Jul 23, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK Analysis: Q2 Growth Surges Led By Services, Construction

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LONDON (MNI) - UK economic output rose at its fastest rate for more than three years in the second quarter, at nearly twice the pace economists had been forecasting, figures released by National Statistics Friday showed. Gross Domestic Product rose ...

UK Q2 GDP much stronger than expected

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Has come in at +1.1% q/q, +1.6% y/y vs median forecasts of +0.6%, +1.1% y/y. Cable hits session high 1.5388, presently at 1.5370. Q/Q growth highest since Q1 2006.  Y/Y growth highest since Q1 2008. Q2 construction sector output +6.6% q/q, biggest rise since 1963, rebounding after weather-related weakness in Q1. Q2 service sector ...

EU Bank Stress Test Results At 1600 GMT, Credibility At Stake

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By Emma Charlton BRUSSELS (MNI) -- Confidence in Europe's fragile economic recovery hangs in the balance Friday, as investors eagerly await the results of stress tests of 91 European banks. The banks being tested constitute 65% of the European Union's total ...

Ten banks to fail European stress tests: Goldman

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Thanks to Iman for this heads up.

ECB’s Gonzalez Paramo: Bank stress tests will help dissipate uncertainty on the conditions of Europe’s banks

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Part of stress test assumes growth will be 3% lower than expected growth next year

Germany Seeks Bids On E4 Bn New 12-Month Bubills; Sale Jul 26

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FRANKFURT (MNI) - The German federal government is seeking bids for its sale of E4 billion in new 12-month bubills, the Bundesbank confirmed Friday. Bids are due by 0900 GMT (05:00 EDT) on Monday, July 26. The announcement of the ...

Ifo July German business climate index much stronger than expected

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In at 106.2 vs median forecast 101.6.  EUR/USD shoots back over 1.2900, presently at 1.2910. Expectations 105.5 vs median forecast of 101.6.  Current conditions 106.8 vs median forecast 101.7 If0's Abberger: Improvement coming from all sectors, including industry, construction and trade Drinks sector has benefitted from heat wave and World Cup There are signs however ...

Moody’s:Hungary Sov Rating Under Review For Poss. Downgrade

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FRANKFURT (MNI) - Moody's Investors Service announced Friday that it is putting Hungary's Baa1 local and foreign currency government bond ratings on review for possible downgrade. The decision was prompted by elevated uncertainty regarding the country's fiscal outlook and economic prospects, Moody's said. ...

Italy July consumer confidence stronger than expected

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Has come in at 105.6, up from revised 104.5 in June and some way better than median forecast of 103.9.

USD/CAD at session low. Stops noted

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USD/CAD down at 1.0364.  Talk of real money sellers in recent trade.  Talk of stops through 1.0350.  On topside, decent-sized sell orders clustered up around 1.0450.

Asian sovereign seen selling EUR/USD

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In recent trade. We're down at 1.2865 at writing.

Moody’s places Hungary’s BAA1 sovereign rating under review for possible downgrade

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Decision prompted by increased uncertainty regarding Hungary's fiscal outlook and economic prospects Also placed Hungar BAA1 foreign currency bank deposit ceiling on review on risk of foreign currency deposits freeze Hungary's economy remains vulnerable due to high fx indebtedness of private and public sectors Suspension of talks with IMF/EU clouds Hungary's growth prospects ...

European stocks lower

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DAX down 0.3%. FTSE down 0.4%. CAC 40 down 0.3%. Meanwhile majors not doing too much of anything. EUR/USD at 1.2880. Cable at 1.5290.  Talk of stops above 1.5310. Are they going to be overly large? Wouldn't think so.

USD/JPY edges up over 87.00

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Presently at 87.02.  Talk major Japanese bank has been buyer in recent trade.

French June consumer spending -1.4%

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Weaker than median forecast of +0.2%. French Q2 consumer spending -0.9% vs Q1. French industry demand at 17% in July, up from revised 9% in April.

Germany Bank Assn: German Banks Faired Well In Stress Tests

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BERLIN (MNI) - The German Bank Association (BDB) expects that German banks fared well in the European banking stress tests, BDB managing director Manfred Weber told German national radio Deutschlandfunk (DLF) in an interview aired Friday. Weber said he believed ...

Japan senior govt official: Yen levels seem to high

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USD/JPY steady around 86.85.  Talk buy orders 86.30/40 stops through 86.25 just like yesterday.  Talk barrier option interest at 86.00 with sovereign buy interest said to lie just south of said level. On topside, sell orders clustered up at 87.50/60 with stops seen through 87.65.

Several Spanish savings banks fail stress tests – El Pais newspaper

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EUR/USD slips back below 1.2900, presently at 1.2885. http://www.reuters.com/article/idUSLDE66M04120100723

Cable consoldating recent gains ahead of growth data

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Cable has eeked out some marginal gains in Asia, up at 1.5290 from North American close Thursday around 1.5260. Event risk looms though in the form of the 08:30 GMT release of Q2 GDP data, which is expected to show +0.6% q/q +1.1% y/y rises. Also out BBA loans for house purchase for ...

German banking group head Weber: Confident that German banks all in all will perform well

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Believes European banking system is in better shape than many assume EUR/USD touch firmer as European trading gets underway, presently at 1.2907.
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