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• China’s bumpy road ahead
• Greece crisis snares hedge funds
• China inflation surges to fastest pace in three years
• Repeat: US BLS: On 2nd Recov Anniv, Still 6.98 Mln Jobs Shy
• ForexLive US wrap: Payrolls barely budge; rates slide
• Chinese CPI expected over weekend
• US DATA: Tsy investor allotments show in the Jun 2y..
• Can’t keep a good stock market down…
• US DATA: May consumer credit +$5.1b as revolving and.
• Weak U.S. Payrolls Sparks Rethink Among Economists
• US consumer credit rises $5.1 bln in May
• US’s Pelosi: ‘Grand’ Budget Deal Must Not Cut Soc Sec, M-Care
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• Bini-Smaghi: Euro an incomplete construct
• US CBO Estimates -$45b June US Gov’t Deficit Vs -$68b Yr Ago
• USD/JPY’s lament: I coulda been a contender
• Here’s hoping you have a rockin’ weekend
• Moody’s eying Italian austerity deal
• Obama: Need Debt Limit Raised To Restore Confidence, Aid Jobs
• ECB’s Draghi: G20 Should Be Able To Manage Legacy Of Crisis

China’s bumpy road ahead Posted: Unrest, inflation and an aging populace stand in the way of the Middle Kingdom’s touted domination. WSJ article.

Greece crisis snares hedge funds Posted: The Greek debt crisis snared hedge funds in Mayfair and Manhatten last month, according to new surveys of the industry’s performance.

China inflation surges to fastest pace in three years Posted: Bloomberg article

Repeat: US BLS: On 2nd Recov Anniv, Still 6.98 Mln Jobs Shy Posted: –Retransmitting Story Headlined 8:30 ET Friday –June Payrolls +18,000; Unemp Rate Up a Tenth to 9.2% (9.182%) –’Big Swing’ Over the Past Five Months By Denny Gulino WASHINGTON (MNI) – The new unemployment numbers defied expectations, underlining the slowdown instead of signaling an uptick, as vacation jobs outdistanced the other major categories and government jobs [...]

ForexLive US wrap: Payrolls barely budge; rates slide Posted: US non-farm payrolls rise 18,000 in June; May revised down to 25,000; Unemployment rate rise to 9.2% US wholesale inventories rise 1.8% in May; more than expected US consumer credit rises $5.1 bln in May Obama: More can be done now to spur hiring Speaker Boehner: Debt deal Sunday not imminent ECB’s Bini-Smaghi: Euro an [...]

Chinese CPI expected over weekend Posted: Bloomberg’s survey shows economists expect a rise to 6.2% y/y in June, up from 5.5 in May. AUD/USD is in recovery mode this afternoon, trading now around 1.0750. Looks like traders expect a strong showing, suggesting Chinese growth remains robust…

US DATA: Tsy investor allotments show in the Jun 2y.. Posted: US DATA: Tsy investor allotments show in the Jun 2y foreign accts took 11.7% and inv funds took 10.1%; in 5y foreign took 24.8% and inv funds 14.4%; in 7y foreign 21.4%, funds 14.6%. For long TIPS foreign took 2% and funds 44.3%.

Can’t keep a good stock market down… Posted: Don’t look now, but the S&P has clawed back a bit less than half its losses on the day. We’re down 0.9% at 1340 at the moment. Like EUR/USD, you just can’t kill it…

US DATA: May consumer credit +$5.1b as revolving and. Posted: US DATA: May consumer credit +$5.1b as revolving +$3.4b and nonrevolving +$1.7b. NSA Fed govt (incl student loans) +$5.5b. April credit was +$5.7b overall.

Weak U.S. Payrolls Sparks Rethink Among Economists Posted: By Chris Cermak WASHINGTON (MNI) – June’s surprisingly weak U.S. payrolls numbers, following on the heels of a depressing May, are turning talk of a soft patch for some economists into fears of a more prolonged labor market slump. “One point does not make a trend, but two points do make a line,” Guy Lebas, [...]

US consumer credit rises $5.1 bln in May Posted: Eighth consecutive monthly rise. Credit growth is positive, but below where it was during the boom years of Credit early last decade…Guess that’s a good thing… You don’t want credit contraction,that’s for sure.

US’s Pelosi: ‘Grand’ Budget Deal Must Not Cut Soc Sec, M-Care Posted: –House Minority Leader: Budget Deal Shouldn’t Impose ‘Slash and Burn’ –Doesn’t Rule Out Shift To Chained CPI To Fix Programs –Budget Deal Should Not ‘Harm’ Economic Growth By John Shaw WASHINGTON (MNI) – House Minority Leader Nancy Pelosi said Friday she believes a “grand” budget agreement can be crafted, but added that such a deal [...]

Sign up soon! Posted: I’ll be taking part in a webinar sponsored by Currensee later this month. Sign up details are here.

Bini-Smaghi: Euro an incomplete construct Posted: Euro zone members should transfer right to issue debt to supra-national agency Need long-term solutions to bolster euro, even if they require treaty changes Bailout fund rules should be changed so they don’t have to be unanimous Ah, the elusive Euro Treasury. Looks like Bini wants to click the “like” button. While you’re at it, [...]

US CBO Estimates -$45b June US Gov’t Deficit Vs -$68b Yr Ago Posted: –Estimates Treasury To Record -$973b Defct 1st 9 Months Of FY’2011 WASHINGTON (MNI) – The following is a summary of the U.S. Congressional Budget Office’s July Budget Review published Friday with it’s estimate for last month’s deficit. The U.S. Treasury Department is scheduled to release its monthly statement July 13: CBO estimates that the Treasury [...]

USD/JPY’s lament: I coulda been a contender Posted: Here I am, chipping away at resistance, absorbing offer after offer as I climb to 81.49. Stops were just above. Big stops were above the 81.80 level and options traders we’re nervously eying their short volatility positions. I could taste 82.00 and then…whammo! The US of frickin’ A produces a paltry 18,000 jobs and I’m [...]

Here’s hoping you have a rockin’ weekend Posted:

Moody’s eying Italian austerity deal Posted: Not necessarily in a bad way, though Italy is on review for a downgrade… Will look at political situation to assess likelihood government will implement measures in austerity package Wants to see which budget measures get through parliament

Obama: Need Debt Limit Raised To Restore Confidence, Aid Jobs Posted: –Debt Impasse, Gas Prices, Greece Making Businesses More Cautious –June Jobs Report Confirms ‘Still Have A Long Way To Go’ –Calls On Congress To Act; ‘We Can Make Things Better’ –CEA’s Goolsbee: June Report Reflects Impact Of Headwinds From 1H 2011 By Brai Odion-Esene WASHINGTON (MNI) – President Obama said Friday’s dismal jobs data underlines [...]

ECB’s Draghi: G20 Should Be Able To Manage Legacy Of Crisis Posted: AIX-EN-PROVENCE, France (MNI) – Foreign exchange rate tensions and conflicts among national policies can best be countered by pursuing the international cooperation set up during the crisis, European Central Bank Governing Council member Mario Draghi said Friday. Introducing the topic “Currency Wars” for a round table here, the governor of the Bank of Italy hesitated [...]