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- Spanish PM office: PM Zapatero to meet with Econ minister this afternoon
- Analysis:EMU Retail Sales Recovered In June,But 2Q Still Weak
- EMU DATA: Retail sales surprised to the upside, 0.9%.
- Euro zone June retail sales +0.9% m/m, +0.4% y/y
- Spain is no longer master of its economic destiny
- UK CIPS July Services Shows Strong Growth; Beats Forecasts
- German Economy Minister: No reason for alarm on economic growth due to current global economic developments
- UK services PMI 55.4 in July
- SNB official communication
- Euro zone July final services PMI revised up to 51.6
- German July (final) services PMI 52.9
- Italy July services PMI rises to 48.6
- Rumour: Large LHS fix interest lined up in EUR/CHF
- Japan FinMin Noda: If we intervene, we will aim for action to have maximum effect on markets
- SNB: To take measures against strong swiss franc
- NEXT CEO: Underlying UK economy “remains subdued”
- Suzuki Motor exec: “Very sad” no one taking action on strong yen
- Japan FinMin Noda: Don’t see enough reasons to push up yen this high
- BOJ Gov Shirakawa: Sharp yen rises now could hurt Japan’s economy
- BIS sells EUR/USD
| Spanish PM office: PM Zapatero to meet with Econ minister this afternoon Posted:    |
| Analysis:EMU Retail Sales Recovered In June,But 2Q Still Weak Posted: Real, seasonally and workday-adjusted retail sales: June preliminary: +0.9% m/m, -0.4% y/y MNI survey median: +0.5% m/m, -1.0% y/y MNI survey range: +0.2% to +2.0% m/m May revision: -1.3% m/m (revised from -1.1%) April revision: +0.7% m/m (unrevised) March revision: -0.8% m/m (revised from -0.9%) February revision: +0.2% m/m (unrevised) January revision: +0.2% m/m (unrevised) [...]  |
| EMU DATA: Retail sales surprised to the upside, 0.9%. Posted: EMU DATA: Retail sales surprised to the upside, rising 0.9% on the month in June after a downwardly-revised 1.3% drop in May, Eurostat reported on Wednesday. – EMU June real sa retail sales +0.9% m/m, wda -0.4% y/y – EMU June retail sales m/m above MNI median fcast (+0.5%) – EMU May retail sales rev [...]  |
| Euro zone June retail sales +0.9% m/m, +0.4% y/y Posted: Stronger than median forecasts +0.5%, -1.0% respectively. EUR/USD up at 1.4300 in wake of data.  |
| Spain is no longer master of its economic destiny Posted: Simon Nixon in the WSJ.  |
| UK CIPS July Services Shows Strong Growth; Beats Forecasts Posted: –UK July CIPS Services PMI 55.4 Vs 53.9 In June – Markit/Reuters –CIPS Says Combined Manufacturing/Services Data Imply O.5% 3m Growth LONDON (MNI) – The July purchasing managers’ services survey showed strong growth, surpassing analysts’ expectations and suggesting the rebound in growth in Q3, AS predicted by the Bank of England, among others, may yet [...]  |
| Posted: Italy, Spain were not topics of discussion at Wednesday’s cabinet meeting German economic growth outlook remains generally very positive  |
| Posted: Up from 53.9 in June and much stronger than median forecast of 53.2. Markit says UK services and manufacturing PMI indices point to GDP growth of 0.5% in 3 months to July. Cable rallies in wake of data, presently at session high 1.6365.  |
| Posted: If you feel you really must read it Just for good orders sake, I haven’t heard any talk of the SNB intervening in the forex market this morning.  |
| Euro zone July final services PMI revised up to 51.6 Posted: From flash read of 51.4.  |
| German July (final) services PMI 52.9 Posted: Same as flash read. Earlier we had French July services PMI final read which came in at 54.2, also unchanged from flash read.  |
| Italy July services PMI rises to 48.6 Posted: Up from 47.4 in June and much better than median forecast of 47.0. EUR/USD up over a big figure from its’ earlier session low of 1.4143, presently at 1.4250. The lion’s share of the sharp rally in EUR/USD is down to the aggressive buying of the EUR/CHF cross in the wake of the SNB’s actions/words. UPDATE: [...]  |
| Rumour: Large LHS fix interest lined up in EUR/CHF Posted: Ummmmm? Sounds bit dodgy to me, but the talks out there. Personally I wouldn’t take much notice of it. The market certainly isn’t taking much notice of it as EUR/CHF continues its’ sojourn higher, presently at session high 1.1060. SNB’s action has at least ensured swissy isn’t a one-way bet any longer.  |
| Japan FinMin Noda: If we intervene, we will aim for action to have maximum effect on markets Posted: Oh-eh, shock and awe!! Forex intervention aims at affecting market sentiment USD/JPY steady as a rock at 77.15. Market not taking a blind bit of notice of the plethora of official rhetoric. Case of “show me the money!!!!” or more accurately ”show me the intervention!!”  |
| SNB: To take measures against strong swiss franc Posted: EUR/CHF firms. Considers swiss franc to be massively overvalued at present Current strength of swiss franc is threatening development of the economy Current strength of swiss franc increasing the downside risks to price stability in Switzerland Narrowing target range for 3-month libor from 0.00-0.75% to 0.00-0.25% Aiming for a 3-month libor as close to zero [...]  |
| NEXT CEO: Underlying UK economy “remains subdued” Posted: “Remains subdued”, it’s in the shitter mate!! Nothing in UK data to suggest consumer environment to worsen (bet it does) The course UK government is on is correct one  |
| Suzuki Motor exec: “Very sad” no one taking action on strong yen Posted: Japanese automakers continue to pile on the pressure.  |
| Japan FinMin Noda: Don’t see enough reasons to push up yen this high Posted: Weak dollar reflects slowing US economy, severe US fiscal state Selling of yen, Japan stocks and bonds at same time would mean national crisis  |
| BOJ Gov Shirakawa: Sharp yen rises now could hurt Japan’s economy Posted: BOJ already conducting monetary policy boldly, aggressively (oh-eh)  |
| Posted: Up around 1.4214 apparently. We’re presently at 1.4205.  |
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