Yen rise has yet to clearly affect corporate activity


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BOE Agents: Employment Intentions Signal Modest Job Growth

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LONDON (MNI) – Employment intentions suggest job growth is going to continue over the next six months but at a modest pace and the jobs outlook in the consumer service sector is poor, according to the latest Bank of England Agents’ report. The agents report, published alongside the June minutes, did capture some of the [...]

Banks see Eurozone levy option as completely wrong, would punish banks not exposed to Greece

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Banks expect lawsuits to be made if Eurozone bank levy imposed on them

Bank group IIF on track to present complex debt reduction proposal on Greek bailout talks – Sources

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Complex……..oh goody. IIF proposal is complex, involves offering several options for private creditors Banks see euro zone levy option as completely wrong, would punish banks not exposed to Greece Banks expect lawsuits to be made if euro zone levy imposed on them Oh dear.

BOE Minutes: Most MPC See Near Term Tightening Less Likely

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–7 BOE MPC Voted for Unchanged Bank Rate; 2 for Hike –BOE MPC Dale, Weale Voted for 25bps Rate Hike –8 BOE MPC Voted for Unchanged QE; Posen Voted for stg50bn Increase –Most MPC: Recent Events Reduced Likelihood Near Term Tightening –Most MPC: Weak Activity Likely to Last Longer Than Expected LONDON (MNI) – Two [...]

BOE voted 7-2 to keep rates at 0.5%

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Dale and Weale voted for 25 bps rate hike Voted 8-1 to keep QE at 200 bln Posen voted for 250 bln QE Majority made no explicit reference to QE Recent developments had reduced chance that policy tightening warranted in near term Balance of risks to medium term CPI little changed over month, substantial in [...]

New session high in EUR/USD!!!

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1.4198. Oh my, I don’t know what to say. I asked you to inspire me and you answered my call. I feel soooooo fulfilled, my cup runneth over……. PS Amazing what a bit of Giant Panda/BIS buying can do Happy Dayz.

Merkel, Sarkozy Meet Wednesday To Prepare Eurozone Summit

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BERLIN (MNI) – German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet here Wednesday afternoon to prepare Thursday’s Eurozone summit, the German Chancellery confirmed Wednesday. On Tuesday, Merkel had warned against expectations that the Eurozone leaders at the summit would be able to fully solve the sovereign debt crisis. While there is now [...]

A little birdy…….

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Just told me the bids down around 78.85 in USD/JPY were rather sizeable. We’re presently at 78.90. If we go 78.70 offered I’ll have to go get my gun……… As aforementioned sell stops through 78.80.

Cable sees some early slippage ahead of BOE minutes

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Down at 1.6075 from around 1.6125 when I arrived. Guess market is anticipating some pretty dovish fare from the Old Lady. Minutes due 08:30 GMT. Technical supports of note loom large, namely 1.6053 (200 dma) and 1.6046 (21 dma)

BIS seen buying EUR/USD

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In 1.4160′s. We’re presently at 1.4173 in rather uninspired trade. C’mon bloody inspire me!!!!!!!!!! Either that, or I’m taking my toys and leaving the sandpit…… And before I forget, real money and option-related sellers apparently helping slow the ascent so far.

USD/JPY slips slightly in early European trade

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Down at 78.90 from around 79.10 when I arrived. Talk of sell stops through 78.80 and more through 78.40. I’d hazard a guess the one’s through 78.40 are lumpier than the ones through 78.80.

BOE Offers Unltd Usd In 7-Day Repo, Fixed Rate 1.07%

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LONDON ((MNI) – The Bank Of England said Wednesday it was offering an unlimited supply of U.S. dollars in a 7-day repo operation, settlement date July 21 maturing July 28 2011. The Bank said the repo would be at a fixed-rate, with the rate to be set at 1.07%. –London Bureau; Tel: +442076341655; email: ukeditorial@marketnews.com [...]

Periphery/German 10 year govt bond yield spreads narrow a little

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In the left hand column are the levels which greeted me when I parked my bum and on the right are the current levels PT 995 975 IE 1102 1097 IT 308 297 GR 1534 1532 ES 341 335

China SAFE: Hopes US government takes steps to boost market confidence in dollar and treasuries

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HRE Bank Rescue To Widen Germany’s 2010 Public Deficit: Press

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BERLIN (MNI) – Germany’s public deficit last year will likely have to be revised up by around half a percentage point from 3.3% of GDP due to the rescue of the state-owned Hypo Real Estate (HRE) bank, the German business daily Handelsblatt reported Wednesday, citing government sources. According to the newspaper, the Federal Statistics Office [...]

China seen buying EUR/USD

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And selling USD/scandies in recent trade. EUR/USD up at 1.4185. Was earlier told buy stops gathered up at 1.4225/30.

JAPAN DATA: Crude steel production in June fell 5.0%.

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JAPAN DATA: Crude steel production in June fell 5.0% on year, posting the fourth straight y/y fall, data released by the Japan Iron and Steel Federation showed. But the pace of decline slowed from -7.0% in May and -6.3% in April, as demand from automakers is improving. Economists often use the data in forecasting industrial [...]

French FinMin: “Strong message” needed from European summit, greater flexibility on Greek debt

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Whatever. Just get on with it. He’s sure accord will be reached on euro zone debt crisis, notes Sarkozy to meet Merkel Eurozone already agrees on objectives, method, schedule on Greece’s rescue EUR/USD touch firmer on above comments, presently at 1.4172.

BOJ Dep Gov Yamaguchi: Yen rise has yet to clearly affect corporate activity

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Will closely watch how yen rise could affect corporate activity Unclear yet how much base year revision will push down cpi It has always been BOJ’s stance to act flexibly, decisively on monetary policy
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