Japan June Consumer Confidence Up Again But Level Still Low

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• BOE Data: Mortgage Rates Fall In June; Some Hit Record Low
• OECD’s Gurria: Private creditors must take part in Greece plan
• Why isn’t AUD/USD following EUR/USD lower?
• Pop goes the weasel!!!
• JAPAN DATA: Orders for Japanese machine tools Y128.4.
• Japan ESP Survey: Economists Revise Up GDP, CPI Outlook
• MNI Survey: Japan Revision Seen Cutting Core CPI 0.7 Pct Pt
• ECB Seeking Advice On How To React If Greece Defaults: Press
• Russia Central Banks’ Ulyukayev: A possible Greek default would not affect rouble strongly
• Talk of 1.4130 barrier option interest
• China’s audit office says no systematic risks from local govt debt
• Italian/German 10 year yield spread 14 bps wider at 258 bps
• FRANCE DATA: May industry output +2.0% m/m; April….
• ECB seeks private bank advice on euro default – Handelsblatt
• EU’s Reding: Need To Smash Cartel Of Three US Rating Agencies
• EMU Leaders Prepared To Accept Idea Of Greek Default: Press
• Italy and Spain must pray for a miracle
• Stoxx Europe 50 futures down -0.6%
• Noda says Yen’s recent move isn’t ‘excessive’
• Japan June Consumer Confidence Up Again But Level Still Low

BOE Data: Mortgage Rates Fall In June; Some Hit Record Low Posted: LONDON (MNI) – The Bank of England’s latest survey shows mortgage rates paid by borrowers across a wide range of products fell in June, with some types of mortgage hitting record low interest rates. Against a backdrop of lower rate expectations, with weak activity data fueling expectations the BOE’s Monetary Policy Committee will leave Bank [...]

OECD’s Gurria: Private creditors must take part in Greece plan Posted: TIME IS CRITICAL!! EUR./USD makes new session low 1.4117 on comment, presently at 1.4122.

Why isn’t AUD/USD following EUR/USD lower? Posted: Sits at 1.0705, exactly where it was when I sat down and this despite EUR/USD being some 50/5 .pips lower. One thing which is lending support apparently is Australian corporate buying interest. Well I never

Pop goes the weasel!!! Posted: Hooooooooooooooooooray!!!! 1.4130 is history, 1.4125 low. Kinda had a certain inevitability about it.

JAPAN DATA: Orders for Japanese machine tools Y128.4. Posted: JAPAN DATA: Orders for Japanese machine tools totaled Y128.4 billion in June, up 53.3% on year, with the pace of growth accelerating from a revised +34.0% in May, data released by Japan Machine Tool Builders’ Association show. Orders from the domestic market, which are seen as a leading indicator for Japan’s core machinery orders (June [...]

Japan ESP Survey: Economists Revise Up GDP, CPI Outlook Posted: TOKYO (MNI) – Economists turned more optimistic in July about the outlook for Japan’s growth and inflation compared with the previous month, the latest monthly survey by the Cabinet Office’s Economic Planning Association released on Monday showed. The ESP survey showed that economists on average have revised up their GDP forecasts for the April-June quarter [...]

MNI Survey: Japan Revision Seen Cutting Core CPI 0.7 Pct Pt Posted: By Shigeo Kodama TOKYO (MNI) – Economists forecast that the revision to Japan’s consumer price index formula to be announced by the government next month will cut the year-on-year change in the core inflation reading by about 0.7 percentage point, according to a survey conducted by Market News International. But some economists said they are [...]

ECB Seeking Advice On How To React If Greece Defaults: Press Posted: FRANKFURT (MNI) – The European Central Bank is seeking professional advice on how to minimize contagion should there be a default in the Eurozone, German daily Handelsblatt reported Monday. According to the report, the central bank has contacted more than five financial institutions to encourage them to apply for the job. Citing sources from financial [...]

Russia Central Banks’ Ulyukayev: A possible Greek default would not affect rouble strongly Posted: Phew, well that’s OK then. As long as the rouble isn’t affected too much we can all rest easier in our beds ;)

Talk of 1.4130 barrier option interest Posted: Gotta think chances of that survivng very long pretty slim At least we’ve seen a little bounce, from 1.4134 to 1.4150. UPDATE: Now talk of more stops below 1.4130. UPDATE: C’mon, c’mon my trigger finger is twitching. I need a pop goes the weasel headline…..and soon!!!

China’s audit office says no systematic risks from local govt debt Posted: Taking “effective” measures to clean up local debt Debt issues right round the globe. Gold up, oil off, EUR/CHF down…… Risk off EUR/CHF down at 1.1855 from around 1.1890 when I sat down. Particularly strong selling apparently coming out of Geneva.

Italian/German 10 year yield spread 14 bps wider at 258 bps Posted: Spanish/German 10 year yield spread 15 bps wider at 300 bps Portuguese/German 10 year yield spread 13 bps wider at 1,167 bps

FRANCE DATA: May industry output +2.0% m/m; April…. Posted: FRANCE DATA: May industry output +2.0% m/m; April -0.5% m/m (-0.3%) – Above expected; MNI analysts survey median forecast +0.5% m/m – April-May industry output +0.1% vs 1Q average; 1Q +2.1% q/q – May mfg output +1.5% m/m after April +0.1% m/m (+0.2%) – For more information, please see MNI Mainwire

ECB seeks private bank advice on euro default – Handelsblatt Posted: ECB is seeking advice from a private sector bank on what to do in the event of a sovereign default, according to Handelsblatt. The paper says ECB has written to “more than five” financial instiutions in recent days, requesting that they apply to act as advisers.

EU’s Reding: Need To Smash Cartel Of Three US Rating Agencies Posted: BERLIN (MNI) – EU Justice Commissioner Viviane Reding, in an interview with German daily Die Welt published on Monday, called for drastic steps to curb the “cartel” of the three major rating agencies. “Either the G-20 states jointly decide to smash the cartel of the three US rating agencies — for example the U.S. could [...]

EMU Leaders Prepared To Accept Idea Of Greek Default: Press Posted: FRANKFURT (MNI) – European leaders are focusing on the need to reduce Greece’s sovereign debt burden and are prepared to accept the idea that Athens should default on some of its bonds, the Financial Times reported on Monday. The business daily listed a number of concessions that Greece’s European lenders were considering, including lowering further [...]

Italy and Spain must pray for a miracle Posted: Once again Europe’s debt crisis has metastasized, and once again the financial authorities face systemic contagion unless they take immediate and dramatic action. Latest from AEP at The Telegraph. Love him or loathe him, he’s back.

Stoxx Europe 50 futures down -0.6% Posted: DAX futures down -0.3%, CAC 40 down -0.4%.

Noda says Yen’s recent move isn’t ‘excessive’ Posted: Did it actually move then? You can do a google search using the headline if you feel an urgent need to read the whole article.

Japan June Consumer Confidence Up Again But Level Still Low Posted: – Japan June SA Consumer Confidence Index 35.3 Vs May 34.2 – Japan June SA Consumer Confidence Posts 2nd M/M Rise in Row – Japan Govt Ups View: Confidence Severe But Shows Signs of Pickup TOKYO (MNI) – Japan’s seasonally adjusted Consumer Confidence Survey index improved for a second straight month in June as a [...]