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Market View

The euro held steady against the dollar

Monday, July 16, 2012 3:47 AM GMT

Good Morning ,

§  Asian stocks rose for a second day while oil declined as Premier Wen Jiabao said China’s economic growth hasn’t gained momentum and the government will step up policy fine-tuning. Grains surged on concern a U.S. drought will damage crops. The euro held steady against the dollar, with the near-term focus on whether U.S. Federal Reserve Chairman Ben Bernanke will give any hint of additional monetary stimulus when he gives testimony to Congress in coming days

 

   Specs rebuild Euro shorts, boost AUD longs in July 10 week

§  China PM Wen says stabilization policies are working, but warns of more hardship ahead

§  Vice Premier Li Keqiang said that China must stimulate domestic consumption; the government must look for stable growth; the government will continue to push for structural reforms

§  ECB demands imposing losses on senior Spanish bank holders-WSJ

§  German Chancellor Merkel said on Sunday that she is confident that she will get a majority required on Spain aid at a special sitting of the lower house Bundestag set for Thursday

§  German Finance Minister Schaeuble said that he is confident Germany’s top court will rule that the EU’s bailout fund and fiscal pact are compatible with national law

§  ECB Weidmann hints Spain's package should be tied to wider econ reforms

§  ECB Weidmann doesn't expect Italy to ask for ESM aid

§  73.9% of Greeks surveyed want the new government to renegotiate on bailout terms, according to an MRB poll

§  Italy's government expects the economy to contract less than 2% in 2012, says Economy Minister Grilli

§  UK Rightmove July house prices -1.7% m/m, Steepest monthly July fall in 4 years

§  The Sonntagszeitung newspaper on Sunday quoted Gaillard, head of Switzerland’s federal budget office, as saying that he is convinced that the SNB will be able to keep the minimum exchange rate. Warns the damage to the Swiss economy would be very large if the exchange rate cap were abandoned

§  Fed Lacker: Current policy untenable if weakness continues, Need to see more bad news for QE3

§  Australia’s Treasurer Wayne Swan said that Australia would need to continue with economic reforms; said that Q2 GDP growth for China is “very solid”

§  New Zealand service sector activity pulls back from a 6 months high in June to 54.3 vs 56.6 in May

§  NZ’s Prime Minister John Key said that councils need to curb debt and reduce costs to achieve surplus, ratepayers would not be able to cope with unaffordable increases


TODAY'S FIGURES

 

09.15

 

CH Industrial orders yy

11.00

 

EZ Euro Area Trade Balance

11.00

 

EZ Inflation mm and yy

14.30

 

CA Securities Trans

14.30

 

US Retail Sales

16.00

 

US Business inventories mm

 

(CET)


Have  a  good day ! 

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