Swift fiscal consolidation is key to the Eurozone problems



Link to ForexLive
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Short term goal is to cut deficits to under 3% of GDP, head towards balanced budgets Long term goal to build fiscal pillar of monetary union Down to governments , not the ECB, to fix fiscal problems within the Eurozone Jozef Makuch heads the Slovak National Bank, and earlier stated that the ECB should not [...]
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TOKYO (MNI) – International Monetary Fund researchers on Friday stuck to their earlier proposal that Japan must quickly embark on fiscal reform by raising the 5% sales tax, starting next year, despite high uncertainty about global growth and the threat of the strong yen. Analysis by the IMF has found that a modest two percentage [...]
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Uncertainty over global economy is a factor behind yen’s rise Will tell G7 that a rapid yen rise would hurt Japan’s economy Euro zone must tackle debt problems for its own and Japan’s economy
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–Corrects wrong figure for GDP impact in paragraph four LONDON (MNI) — Construction output growth was revised higher in the second quarter, although the upward revision alone would not be enough to push up GDP growth over the same period. Figures released by National Statistics Friday showed that seasonally adjusted construction output increased by 1.1% [...]
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LONDON (MNI) — Construction output growth was revised higher in the second quarter, although the upward revision alone would not be enough to push up GDP growth over the same period. Figures released by National Statistics Friday showed that seasonally adjusted construction output increased by 1.1% on the quarter in Q2, compared with the originally [...]
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1.3850 barrier is history. Funny how it always seems to go the way of that big bad US investment house. Bummer really. We’ve been to 1.3843 followed by bounce to 1.3860 as profit taking sets in.
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–August Producer Output Prices +0.1% m/m; +6.1% y/y –August Core Output Prices +0.2% m/m; +3.6% y/y –August Producer Input Prices -1.9% m/m; +16.2% y/y LONDON (MNI) – Input prices fell sharply on the month in August causing inflation to fall to its lowest level for five months, as the price of crude oil declined, according [...]
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When we gave you the heads up earlier it was 1.5060. It’s now 1.5083 bid.  That’s an easy peasy 20 pip profit. All power to Joe Brown.
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UK Q2 sa  construction output revised higher to 1.1%q/q from 0.5% Aug core output prices +0.2% m/m, +3.6% y/y . Producer input prices -1.9% m/m, +16.2% y/y Slightly better than expected and giving cable a boost up to  1.5982  from 1.5962
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For the 1000 EDT NY cut: GBP/USD- 1.5800, 1.5955, 1.6000, EUR/USD- 1.3750, 1.4000, 1.4060, 1.4100 (barrier at 1.3850) USD/JPY- 76.50, 77.00, 77.25, 77.55, 78.25 EUR/GBP- 0.8800 GBP/JPY- 124.50 USD/CHF- 0.8700 AUD/USD- 1.0630, 1.0750 By the way the Rugby’s about to start…..
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ITALY DATA: 2Q final GDP rose 0.3% q/q and 0.8% y/y, after gaining 0.1% q/q in 1Q11, all domestic demands grew, while imports decreased by -2.3%. - The data was confirmed from preliminary figures released on June 10. –Net exports contributed 0.9 points to q/q growth, domestic demand contributed 0.2 points. Inventories subtracted -0.8 points [...]
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BERLIN (MNI) – German Economics Minister Philipp Roesler opposes demands for new economic stimulus programs in the case of an eventual cyclical downturn, the German daily Die Welt reported Friday. “Demands for new debt-financed programs, as they are partly raised internationally, are counterproductive in the environment of the current confidence crisis in many debtor countries,” [...]
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– See Separate Table For Details TOKYO (MNI) – Japan’s tertiary industry index, which measures spending in the service sector, appears to have risen a seasonally adjusted 0.2% on month in July, posting the fourth straight rise, the median forecast by economists in a Market News International survey showed. The Ministry of Economy, Trade and [...]
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– See Separate Table For Details Of Individual Forecasts TOKYO (MNI) – Japan’s corporate goods price index (CGPI) for August is expected to have risen 2.7% on year, marking the 11th straight y/y rise, as commodity prices maintained on-year gains, according to the median forecast by economists surveyed by Market News International. The Bank of [...]
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Up 280 bps on day. Golly gosh!!!
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That’s interest to buy sterling, sell aussie.
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You know the one. Defence of 1.3850 barrier underway. Low 1.3861, presently 1.3872.
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Are there any of you out there who are fans of either Antony and the Johnsons or Leonard Cohen, or maybe both? Christine Lagarde is hitting the newswires big time at the moment.  The IMF head honcho seems to have an opinion about everything.  But I’ll be honest, I don’t give a rats arse what [...]
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EUR/USD back up at 1.3910, exactly where it was when I sat down. I’ve mentioned downside interest, so I guess I should mention the upside. Sell orders seen clustered 1.3930/40 and more 1.3970/80.  Buy stops are gathered through……………….
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FRANCE DATA: July industry output +1.5% m/m; June -1.5% m/m (-1.6%) – Above expected; MNI analysts survey median forecast +0.2% m/m – July industry output +1.2% vs 2Q average; 2Q -0.4% q/q – July mfg output +1.4% m/m after June -1.8% m/m (-1.9%) – For details see MNI MainWire
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