Swedish central bank raises key repo rate to 2.0% from 1.75%

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You can take it I won the euromillions jackpot. I got this real feeling this is gonna be my BIG day I’ll hand you over to Joe while I go start the wrap. Could be the last one I ever do. Kinda historic…..

ECB’s Noyer sees need to ensure shocks can be absorbed.

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..too risky to test markets on Greek default. Looks like he’s getting a bit twitchy over the Eurozone banking vulnerability..

Analysis: EMU Retail Sales Hit 20-Month Low In May

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Real, seasonally and workday-adjusted retail sales: May: -1.1% m/m, -1.9% y/y MNI survey median: -0.9% m/m, -0.4% y/y MNI survey range: -1.3% to +0.5% m/m April: +0.7% m/m (revised from +0.9%) March: -0.9% m/m (unrevised) February: +0.2% m/m (unrevised) January: +0.2% m/m (unrevised) December: -0.2% m/m (unrevised) – FRANKFURT (MNI) – Retail sales in the [...]

EMU DATA: Retail sales in the Eurozone fell by a…..

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EMU DATA: Retail sales in the Eurozone fell by a sharper-than-expected 1.1% on the month in May to its lowest level since September 2009, Eurostat reported on Tuesday. The monthly decline knocked sales down 1.9% on the year. – EMU May retail sales m/m below MNI median fcast (-0.9%) – EMU April retail sales rev [...]

Euro zone May retail sales -1.1% m/m, -1.9% y/y

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Compared to median forecasts of -1.0%, -0.9% respectively. April’s data revised down to +0.7% m/m, +0.8% y/y from previous +0.9%, +1.1% respectively. Pretty crappy all in all. EUR/USD touch lower at 1.4473.

UK Jun Services PMI Nudges Up, Comes In Above Forecast

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–UK Jun CIPS Services PMI 53.9 Vs 53.8 In May – Markit/Reuters –Markit Cites Rebound From Holiday-Stricken May Readings LONDON (MNI) – The June purchasing managers’ services survey bucked the trend, showing a modest rise from May after the declines seen in the manufacturing and construction PMIs. The CIPS June services PMI, compiled by Markit, [...]

Cable sees nice pop post data

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Cable has seen a very decent pop in the wake of the services PMI data. Guess there was a fair amount of relief that the number was actually up, especially given the weak euro zone numbers. UK clearer strong buyer on behalf of leveraged names in this latest move. Talk of “retail” sell orders now lying in [...]

UK DATA: UK Services PMI 53.9 in June — Reuters…..

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UK DATA: UK Services PMI 53.9 in June — Reuters

UK services PMI for June 53.9

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Up fractionally from 53.8 in May and slightly above median forecast of 53.5. Cable firmer at 1.6045.

Sweden’s Riksbank Lifts Benchmark Interest Rate 25bps to 2.0%

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FRANKFURT (MNI) – The Riksbank, Sweden’s central bank, raised its key repo rate by 25bps to 2.0% on Tuesday, its seventh straight increase, but adopted a more cautious tone with respect to future policy moves given ongoing evidence that the recovery has peaked. “The Swedish economy is growing at a good rate, although international developments [...]

ECB Trichet:Bond Rollover Plan More Trouble Than It’s Worth-FT

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LONDON (MNI) – European Central Bank President Jean Claude Trichet has expressed serious misgivings about a plan to rollover Greek government debt, according to a report in the Financial Times. Citing a ‘eurozone diplomat’ as its source, the FT reports that Trichet warned a teleconference of euro zone finance ministers on Saturday evening that the [...]

EUROZONE DATA: Eurozone services PMI at 53.7 in June.

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EUROZONE DATA: Eurozone services PMI at 53.7 in June (54.2 flash) from 56.0 in May. Composite PMI 53.3 from 53.6 in May, lowest since Oct 2009. (Rtrs)

GERMAN DATA: German final June service PMI 56.7; May.

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GERMAN DATA: German final June service PMI 56.7; flash 58.3; May 56.1 — Reuters.

Germany Seeks Bids For E4 Bn Top-Up Of 1.75% 2Y Schatz Jul 6

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FRANKFURT (MNI) – The German federal government is seeking bids for the E4 billion top-up of its 1.75%-coupon, two-year notes with a June 2013 maturity, the Bundesbank announced Tuesday. Bids are due by 900 GMT on Wednesday, with results of the allocation to be announced shortly thereafter. Including the E13 billion outstanding of this issue, [...]

German services PMI for June (final) 56.7

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Down from flash 58.3. Euro zone services PMI (final) revised down to 53.7 from flash 54.2. An 8 month low!!

FRANCE DATA: French services PMI at 56.1 in June in..

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FRANCE DATA: French services PMI at 56.1 in June from 62.5 in May – biggest monthly fall on record (Rtrs)

ITALY DATA: Italy services PMI at 47.4 in June from..

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ITALY DATA: Italy services PMI at 47.4 in June from 50.1 in May – lowest since Aug 2009 (Rtrs)

French services PMI (final) 56.1

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Down from flash 56.7. Demonstrably weaker than final May read of 62.5. Fall biggest on record. EUR/USD ticks little higher, presently at 1.4480. “Leveraged” buyers seen in recent trade. Is it me or is this all a little pedestrian this morning? Summertime and the living is easy, fish are jumpin and the cotton is high…… [...]