JAPAN DATA

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• Analysis: EMU Retail Sales Stronger Than Expected In April
• EMU DATA: April real sa retail sales +0.9% m/m, wda..
• Euro zone retail sales for April +0.9%, +1.1% y/y
• China SAFE official: Comments on dollar holdings represent his personal view only
• China seen buying EUR/USD
• Portugal’s Coehlo:New Govt Must Surpass EU/IMF Program: Press
• China FX official: Warns of risks in “excessive” holdings of US dollar assets
• Hoooooray………
• Cable enjoying decent run this morning
• UK Halifax: May House Prices +0.1% m/m; -4.2% 3m y/y
• EUR/USD ticks higher; sell orders, stops noted
• Swiss May CPI flat m/m, +0.4% y/y
• UK Halifax house price index +0.1% m/m in May
• IMF rep in Greece: Greek competitiveness is improving as labour unti costs fall
• Greek senior govt officials: Goverment not planning any austerity referendum
• Chinese companies embark on shopping spree in Europe
• Japan Apr Index Up Slightly As Output, Retail Sales Rebound
• European central bank risks being ‘wiped out’ by bail-outs
• EUR/USD sees marginal recovery during Asian session
• JAPAN DATA: Preliminary leading, coincident and from.

Analysis: EMU Retail Sales Stronger Than Expected In April Posted: Real, seasonally and workday-adjusted retail sales: April preliminary: +0.9% m/m, +1.1% y/y MNI survey median: +0.4% m/m, flat y/y MNI survey range: -0.3% to +0.7% m/m March revision: -0.9% m/m (revised from -1.0%) February revision: +0.2% m/m (revised from +0.3%) January revision: +0.2% m/m (revised from +0.3%) December revision: -0.2% m/m (unrevised) November revision: -0.1% [...]

EMU DATA: April real sa retail sales +0.9% m/m, wda.. Posted: EMU DATA: April real sa retail sales +0.9% m/m, wda +1.1% y/y: Eurostat – EMU April retail sales m/m above MNI median fcast(+0.4%) – EMU March retail sales rev -0.9% m/m (-1.0%) – EMU April retail sales +0.4% vs 1q avg; 1q -0.1% q/q; 4q -0.3% – For more information, please see MNI Mainwire

Euro zone retail sales for April +0.9%, +1.1% y/y Posted: Way stronger than median forecasts of +0.4%, flat respectively. Relatively muted reaction so far, EUR/USD sits at 1.4677 having been as high as 1.4682. Maybe people had already positioned for better than expected numbers. As I told Silverwing, a bank I respect was looking for a better than expected number, albeit only +0.6%. Barrier option [...]

China SAFE official: Comments on dollar holdings represent his personal view only Posted:

China seen buying EUR/USD Posted: In recent trade. Well that’s what I’m hearing. We’re at 1.4657 having been as high as 1.4665. Barrier option interest, not surprisingly, noted at 1.4700. Why do I feel a little wary of the China sighting? It’s just the timing, straight after the comments. Doesn’t feel right. Oh well, maybe it’s just me. I’ll get [...]

Portugal’s Coehlo:New Govt Must Surpass EU/IMF Program: Press Posted: PARIS (MNI) – Portugal’s next government will not only respect “all the objectives” spelled out in the bailout program of the European Union and the IMF but will surpass them in terms of privatization, budget cutting and transparency, prime minister-elect Pedro Passos Coehlo said in a newspaper interview published Tuesday. “We must surprise on the [...]

China FX official: Warns of risks in “excessive” holdings of US dollar assets Posted: Just bloody great. EUR/USD back up at 1.4640. US dollar will continue to weaken against other major currencies There is no basis for sharp yuan appreciation Market conditions ripe for two way yuan movement Doesn’t he know I’m feeling fragile and looking for a gentle day. I think he did it on purpose.

Hoooooray……… Posted: That’s what I like to see, nice cosy range. EUR/USD back down at 1.4628 from session high 1.4651. Phew, I was a bit worried there for a moment

Cable enjoying decent run this morning Posted: Cable has tacked on over half a cent since I arrived, presently at 1.6405 from early 1.6350. Leveraged names seen buying in recent trade. Hearing corporate sell interest now lined up at 1.6410/20. Will it hold the topside? Who knows. But we won’t have to wait too long to find out, now will we?

UK Halifax: May House Prices +0.1% m/m; -4.2% 3m y/y Posted: LONDON (MNI) – UK house prices rose marginally on the month in May, but the underlying trend remained on a downward track as prices dropped 1.2% on the quarter. House prices rose 0.1% on the month but fell 4.2% on the three month average compared to the same period a year ago, Halifax said in [...]

EUR/USD ticks higher; sell orders, stops noted Posted: Now don’t go spoiling it and breaking out of our cosy little range. We’re up at 1.4648. Reports of sell orders clustered 1.4650/53 and a lumpy one at 1.4660. Buy stops said to lie above there. Whoops sorry for mistake there.

Swiss May CPI flat m/m, +0.4% y/y Posted: In line with Reuters median forecast.

UK Halifax house price index +0.1% m/m in May Posted: Compared to Reuters median forecast of +0.2%. -4.2% in 3 months to May vs year ago. Compared with Reuters poll of -4.1%.

IMF rep in Greece: Greek competitiveness is improving as labour unti costs fall Posted: Greek banks have been resilient, have maintained adequate capitalisation Convinced Greece has made significant accomplishments in 2010 Wavering political support for reforms has increased uncertainty Since the end of 2010 implementation of reform process has lost momentum, country at crossroads Kinda started OK and then went downhill somewhat……. Privatisation is crucial, asset sales should begin without delay [...]

Greek senior govt officials: Goverment not planning any austerity referendum Posted: Planning to cut corporate tax, VAT from 2012, will be fiscally neutral Expects parliament to vote on medium-term austerity plan by end June

Chinese companies embark on shopping spree in Europe Posted: World must look like a lovely big sweet shop to the Chinese at the moment. I’ll have two ounces of rubard and custard, half a dozen sherbert fountains and throw in a few gob stoppers will ya. Thanks very much

Japan Apr Index Up Slightly As Output, Retail Sales Rebound Posted: – Japan Apr Prelim Coincident CI +0.3 Pt M/M Vs Mar -3.3 Pts – Japan Apr Coincident Index MNI Forecast +0.2 Pt at 103.7 – Japan Apr Prelim Coincident Index Posts 1st M/M Rise in 2 Mo – Japan Apr Prelim Leading CI -3.7 Pts M/M Vs Mar -3.9 – Japan Apr Leading Index Posts [...]

European central bank risks being ‘wiped out’ by bail-outs Posted: Oh-eh missus. Who would have thunk it?

EUR/USD sees marginal recovery during Asian session Posted: Presently up at 1.4607 from a North American close Monday down around 1.4575. Euro zone data due today: 09;00 GMT: Euro zone retail sales for April expected +0.3% m/m, flat y/y 10:00 GMT: German factory orders for April expected +2.0% m/m, +9.0% y/y Buy orders clustered down at 1.4550/60, guess stops close below there. Sell [...]

JAPAN DATA: Preliminary leading, coincident and from. Posted: JAPAN DATA: Preliminary leading, coincident and lagging index from the Cabinet Office: – Japan Apr Prelim Coincident CI +0.3 Pt M/M Vs Mar -3.3 Pts – Japan Apr Coincident Index MNI Forecast +0.2 Pt at 103.7 – Japan Apr Prelim Coincident Index Posts 1st M/M Rise in 2 Mo – Japan Apr Prelim Leading CI [...]