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Pending home sales rise 5.2%; Factory orders rise 0.1%

June factory orders revised higher, to -0.6%.

Yields are rising further and equities are firming as the data is okay, not dreadful.

US 10-year notes are up to 2.63%

By Jamie Coleman  || September 2, 2010 at 14:00 GMT
Category: All, Americas, Economy, Regions || Tags: || 8 comments || Add comment
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Claims 472,000 from 478,000

Also of note, non-farm productivity fell 1.8%. Perhaps business will have to start hiring again before long.

9-2 prod

By Jamie Coleman  || September 2, 2010 at 12:30 GMT
Category: All, Americas, Economy, Regions || Tags: || 8 comments || Add comment
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ForexLive European Wrap: Not much going on. GBP has poor morning, CHF good one

Not too much going on. Sterling has had a poor morning, underminned by poor house price, construction PMI data.  Swissy on the flip side has had good morning,  underpinned by good  Q2 GDP, retail sales data.

EUR/USD firmer on day, up at 1.2825 from early 1.2790.  The pairing did suffer a bit of a swoon posting a session low 1.2777, but ready buyers emerged.  The sell-off seemed to coincide with announcement of Swedish rate hike, which saw heavy selling of the EUR/SEK cross.

Asian central bank and hedge funds notable buyers below 1.2800 this morning.  On the topside sell orders noted at 1.2830/50 and they’ve helped cap rally attempts at 1.2838 so far.

Cable down at 1.5400 from early 1.5445.  Poor UK house price/construction PMI data have weighed on sterling.  Real money buyer seen around 1.5375 low helping lend much-needed support.

EUR/GBP up at .8325 from early .8280, but sell orders noted at .8330/50 have capped topside at .8338 so far.

EUR/CHF down at 1.2980 from early 1.3015 having been as low as 1.2945 at one stage.  Swissy supported by strong GDP/retail sales data.  UK clearer notable seller in very early trade.

USD/JPY unchanged at 84.18.  Got as low as 84.01 before decent buying from a Dutch bank lent much-needed support.  The Danish bank, who has been notable buyer of late, was also said to have been in buying again.

By Gerry Davies  || September 2, 2010 at 11:24 GMT
Category: All, Central Banks, Economy, Europe, Mkt News, Mkt Talk, Politics/Policy, Regions, Wrap up, orders || Tags: || 3 comments || Add comment
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Spanish/German 10-year government bond yield spread falls to 169 bps

Lowest since August 20.  Hooray!!!

By Gerry Davies  || September 2, 2010 at 09:38 GMT
Category: All, Economy, Europe, Mkt Talk, Politics/Policy, Regions || Tags: || 1 comment || Add comment
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UK construction PMI 52.1 in August

Versus 54.1 in July.  Much worse than median forecast of 53.2.

 It’s all coming apart at the seams (that’s better) I tell ya!!! I packing my bags and moving to ……..Sweden!!!

“You can dance, you can jive having the time of your life

See that girl, watch that scene, diggin’ the dancing queen”

By Gerry Davies  || September 2, 2010 at 08:35 GMT
Category: All, Economy, Europe, Mkt News, Regions || Tags: || 0 comments || Add comment
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No decision yet on Anglo Irish bank – Government source

  • Govt still discussing either gradual wind-down or good bank/bad bank split with EC
By Gerry Davies  || September 2, 2010 at 08:04 GMT
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China won’t launch new stimulus but will be wary of exiting from current one – Govt researcher

  • China has no need for big economic initiatives, credit growth ample
By Gerry Davies  || September 2, 2010 at 07:55 GMT
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Swedish central bank raises key repo rate to 0.75% from 0.50%

As expected.

Swedish crown rises vs euro in wake of move. Guess selling of EUR/SEK will be weighing on EUR/USD which is down at 1.2785.  EUR/SEK cross down around 9.3100 from 9.3321 just prior to rate increase announcement.

By Gerry Davies  || September 2, 2010 at 07:35 GMT
Category: All, Central Banks, Economy, Europe, Mkt News, Regions || Tags: , || 42 comments || Add comment
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Swiss retail sales +4.8% y/y in July

Stronger than median forecast of 2.3% y/y.

By Gerry Davies  || September 2, 2010 at 07:19 GMT
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Spain’s August jobless rate rises 61,083

To 3.97 mln.

By Gerry Davies  || September 2, 2010 at 07:02 GMT
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