Eurozone Annual Inflation Slows To +2.5% In July

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• Greek June PPI inflation 6.6%y/y vs 7.3% in May
• Italy July preliminary CPI (NIC index) +0.3% m/m, +2.7% y/y
• Analysis: Eurozone Annual Inflation Slows To +2.5% In July
• EMU DATA: Eurozone annual inflation slowed more than.
• Euro zone july inflation estimated at 2.5% y/y (consenus +2.7%) vs 2.7% in June
• UK Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall
• UK June consumer credit +0.4 bln stg vs May +0.3 bln (consenus +0.3 bln)
• UK DATA: Jun Mortgage Approvals Up Sharply; Net Fall.
• Moody’s revision relies heavily on short-term market developments- Treasury letter to investors
• CDS updates
• Bk of Spain: Spain May current account -3.556bln euros vs -3.36bln in April
• Cable stops triggered
• Euro levels
• EUR/USD bounce…
• Option expiries today
• Funds/Real money behind the Ozzie fall
• FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: y/y.
• FRANCE DATA: June sa consumer spending on goods m/m,.
• France June PPI -0.1%m/m, +6.1% y/y
• USD/CHF still under pressure

Greek June PPI inflation 6.6%y/y vs 7.3% in May Posted: May retails sales -10.9% y/y after 8.8% drop in April

Italy July preliminary CPI (NIC index) +0.3% m/m, +2.7% y/y Posted:

Analysis: Eurozone Annual Inflation Slows To +2.5% In July Posted: July flash: +2.5% y/y MNI survey median: +2.7% y/y MNI survey range: +2.6% to +3.0% y/y June final: +2.7% y/y FRANKFURT (MNI) – Annual inflation in the Eurozone unexpectedly slowed to a five-month low of 2.5% in July, Eurostat reported on Friday. This suggests that consumer prices fell 0.6% on the month. The majority of [...]

EMU DATA: Eurozone annual inflation slowed more than. Posted: EMU DATA: Eurozone annual inflation slowed more than expected to +2.5% in July, a five-month low, Eurostat reported on Friday, citing preliminary estimates. – EMU Jul y/y flash HICP below all forecasts (MNI median +2.7%) – See Mainwire for more details

Euro zone july inflation estimated at 2.5% y/y (consenus +2.7%) vs 2.7% in June Posted:

UK Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall Posted: –BOE: UK Jun House Purchase Approvals 48,421 vs 46,418 May –BOE: Jun Mortgage Approvals Highest Since May 2010 –BOE: UK Jun Net Mortgage Lending -stg0.069bn vs stg1.012bn May –BOE: UK Jun Net Mortgage Lending lowest since Dec 2010 –BOE: Jun M4 EX-IOFCs Up 1.6% 4Q/12M Annualised London (MNI) – Mortgage approvals rose sharply in June [...]

UK June consumer credit +0.4 bln stg vs May +0.3 bln (consenus +0.3 bln) Posted: June mortgage approvals 48,421 vs May 46,418 (cons 46,000) June Mortgage lending -0.1 bln stg vs May +1.0 bln (cons +1 bln) June M4 Money supply growth-0.5%m/m, -0.7% y/y June M4 excluding intermediate other financial companies -0.1% m/m

UK DATA: Jun Mortgage Approvals Up Sharply; Net Fall. Posted: UK DATA: Jun Mortgage Approvals Up Sharply; Net Mortgage Loans Fall –BOE: UK Jun House Purchase Approvals 48,421 vs 46,418 May –BOE: Jun Mortgage Approvals Highest Since May 2010 –BOE: UK Jun Net Mortgage Lending -stg0.069bn vs stg1.012bn May –BOE: UK Jun Net Mortgage Lending lowest since Dec 2010 –BOE: Jun M4 EX-IOFCs Up 1.6% [...]

Moody’s revision relies heavily on short-term market developments- Treasury letter to investors Posted: Spain to reiterate unconditional commitment to fiscal discipline during Moody’s review period Moody’s fear on higher funding costs for Spain misplaced Spain’s ban on bailing out regions enshrined in law, conducive to fiscal discipline Spain’s overhaul of bkg sector, transparency in stress tests have improved confidence

CDS updates Posted: 5 years; Spanish up 25 bps to 370 Italian up 19 bps to 318 US up 3 bps to 67

Bk of Spain: Spain May current account -3.556bln euros vs -3.36bln in April Posted:

Cable stops triggered Posted: Just now on the move down through 1.6290, to a low of 1.6285 but follow through was weak. Support is seen below around 1.6260/65, the lows seen on Monday. Cable’s at 1.6295

Euro levels Posted: Talk of offers 1.4300/05 with stops through 1.4310

EUR/USD bounce… Posted: I haven’t a clue why but somehow have a gut feeling that we won’t break the 1.4250-1.4400 range just yet. One suggestion is that market is reacting to Greek source comments on China that they might be interested in Greek bond buybacks, but this is old news that came out o/n Anyway euro’s up around [...]

Option expiries today Posted: For the 10.00 NY cut: Nearby ones include USD/JPY 77.10, 78.00, 78.30 AUD/USD 1.0850, 1.0965, 1.1000 I’ll update again a bit later

Funds/Real money behind the Ozzie fall Posted: AUD/USD clumped to a low of 1.0927 from funds/real money accounts which has been ongoing i’m told . The 1.0925/30 level offering some support which was the level it launched higher from the recent strong CPI. Ozzie’s around 1.0940

FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: y/y. Posted: FRANCE DATA: June PPI -0.1% m/m, +6.1% y/y; May: -0.5% m/m, +6.2% y/y – June manufacturing PPI -0.1% m/m, +5.9% y/y – June oil product prices -2.2% m/m, +21.6% y/y – June food and tobacco prices +0.4% m/m, +7.3% y/y – June industry import prices -0.1% m/m, +7.0% y/y – See Mainwire for more details

FRANCE DATA: June sa consumer spending on goods m/m,. Posted: FRANCE DATA: June sa consumer spending on goods +1.2% m/m, +1.8% y/y - Above most analysts’ forecasts; MNI survey median fcst: +1.0% m/m - 2Q consumer spending -1.8% q/q; 1Q +0.1% q/q - May spending revised to -0.3% m/m from -0.8% m/m

France June PPI -0.1%m/m, +6.1% y/y Posted: May -0.5%m/m, +6.2% y/y June Mfg PPI -0.1%m/m , +5.9% y/y

USD/CHF still under pressure Posted: Ranging again this morning just above the 0.7990 level which is being protected again by a major NY bank. I’m told there are bids on the machines of around $500 at 0.7992, which is currently deterring further pushes. Some macro sellers have been seen in the EUR/CHF this morning with a low of 1.1420. Bids are [...]