace of Europe’s recovery may slow in coming quarters

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Recent macroeconomic developments point to successful exit from crisis Crisis may have left scars on Europe’s economies (yer think?) Short and long-term rates at low levels, scarcely any signs of credit rationing