Eur/usd - page 124
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we should take a look at Chinese CPI USD/JYP
EUR/USD July 8 – Little Change as US Employment Numbers Continue to Shine
EUR/USD is showing little movement on Tuesday, as the pair trades in the low-1.36 range in the North American session. There are no major releases on today’s schedule. In the Eurozone, German Trade Balance posted a wider surplus, as the indicator hit an eight-month low. Over in the US, JOLTS Job Openings improved nicely and easily beat the estimate.
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ECB’s Praet says latest policies need time to show results
ECB measures will bring inflation closer to 2%
ECB had to act forcefully or risk financial stability anchoring inflation expectations is essential
TLTROs can halt “vicious circle” of constrained lending
ECB measures designed to limit bubble build-up by exlusing home loans structural adjustment needed in some Eurozone countries
EURUSD should stay in a range today until late this evening as investor’s await clear signs from the U.S. Federal Reserve (FOMC June minutes) that it is on track to raise U.S. interest rates next year.
Austria April Trade Balance Swings To Surplus
Austria's trade balance for April turned to surplus from a deficit a year ago, data from Statistics Austria showed Wednesday.
The trade surplus came in at EUR 99.75 million in April. In the corresponding month of the previous year, a trade deficit of EUR 83.77 million was recorded.
Exports fell 0.6 percent year-over-year to EUR 10.97 billion in April. Shipments to the European Union member states rose 0.3 percent and to the third countries decreased 2.4 percent.
Imports declined 2.2 percent over the year to EUR 10.87 billion in April. Arrivals from the European Union countries dropped 2.9 percent and imports from the third countries fell 0.6 percent.
The trade deficit decreased to EUR 1.04 billion for the period of January to April from EUR 1.22 billion in the corresponding period of the previous year. Exports increased 1.8 percent and imports grew 1.3 percent.
ECB's Praet: June Measures To Take Time To Affect Real Economy
The stimulus measures announced in June by the European Central Bank are set to take time to have an impact on the real economy by boosting lending, ECB Executive Board Member Peter Praet said Wednesday.
In a speech at the Europlace Financial Forum in Paris, Praet said, "All measures together should support lending to the real economy, support the economic recovery and - through that avenue - steer inflation rates to levels closer to 2 percent."
"As usual, effects on the real economy will take time as the measures will need to work their way through the economy."
In June, the ECB announced liquidity measures known as the targeted longer-term refinancing operations, or TLTROs. The EUR 400 billion scheme will mature in September 2018.
The policymaker also said that if the bank had not acted forefully, it would have had very serious financial stability implications. Further, he said monetary policy accommodation is essential to keep inflation expectations well anchored also for financial stability reasons.
"A fall of expected inflation leads to an increase in expected real interest rate which makes debt sustainability more difficult," Praet said.
Praet listed two major risks of a protracted period of monetary accommodation - first, postponement in bank balance sheet repair; and second, bubbles in asset prices.
He pointed out that banks will not be able to benefit from funding relief without also repairing their balance sheets where necessary. He also noted that the TLTROs exclude explicitly loans to households for house purchases.
Praet said the bank will closely study credit developments and hence, concerns that the TLTROs could stoke a housing bubble seem unwarranted.
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we will have strong movement on the dollar in few minutes
Draghi Backs Coeure in Call for Europe-Level Reform Push
European Central Bank President Mario Draghi said the European Union would benefit from an authority that could push governments to strengthen their economies.
“There is a case for some form of common governance over structural reforms,” Draghi said in a speech in London today. “This is because the outcome of structural reforms -- a continuously high level of productivity and competitiveness -- is not merely in a country’s own interest. It is in the interest of the union as a whole.”
Draghi has repeatedly said the ECB’s ultra-loose monetary policy isn’t sufficient to sustain the euro area’s fragile recovery if governments backslide. EU finance ministers meeting in Brussels this week signaled a willingness to give politicians extra leeway so long as they take measures to fix their economies. They then clashed yesterday as Italian Prime Minister Matteo Renzi pushed back against austerity measures.
“Historical experience, for example of the International Monetary Fund, makes a convincing case that the discipline imposed by supranational bodies can make it easier to frame the debate on reforms at the national level,” Draghi said. “I would see merits in initiating, as a one-off, a new convergence process within the euro area -– one which ensures that all countries are truly in a position to benefit from membership.”
ECB Executive Board member Benoit Coeure said earlier today that convergence could be complemented by action such as a European effort to increase investment by channeling private savings. It could culminate in the transfer of budgetary responsibilities to the European level, he said in Athens.
“But let me add an important note of caution,” Coeure said. “This can only occur once trust has been restored across countries and within countries, i.e. after growth has resumed, unemployment and inequalities have receded, and economies have sufficiently converged. What we are talking about is a new social contract among European countries.”
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French industrial output drops unexpectedly in May
French industrial production dropped unexpectedly in May as a rebound in energy production was offset by the largest decline in manufacturing output in over 18 months.
Industrial production fell 1.7% in May from April, while economists polled by The Wall Street Journal had forecast a slight 0.1% rise.
Manufacturing output--a closely watched component of industrial production--sank 2.3% in May from April, the steepest month-on-month fall since September 2012.
Italian Industrial Production -1.2% vs. 0.2% forecast
Italian industrial production fell unexpectedly last month, official data showed on Thursday.
In a report, Istat said that Italian Industrial Production fell to -1.2%, from 0.5% in the preceding month whose figure was revised down from 0.7%.
Analysts had expected Italian Industrial Production to rise 0.2% last month.