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EURUSD and the risk-on block were supported overnight after sources reported overnight that major central banks stand ready to support sufficient liquidity

Friday, June 15, 2012 3:40 AM GMT

Good Morning ,

- EURUSD and the risk-on block were supported overnight after sources reported
overnight that major central banks stand ready to support sufficient liquidity
in case of a shock-outcome from the Greek elections. Also BOE King and
Chancellor Osborne unveiled measures to support the economy. EURUSD rose so
far to 1.2647. Bank of Japan painted a slightly brighter picture for the
Japanese economy when they left rates unchanged today in their meeting.
USDJPY dropped to 78.83 in Tokyo.

- Stocks: Nikkei -0.02 %, Hang Seng +1.07 %, Shanghai Composite -0.14 %,
Dow Jones +1.24 %, S+P500 +1.08 %

- Central banks from major economies stand ready to take steps to stabilize
financial markets and prevent a credit squeeze should the outcome of Greek
elections on Sunday cause tumultuous trading, G20 officials told Reuters.
"The central banks are preparing for coordinated action to provide
liquidity," said a senior G20 aide familiar with discussions among
international financial diplomats. His statement was confirmed by several
other G20 officials.

- Euro zone finance ministers are scheduled to hold a teleconference on Sunday
evening to discuss the outcome of Greek elections, two euro zone officials
said on Thursday.

- Alexis Tsipras, head of Greece's biggest anti-bailout party Syriza, urged
Greeks to give him support in elections on June 17, saying he was sending a
clear message that nobody should bet on Greece leaving the euro area.
Tsipras said Greeks should be thinking of Spain when they vote on June 17
because Spain negotiated and won European Union aid without a package of
austerity measures such as the one imposed on Greece.

- Bank of England Governor Mervyn King unveiled measures to fight an escalation
of Europe's debt crisis as global policy makers prepare for the impact of
Greek elections in two days. Warning of a "black cloud" from the euro region,
King said that the case for more stimulus in the U.K. "is growing." In
addition to looser policy, he said the BOE will activate a sterling liquidity
facility to aid banks, and plans to have a form of credit easing operating
within weeks to boost lending in the economy.

- The risks to Britain from a disorderly collapse of the euro zone are huge and
Greece has to make up its mind over its membership of the zone, finance
minister George Osborne said on Thursday.

- ING Groep NV, Rabobank Nederland and three other Dutch banking groups were
cut by Moody's Investors Service on concern that the recession, regional debt
crisis and dependence on wholesale funds makes them vulnerable. Long-term
debt ratings at ING, Rabobank Nederland, ABN AMRO Bank NV and LeasePlan
Corporation NV were lowered by two grades, and SNS Bank NV received a
one-level cut, Moody's said. KBC Groep NV, Belgium's biggest bank and
insurer, was also lowered two grades, the rating company said.

- The Bank of Japan on Friday refrained from taking additional monetary easing
steps today. The BOJ's Policy Board voted unanimously to maintain the key
short-term interest rate at around zero to 0.1 percent, while maintaining the
size of its 70 trillion yen asset purchase program to prop up the country's
economy. The central bank offered a brighter assessment of the Japanese
economy than the previous meeting in May, saying in a statement issued after
the two-day gathering that the economy has "started picking up moderately as
domestic demand remains firm" amid demand related to rebuilding areas hit by
the March 2011 earthquake and tsunami.

- New Zealand consumer confidence fell to the lowest level in more than a year,
adding to signs of a sluggish economic recovery as the European debt crisis
weighs on sentiment. A gauge of confidence index dropped to 105.8 this month
from 113.9 in May, ANZ National Bank Ltd. said in an e-mailed report.

- 1430 US Empire Manufacturing June
- 1500 US TIC Data Apr
- 1515 US Industrial Production May
- 1515 US Capacity Utilization Many
- 1515 US Univ. of Michigan Confidence June
- 1100 Eurozone Employment Q1
- 1100 Eurozone Trade Balance Apr
- 0850 ECB Draghi
- 1100 ECB Praet
- 1530 Bank of Portugal Costa
- 1030 UK Trade Balance Apr
- 0800 Sweden Unemployment Rate May
- 1430 Canada Manufacturing Sales Apr

(CET)

Have a nice day !

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