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German Exports Recover In May

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German exports grew more than expected in May after easing in April, data from the Federal Statistical Office showed Friday.

 

Exports advanced 4.3 percent month-on-month, compared to April's 5.6 percent drop. Economists had expected it to grow only 1.5 percent in May. At the same time, imports climbed 3.7 percent, reversing a 2.5 percent fall in April. That was also bigger-than-expected 1.5 percent growth.

 

The trade surplus increased to EUR 14.8 billion from EUR 10.8 billion in April. The surplus stayed well above the consensus forecast of EUR 12.2 billion.

 

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of EUR 6.9 billion in May. That was larger than the EUR 3.1 billion surplus seen in May 2010 and slightly below EUR 7 billion surplus expected by economists.

 

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Euro Extends Decline Against Majors

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The European currency continued its previous sessions' declining trend against its major counterparts in early European deals on Tuesday.

The common currency is presently trading at a fresh record low of 1.1633 against the Swiss franc, fresh multi-month lows of 110.76 against the yen and 1.3874 versus the US dollar and nearly a 4-week low of 0.8765 versus the pound.

On the downside, the single currency may break below the psychological mark of 1.16 against the franc in near-term. Also, the euro may test support levels at 110.50 against the yen, 0.8720 against the pound and 1.3850 against the greenback.

 

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Euro Extends Decline Against Majors

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The European currency continued its previous sessions' declining trend against its major counterparts in early European deals on Tuesday.

The common currency is presently trading at a fresh record low of 1.1633 against the Swiss franc, fresh multi-month lows of 110.76 against the yen and 1.3874 versus the US dollar and nearly a 4-week low of 0.8765 versus the pound.

On the downside, the single currency may break below the psychological mark of 1.16 against the franc in near-term. Also, the euro may test support levels at 110.50 against the yen, 0.8720 against the pound and 1.3850 against the greenback.

 

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U.S. Dollar Drops Against Pound

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During early European deals on Wednesday, the U.S. dollar extended its previous session's fall against the pound and touched a 2-day low of 1.5971 at 3:10 am ET. The pair is presently trading at 1.5967, compared to Tuesday's close of 1.5915. If the greenback slides further, it may target 1.615 level.

 

 

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Pound Declines Against Majors

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U.K.'s sterling edged lower against its major counterparts in early European trading on Wednesday.

The pound fell to 126.95 against the yen and 1.6098 against the US dollar around 3:05 am ET, down from yesterday's closing values of 127.68 and 1.6126, respectively.

If the British currency weakens further, it may find target levels at 1.6040 against the greenback and 125.50 versus the yen.

The UK currency also reached as low as 1.3250 against the Swiss franc and 0.8807 against the euro before holding steady around 3:05 am ET.

The pound that closed yesterday's deals at 1.3292 against the Swiss franc and 0.8781 against the euro is presently quoted at 1.3252 and 0.8801, respectively.

On the downside, the British unit may test support levels at 1.3150 against the Swiss franc and 0.8850 against the euro.

 

 

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Euro Rises Against the Chf As Investors Cheer the Greek Deal

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News:

 

The Swiss franc fell against the euro after an emergency summit of leaders of the 17-nation currency area pledged to conduct a second bailout of Greece.

 

The franc slipped 0.4 pct against the euro compared with the New York close, trading at 1.1815 at 0644 GMT.

 

Analysts at Credit Suisse said the franc was likely to fall against the euro in coming months, if risk aversion abated.

 

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Yen Jumps To Multi-day Highs Against Most Majors

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Monday, the Japanese yen traded higher across the board, barring the Swiss franc, as worries about the U. S. debt ceiling and Moody's downgrade of Greece debt ratings increased bets on safe-haven currencies.

 

The yen is presently trading at a 1-week high of 82.20 against the Canadian dollar with 81.30 seen as the next likely target level. The loonie-yen pair settled Friday's deals at 82.76.

 

The Japanese currency also climbed to a 4-day high of 112.14 against the euro, 127.33 versus the pound, 84.48 against the Australian dollar and 67.44 against the NZ dollar around 3:45 am ET.

 

On the upside, the domestic unit may find target levels at 111.60 against the euro, 126.70 versus the pound, 67.30 against the NZ dollar and 84.20 versus the Australian dollar.

 

The Japanese currency also reached as high as 78.23 against the US dollar before holding steady around 3:20 am ET. The dollar-yen pair, which closed Friday's deals at 78.50, is presently worth 78.23 with 76.20 seen as the next likely target level.

 

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Yen Jumps To Multi-day Highs Against Most Majors

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Monday, the Japanese yen traded higher across the board, barring the Swiss franc, as worries about the U. S. debt ceiling and Moody's downgrade of Greece debt ratings increased bets on safe-haven currencies.

 

The yen is presently trading at a 1-week high of 82.20 against the Canadian dollar with 81.30 seen as the next likely target level. The loonie-yen pair settled Friday's deals at 82.76.

 

The Japanese currency also climbed to a 4-day high of 112.14 against the euro, 127.33 versus the pound, 84.48 against the Australian dollar and 67.44 against the NZ dollar around 3:45 am ET.

 

On the upside, the domestic unit may find target levels at 111.60 against the euro, 126.70 versus the pound, 67.30 against the NZ dollar and 84.20 versus the Australian dollar.

 

The Japanese currency also reached as high as 78.23 against the US dollar before holding steady around 3:20 am ET. The dollar-yen pair, which closed Friday's deals at 78.50, is presently worth 78.23 with 76.20 seen as the next likely target level.

 

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U.K. GDP Growth Slows In Q2

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The British economy expanded at a slower pace as estimated for the second quarter, the Office for National Statistics said Tuesday.

Gross Domestic Product (GDP) grew 0.2 percent sequentially in the second quarter, following an increase of 0.5 percent in the first quarter. The rate of growth matched economists' expectations.

On the production front, output of the production industries fell 1.4 percent, following a decline of 0.1 percent in the prior quarter. Manufacturing dropped 0.3 percent and mining and quarrying slipped 6.6 percent. The decrease in electricity, gas and water supply was 3.2 percent.

Meanwhile, construction output grew 0.5 percent, reversing last quarter's 3.4 percent quarterly drop.

On a yearly basis, the economy expanded 0.7 percent in the second quarter, slightly smaller than the 0.8 percent growth expected by economists.

The statistical office said there were a number of special events associated with the second quarter including the additional April bank holiday, the royal wedding and the after effects of the Japanese tsunami.

 

 

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Euro Falls Against Yen And Franc Amid German Import Price Index

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Amid the release of the German June import price index at 2 am ET Wednesday, the euro fell against the yen and the franc, but it changed little against the dollar and the pound. At present, the euro is worth 1.4530 against the dollar, 112.89 against the yen, 0.8844 against the pound and 1.1622 against the franc.

 

 

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Chinese Yuan Rises Against Dollar

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In Asian deals on Thursday, the Chinese yuan rose against the US dollar. At present, the yuan is worth 6.4425 per dollar and if the Chinese currency gains further, it will break a record high of 6.4395 hit early this week. At yesterday's close, the dollar-yuan pair was quoted at 6.4446.

The People's Bank of China set today's central parity rate for the yuan at 6.4438 per dollar, compared to Wednesday's daily reference rate of 6.4426.

The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 0.5 percent from that level.

 

 

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Euro Mixed Amid German Retail Sales

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Following the release of the German June retail sales for June at 2 am ET Friday, the euro showed mixed trading against its major counterparts. While the euro fell further against the dollar and the yen, it changed little versus the pound and the franc.

As of now, the euro is worth 1.4278 against the dollar, 110.74 against the yen, 1.1442 against the franc and 0.8754 against the pound.

 

 

 

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Italian Officials to Meet to Discuss Debt Crisis

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News

* Officials from Italian economy ministry, Bank of Italy and market authorities are planning to meet to discuss the resolution of the crisis.

* PM Berlusconi also due to address Italian parliament on Wednesday.

* Italian CDS prices are up 24 bps today at 355 BPS

 

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Pound Advances Against Dollar And Yen

 

The U.K. currency traded higher against the U.S. dollar and the yen ahead of European deals on Tuesday. The pound that ended yesterday's deals at 1.6456 against the greenback and 126.38 against the yen is presently trading at 1.6509 and 126.74, respectively. On the upside, the pound may target 1.67 against the greenback and 128.00 versus the yen.

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Greece June Trade Deficit Falls

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The Greek trade deficit declined in June, figures from Hellenic Statistical Authority showed Wednesday.

 

The trade balance, excluding oil products, totaled EUR 1.63 billion in June, smaller than the EUR 2.08 billion shortfall in the same period of 2010.

 

The total value of imports, excluding oil, dropped 11.6 percent annually to EUR 2.97 billion. Meanwhile, exports rose 4.6 percent to EUR 1.34 billion.

 

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Euro Little Changed Amid German GfK Consumer Confidence Index

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At 2 am ET Thursday, German GfK consumer confidence for September was released. Amid the report, the euro changed little against other major currencies. As of now, the euro is worth 1.1469 against the franc, 111.04 against the yen, 0.8802 against the pound and 1.4410 against the dollar.

 

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Slovak Producer Price Inflation Slows For Fourth Month

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Slovak producer price inflation slowed for a fourth consecutive month in July, data released by the Statistical Office of the Republic of Slovakia showed Friday.

 

The producer price index increased 3.3 percent year-on-year in July, slower than the 4.6 increase in June. Prices of goods meant for the domestic market rose 2.1 percent annually, slower than a 2.5 percent jump in the previous month.

 

Producer prices in the mining and quarrying industry moved up by 2.8 percent, while manufacturing prices advanced 4.4 percent. There was a 1 percent annual decrease in prices of electricity, gas, steam and air conditioning supply in July.

 

On a monthly basis, producer prices dropped 0.5 percent during the month, compared to 0.2 percent fall recorded in June. In the January-July period, total producer prices climbed 5 percent from the corresponding period last year.

 

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Euro At More Than 5-week High Versus Franc

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The euro spiked up to more than a 5-week high of 1.1764 against the Swiss franc at 2:05 am ET Monday. The euro-franc pair is presently trading at 1.1760, compared to 1.1702 hit late New York Friday. If the euro rises further, it may target 1.21 level.

 

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Euro Pares Gains Against Majors

 

The euro pared its recent gains against its major counterparts ahead of the European session on Tuesday. The euro is now trading at 1.1865 against the franc, 111.38 against the yen, 1.4502 against the greenback and 0.8842 against the pound.

 

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Euro Little Changed After Germany's August Unemployment Report

 

 

Following the release of German unemployment data for August at 3:55 am ET, the euro was little changed against its major counterparts. As of 3:56 am ET, the euro was trading at 110.60 against the yen, 1.1725 versus the Swiss franc, 1.4440 against the dollar and 0.8858 against the pound.

 

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UK Construction Activity Eases In August

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UK construction sector activity slowed more than expected in August, latest survey results from Markit Economics showed Friday.

 

The headline Markit/CIPS purchasing managers' index for the construction sector fell to 52.6 in August from 53.5 in July. Economists expected the index to edge down to 53.2.

 

A PMI reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction. This was the lowest score in the current eight-month sequence of expansion.

 

Both employment levels and sub-contractor usage continued to fall during the latest survey period. Input price inflation picked up to a three-month high and the rate of increase was sharp and above the series trend.

 

Reflecting weaker increases in both output and new business, expectations for activity weakened to its lowest level in eight months.

 

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European Economics Preview: Eurozone Composite PMI, Retail Sales Data Due

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Composite Purchasing Managers' survey results and retail sales from Eurozone are the major statistical reports due on Monday, headlining a busy day for European economic news.

 

At 2.00 am ET, Statistics Finland is scheduled to issue GDP data for the second quarter. Ireland's services PMI is also due at the same time.

 

Turkish Statistical Institute is set to publish consumer prices and producer price figures at 3.00 am ET.

 

At 3.45 am ET, Italian services PMI is due. The index is forecast to rise to 49.2 in August from 48.6 in July. Final PMI data is due from France and Germany at 3.50 am and 3.55 am ET, respectively.

 

Eurozone composite PMI is expected at 4.00 am ET. The final composite PMI is seen at 50.7 in August, down from 51.1 flash estimate.

 

Eurozone sentix investor confidence is due. The indicator is seen at -17 in September, down from -13.5 points in August. In the meantime, U.K. CIPS/Markit services PMI is due.

 

At 5.00 am ET, Eurostat is scheduled to issue euro area retail sales figures. Economists forecast retail sales to fall 0.1 percent month-on-month in July after rising 0.7 percent in June. Annually, retail sales are expected to grow 0.1 percent.

 

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European Economics Preview: Eurozone GDP, German Factory Orders Data Due

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Gross Domestic Product figures from Eurozone, factory orders from Germany and consumer prices from Switzerland are the major statistical reports due on Tuesday.

At 3.00 am ET, the Czech Statistical Office is scheduled to issue industrial and construction output figures. Economists expect output to grow 5 percent annually in July, down from 7.4 percent in June. The trade balance data is also due in the meantime.

The Federal Statistical Office is set to publish August inflation data at 3.15 am ET. Swiss annual inflation is seen at 0.3 percent, down from 0.5 percent in July.

At 4.00 am ET, Germany's parliament will start debate on its draft 2012 budget.

At 5.00 am ET, Eurostat is slated to release second estimate for the Eurozone GDP. The statistical office is expected to confirm 0.2 percent sequential growth for the second quarter.

The Federal Ministry of Economy and Technology is scheduled to issue German factory orders at 6.00 am ET. After rising 1.8 percent month-on-month in June, factory orders are forecast to drop 1.5 percent in July.

 

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European Banking Authority concerned About Capital Supply says Eba Executive Director

 

 

News

European Banking Authority has asked sovereign watchdogs to observe Liquidity situation in their respective domain said a EBA Executive Director Adam Farkas to Financial Times Deutschland

Quotes

"The availability of capital, the opportunity for banks to get medium and long-term financing and get short-term credit, are a cause for concern, But this does not yet present any risk and is not an emergency situation,"

EBA Executive Director Adam Farkas to Financial Times Deutschland

 

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ECB Likely To Scale Back Rate Hikes: Capital Economics

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The European Central Bank, or ECB, is most likely to reverse its recent rate hikes due to weak economic outlook and fading upside risks to price stability, Jennifer McKeown, a senior economist at Capital Economics, said.

ECB President Jean-Claude Trichet's statement that the risks to price stability were now balanced rather than on the upside has confirmed that the bank's earlier policy tightening bias has disappeared entirely, McKeown noted.

ECB hiked the interest rates twice this year to contain inflationary pressures.

The updated ECB staff forecast now signals a slower growth for the Eurozone this year and the next. As per the revised forecasts, the economy is expected to grow between 1.4 percent and 1.8 percent in 2011 and between 0.4 percent and 2.2 percent in 2012.

However, McKeown noted that the economy will slow much more dramatically than even the ECB's new forecast implies as the decline in euro-zone export orders and the recent slump in consumer confidence seems to confirm that consumers will not pick up the slack.

 

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