Troika To Revise Greece GDP Forecast Down, Deficit Up

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• EUR/CHF shredded again.
• Analysis: EMU Producer Prices Boosted By Energy Costs In July
• EMU DATA: Jul industrial PPI +0.5% M/M, +6.1% Y/Y….
• Eurozone July PPI up 0.5%m/m, up 6.1% y/y
• UK Q2 New Construction Orders Fall 16.3% Q/Q; -23.2% Y/Y – NS
• UPDATE: CIPS: UK Aug Construction PMI Lowest Since Dec 2010
• CIPS: UK Aug Construction PMI Lowest Since Dec 2010
• Japan PM Noda: Intervention in fx had certain effect in curbing excessive, disorderly fx moves
• European stocks seeing accelerated losses
• UK construction PMI for August 52.6
• Japan PM Noda: Earthquake reconstruction top priority for govt
• Cable steady, data awaited
• Troika to revise Greece GDP forecast down, deficit up – Press
• MNI Survey: Japan Q2 GDP Seen Revised Down To Annual -2.0%
• Greece’s talks with EU/IMF inspectors completed first cycle
• Times a wastin…….
• MNI Survey: Japan July Machine Orders Seen -4.0%; June +7.7%
• Spain August jobless rises 1.25% m/m
• Troika To Revise Greece GDP Forecast Down, Deficit Up: Press
• Troika suspends Greece inspection visit

EUR/CHF shredded again. Posted: Dunno who by  as my sources seem to have all taken Trappists vows this morning. We’re at the lows on the day around 1.1077 and its just filled the gap  left on that weekend of the 12-15 August, so the close tonight could be interesting for the next direction

Analysis: EMU Producer Prices Boosted By Energy Costs In July Posted: July preliminary: +0.5% m/m, +6.1% y/y MNI survey median: +0.5% m/m, +6.3% y/y MNI survey range: -0.1% to +0.7% m/m June unrevised: flat m/m, +5.9% y/y PARIS (MNI) – Industrial producer prices in the Eurozone picked up much as expected in July after stagnating since April amid sagging energy costs, Eurostat said Friday. Energy costs [...]

EMU DATA: Jul industrial PPI +0.5% M/M, +6.1% Y/Y…. Posted: EMU DATA: Jul industrial PPI +0.5% M/M, +6.1% Y/Y –EMU Jun PPI m/m unrev unch; y/y unrev +5.9% –EMU Jul PPI matches mni median m/m fcast –EMU Jul PPI below MNI median y/y fcast (+6.3%) –EMU Jul energy PPI +1.5% m/m, +11.9% y/y; Jun -0.4%/+10.7% –EMU Jul PPI ex-energy +0.1% m/m, +4.1% y/y; Jun +0.1%/+4.1% [...]

Eurozone July PPI up 0.5%m/m, up 6.1% y/y Posted: In line with forecasts.. June  PPI confirmed as 0% m/m, +5.9% y/y Euro slips back again  towards 1.4230 after recent high of 1.4252

UK Q2 New Construction Orders Fall 16.3% Q/Q; -23.2% Y/Y – NS Posted: –Total Q2 New Orders Placed At Lowest Level Since 1980 London (MNI) – UK Q2 new construction orders fell 16.3% quarter on the quarter and decreased 23.2% year on year, the Office for National Statistics reported. Volume of all new construction orders is now at its lowest level since the third quarter of 1980, totaling [...]

UPDATE: CIPS: UK Aug Construction PMI Lowest Since Dec 2010 Posted: –August CIPS Construction Index 52.6 Vs 53.5 In July LONDON (MNI) -The August CIPS construction purchasing managers index has fallen to its lowest level since December 2010, a month in which activity in the sector was severly curtailed by heavy snow. The construction PMI for August fell to 52.6, below Julys figure of 53.5, according [...]

CIPS: UK Aug Construction PMI Lowest Since Dec 2010 Posted: –August CIPS Construction Index 52.6 Vs 53.5 In June LONDON (MNI) -The July CIPS construction purchasing managers index has fallen to its lowest level since December 2010, a month in which activity in the sector was severly curtailed by heavy snow. The construction PMI for August fell to, 52.6 below Julys figure of 53.5, according [...]

Japan PM Noda: Intervention in fx had certain effect in curbing excessive, disorderly fx moves Posted: Hope BOJ acts appropriately to support economy on monetary front Up to BOJ to decide specific monetary policy steps Hope to continue working closely with BOJ, share understanding on Japan’s economic woes

European stocks seeing accelerated losses Posted: FTSE down -1.9%, DAX down -3%, CAC 40 down -2.6%. EUR/USD seems a little disconnected to stockmarket price action, presently steady around 1.4235.

UK construction PMI for August 52.6 Posted: Down from 53.5 in July. Lowest read since Dec 2010.

Japan PM Noda: Earthquake reconstruction top priority for govt Posted: Hope to continue cooperating with other countries on currencies Steps to counter yen rise an urgent issue for govt Yen rise already negative impact on Japan economy Also need to look at benefits from yen rise  Need to deal with Japan’s fiscal crisis, prevent hollowing out of industry from yen rise No time to lose [...]

Cable steady, data awaited Posted: Cable sits at 1.6195, exactly where it was when I arrived about three and a half hours ago. Might get a flurry of price action in a little while. We got 08:30 GMT release of UK construction PMI for August, expected 53.2 from previous 53.5.

Troika to revise Greece GDP forecast down, deficit up – Press Posted: Just gets better and better……NOT!!

MNI Survey: Japan Q2 GDP Seen Revised Down To Annual -2.0% Posted: TOKYO (MNI) – Japan’s Q2 GDP contraction will be revised down to an annualized 2.0% drop from an initial 1.3% fall, reflecting an expected downward revision to business investment, according to the median forecast of economists surveyed by Market News International. The Cabinet Office will release revised (second preliminary) gross domestic product data for April-June [...]

Greece’s talks with EU/IMF inspectors completed first cycle Posted: Will resume in 10 days – FinMin official. Greek FinMin to hold press conference at 09:00 GMT. EUR/USD sits at 1.4220 having been as low as 1.4209, battle of the 1.4200 dnt parameter well and truly joined. Talk is the 1.42-1.46 dnt expires today. Times a wastin, lets get this sucker blown outta the water!!!

Times a wastin……. Posted: If you want to enter the world famous ForexLive non-farm payrolls contest. Hit this link and give it your best shot.

MNI Survey: Japan July Machine Orders Seen -4.0%; June +7.7% Posted: – See Separate Table For Details Of Individual Forecasts TOKYO (MNI) – Japan’s core private-sector machinery orders appear to have posted the first month-on-month drop in three months in July, down by a seasonally adjusted 4.0%, according to the median forecast of economists surveyed by Market News International. The Cabinet Office will release July machinery [...]

Spain August jobless rises 1.25% m/m Posted: By 51,185 people, hits 4.13 mln – Labour Ministry. Oh dear EUR/USD extends early sell-off, presently at 1.4227. Elsewhere swissy seeing accelerated gains, EUR/CHF down at 1.1195 from early 1.1310.  The currency seems to have got its’ mojo back against the backdrop of accelerated risk aversion, and with the market seemingly convinced the swiss authorities have [...]

Troika To Revise Greece GDP Forecast Down, Deficit Up: Press Posted: PARIS (MNI) – Inspectors from the ECB, the IMF and the European Commission may revise their projection for Greece’s GDP contraction this year to “at least” 5%, the French business daily Les Echos reported Friday, citing a source close to the matter. “The troika is about to revise down sharply its forecasts for Greek growth,” [...]

Troika suspends Greece inspection visit Posted: The story