The adjustment in pricing is related to the new pricing mechanisms which the major producers have implemented (over the Reuters newswires).

 Obviously this type of price decrease will have some sort of negative impact on currencies like the AUD, CAD and BRL as the year progresses. The AUD/USD has slipped 15 pips, now back below .9100.

Q2 GDP fell to 2.0% versus the expected 2.5% while Q1 was revised lower to +5.8% from 6.1% previously.

• In some Western countries we need to get used to period of modest growth of 2-3%, perhaps modestly higher
• Asked if weakness in US econ data a cobncern says “sure”, cites Canada’s relaince on exports to US
• Ireland has “sold” bank plan, has led EU in courageous fiscal reform decisions
• Asked on S&P downgrade of Ireland, says he takes rating agency views with grain of salt (excellent!!!)
• Says “Not a big fan” of Moody’s, S&P, says rating agencies part of the problem that caused crisis

The market had expected a 0.4% rise. Ex-autos, sales fell 0.5%.  Sales in May were revised 0.4% lower from the initial -0.2% reading.

• BOC estimates cumulative net benefits of new bank rules for Canada over time to be C$200 bln, or 13% of GDP
• BOC says if total bank capital ratio increased by 2%, for example, Canada GDP level would rise 0.8% per year in long run

Wow, really!!  Personally found the stuff about the Daleks much more interesting……

Possible M&A flows lending the loonie some support.  USD/CAD presently at 1.0285 from North American close Tuesday up around 1.0330.

USD/CAD sits at 1.0435, not far from session high 1.0440.  The C$ hasn’t been helped by the release of disappointing canadian trade data earlier.  Sources now reporting stops gathering through 1.0450.

Versus C$ 0.70 bln deficit in May. Much worse than median forecast of C$ 0.3 bln deficit.

Down from revised 192.3k in June.  Data has helped pressure CAD, USD/CAD up at 1.0380 from around 1.0330 when I arrived.

Canadian June new housing prices +0.1%, down  from previous +0.3%, slightly below median forecast of +0.2%

Weaker than median forecast of +15k.

Unemployment rate up at 8% from 7.9% in June, market having looked for no change.

Canadian dollar gets hit. USD/CAD up at 1.0235 having been as high as 1.0244.

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