April 12th, 2010 15:20:12 GMT

Pimco: Greek aid addresses liquidity, not solvency

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Pimco is in a very glass half-full mood these days. CEO Mohammad ElErian says that the terms of the EU loan set the floor for rates too high for Greece given worries over the sustainability of Greece’s debt.

EUR/US edged up at the 15:00 GMT fixing a touch but has eased back to 1.3600 in its wake.

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April 12th, 2010 14:47:35 GMT

EUR/USD demand rumored at upcoming fixing

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Traders report there is demand for EUR/USD at the upcoming 15:00 GMT fixing. We trade quietly now at 1.3600. Small pockets of resistance are seen at 1.3618 and 1.3635.

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April 12th, 2010 14:35:40 GMT

MNI US Retail Trade Weekly Index 59.9 Thru Apr 10 vs 59.2 Prev

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–Sample Points To March Gains Outside Top Estimates

By Mark Pender

NEW YORK (MNI) – MNI’s retail trade index rose seven-tenths in the
April 10 period to 59.9, well above break-even 50 to indicate
significant year-on-year rates of growth for what is proving to be a
resilient U.S. retail sector, according to Market News International’s
weekly survey released Monday.

MNI’s data, as they have all year, point to unexpectedly strong
gains for Commerce Department data, not only for March but for April as
well.

Adjusted month-to-month indications from this sample of 131 chains
consisting of 93,900 retail locations point to a 2.5% increase for total
March sales compared to an outside estimate of 2.1%.

Ex-auto, the sample points to a 1.5% rise compared to an outside
estimate of 0.9%. For ex-auto ex-gas, this sample points to a 0.5%
increase which would be the third straight gain and the seventh in eight
months, the latter a reminder that retail sales are at the center of the
nation’s economic recovery.

Total year-on-year sales for March, at +5.1%, came in right at
target while same-store sales, at +3.6%, well exceeded the +2.0% target.
Total sales for April are targeted at +3.0% with same-store sales at
+1.5%.

Distribution of strength in the sample is very deep with 30%
posting significant rates of year-on-year sales growth compared to only
13% posting significant contraction. Depth also appears on the income
side where 62% are posting gains and 29% posting declines. Income is at
a year-on-year +41%.

Of all the company indications that March’s strength may be more
than just a calendar distortion, Haverty (HVT), which operates in the
hard-hit furniture sector, posted March-quarter sales of +8.2% with
same-store sales at +10.1%.

Again, these gains include not only March but span February and
January as well, two months that proved very strong for the retail
sector.

In contrast, Haverty’s total December-quarter sales, despite an
equally easy year-ago comparison, were only +0.4% with same-store sales
+2.0%. Haverty operates 119 stores.

Editor’s Note: MNI compiles its retail trade index based on a
weekly sample of company news and data.

** Market News International New York Newsroom: 212-669-6430 **

[TOPICS: MDURE$,MT$$$$,M$U$$$,M$UEQ$,MAUDS$]

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April 12th, 2010 14:33:21 GMT

Canadian businesses upbeat: BOC survey

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Business is pretty good, eh?

Also crossing the wires are comments from Canadian FinMin Flaherty, saying the CAD rise has been orderly and that it reflects strong economic fundamentals.

Last week, his boss, PM Harper tried talking down the Loonie. I guess Flaherty missed the memo…

USD/CAD has fallen to 1.0030 on the CAD bullish comments.

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April 12th, 2010 13:55:27 GMT

ECB Sets Indicative Amount of 3-Mth LTRO at E15 Bln

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FRANKFURT (MNI) – The Governing Council of the European Central
Bank has decided to set the indicative amount of its next three-month
longer term refinancing operation at E15 billion, the central bank
reported on Monday.

However, the actual amount, to be decided on April 28, may deviate
from the indicative amount, the ECB added. The LTRO will settle the
following day, on April 29.

–Frankfurt Newsroom +49 69 72 01 42: email:frankfurt@marketnews.com–

[TOPICS: M$X$$$,M$$EC$]

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April 12th, 2010 13:55:18 GMT

ECB Calls For Bids In 7-Day 1.0% Fixed Rate Refis

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FRANKFURT (MNI) – The European Central Bank called for bids in its
seven-day main refinancing operation at a fixed rate of 1.0% on Monday.

Bids for seven-day long-term refi are due by 7:30 GMT on Tuesday.

The refis will settle this Wednesday and will mature on April 21,
2010.

–Frankfurt Newsroom +49 69 72 01 42: email:frankfurt@marketnews.com–

[TOPICS: M$X$$$,M$$EC$]

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April 12th, 2010 13:51:02 GMT

German government spox: Eurogroup, not EU summit needed to activate Greek plan

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Looks like only 16 15 (Greece doesn’t get a vote) cats will have to be herded to activate the Greek bailout package rather than 26 EU members, says a German government spokesman.

It’s surprising the Germans are not calling for a unanimous vote of the UN General Assembly and the New Hampshire Hose of Representatives.

EUR/USD firmed from the 1.3590 area to 1.3615 on the news.

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April 12th, 2010 13:45:36 GMT

ECB Calls For Bids In 28-Day 1.0% Fixed Rate Refis

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FRANKFURT (MNI) – The European Central Bank called for bids
in a 28-day longer-term refinancing operation at a fixed rate of 1.0%.

Bids for 28-day long-term refi are due by 7:30 GMT on Tuesday.

The refis will settle this Wednesday and will mature on May 12,
2010.

–Frankfurt Newsroom +49 69 72 01 42: email:frankfurt@marketnews.com–

[TOPICS: M$X$$$,M$$EC$]

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1 12,969 12,970 12,971 12,972 12,973 12,974 12,975 12,976 12,977 12,978 12,979 15,499

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