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Currencies traded in very narrow ranges overnight and seem to digest the recent developments very well

Tuesday, June 26, 2012 3:35 AM GMT

Good Morning ,

- Not much to say - currencies traded in very narrow ranges overnight and seem
to digest the recent developments very well.

- Stocks: Nikkei -0.80 %, Hang Seng -0.04 %, Shanghai Composite -0.54 %,
Dow Jones -1.09 %, S+P500 -1.60 %

- ECB policy makers have become more skeptical about the efficacy of the bank's
bond-purchase program, ECB council member and Bundesbank President Jens
Weidmann said.

- FT: The EU would gain far-reaching powers to rewrite national budgets for
eurozone countries that breach debt and deficit rules under proposals likely
to be discussed at a summit this week, according to a draft report seen by
the financial times.

- Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain's largest
lenders, were downgraded by Moody's Investors Service because of the
country's sovereign debt and souring real-estate loans. At least a dozen
lenders were lowered to junk status, Moody's said yesterday in a statement.
The ratings company downgraded six banks by four levels and 10 by three
grades with the rest getting one- and two-tier declines.

- Cyprus sought a financial lifeline from the euro area's firewall funds,
becoming the fifth of the euro's 17 member states to request a bailout.

- Guy Debelle, Reserve Bank of Australia assistant governor for financial
markets, speaks on mortgage-finance panel in Adelaide:
* Asked to make predictions for 12 months out, he says Europe's day of
reckoning will happen in that time frame, though unclear which way it will
go
* Australia's economy in a year may look similar to the shape it's in now,
which is a good place to be

- Former World Bank Managing Director Graeme Wheeler was named New Zealand's
next central bank governor. Wheeler's "extensive experience makes him a highly
respected figure in world financial markets and within New Zealand," Fin.
Min. English said in a statement. He will succeed Alan Bollard, who served in
the position for a decade and whose term ends Sept. 25, English said.

- A leading economic index for China rose 1.1% to 235.1 in May, The Conference
Board, a New York- based research organization, said on its website today.

- China will likely cut interest rates again in August to fight the economic
slowdown, China Daily cites Huang Haizhou, chief strategist at China
International Capital Corp., as saying.

- Japan's lower house is set to vote on a controversial consumption tax hike
bill today. although 50 DPJ members are expected to vote against the bill, it
is almost certain that the bill will pass through the lower house, as
oppositions have agreed to back the sales tax hike. But there is a risk
that the government will lose its majority if more than 54 members leave the
party.

- 1500 US S+P CaseShiller Home Price Index Apr
- 1600 US Consumer Confidence June
- 0800 Germany GFK Consumer Confidence July
- 0845 France Consumer Confidence June
- 1000 Italy Retail Sales
- 1030 Spain to sell 84+168 day bills
- 1100 Italy to sell 2014/16/26 bonds

- 1030 UK Public Finances PSNCR/PSNB May
- 1100 BOE King, Dale, Miles, Broadbent speak to UK Parliament
- 0800 Switzerland Consumption Indicator May

  (CET)

Have a nice day !

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