Eur/usd - page 117
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French Business Confidence 98 vs. 99 forecast
French business confidence rose less-than-expected in the last quarter, official data showed on Wednesday.
In a report, INSEE said that French Business Confidence rose to an annual rate of 98, from 99 in the preceding quarter.
Analysts had expected French Business Confidence to rise 99 in the last quarter.
Italian Retail Sales 0.4% vs. 0.2% forecast
Italian retail sales rose more-than-expected last month, official data showed on Wednesday.
In a report, Istat said that Italian Retail Sales rose to 0.4%, from -0.2% in the preceding month.
Analysts had expected Italian Retail Sales to rise 0.2% last month.
Spanish Producer Prices Fall For Fifth Month
Spain producer prices declined for the fifth consecutive month in May, the statistical office INE said Wednesday.
Producer prices were down 0.4 percent in May from a year ago, following a 0.2 percent drop in April.
Cost of consumer goods fell 0.6 percent, while energy and capital goods prices advanced 0.8 percent and 0.2 percent, respectively. Intermediate goods logged an annual decline of 1.9 percent.
Month-on-month, producer prices rose 0.9 percent, versus 0.1 percent rise seen in the previous month. This was the biggest growth since December, when prices were up by 1.1 percent.
The EURUSD went sideways yesterday, essentially embracing the 1.36 handle again. Because of this, it is very hard to trade and is essentially at the direct center of the larger consolidation area having a floor at 1.35, and a ceiling at the 1.37 handle.
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the price is trading between 1.3585 and 1.3620 all the week there is no action on the price price lose momentum close to the support and resistance lines.
German GfK Consumer Sentiment Set To Hit 7.5-year High
German consumer confidence is set to improve to the highest since 2006 in July, as economic expectations and willingness to spend strengthened after the European Central Bank lowered its key rate early this month.
The forward-looking consumer sentiment index rose to 8.9 in July from a revised 8.6 points in June, survey data from market research group GfK showed Wednesday.
This was the highest score since December 2006. Economists had forecast the indicator to rise to 8.6 points from June's original estimate of 8.5.
The mood of consumers was underpinned by strong economic expectations and willingness to buy sub-indicators. Meanwhile, income expectations weakened slightly in June. Consumer climate was also boosted by the slump in propensity to save after the interest rate reduction.
The economic expectations index rose 7.7 points to 46.2 in June, the highest value since June 2011, when it reached 50.3 points.
Following a robust start to 2014 for the German economy, the current focus of consumers in view of economic developments is predominantly on general domestic conditions such as labor market situation, propensity to invest and inflation.
The GfK said the GDP is expected to grow by around 2 percent this year as widely anticipated by economic experts. The survey suggests that private consumption will rise 1.5 percent in 2014.
Nonetheless, the developments of international crises, especially in Iraq and Ukraine, continues to be an unpredictable risk factor for the economy. According to the Ifo survey, sentiment among German companies deteriorated to a six-month low in June.
Consumers' income expectations fell by 0.6 points to 47.2 in June. It was only just over five points below the highest value since reunification that was reached in April this year.
Collective wage agreements amid falling inflation support income expectations. The continued positive labor market situation also offers scope for salary and wage increases among German employees.
The willingness-to-buy index gained 3.7 points to reach 53.2 in June. This marks growth of almost 17 points on the same period of the previous year. The propensity to consume measure sustained its extremely stable condition.
As in the previous months, the good framework conditions in Germany, including employment, income development and inflation, determine the consumer sentiment on an ongoing basis.
source
Bundesbank chief: Do not turn ECB into Europe’s bad bank
Germany’s top central banker has warned the European Central Bank against buying securitised debt, saying that such a move could turn it into the bad bank of Europe.
“The revival of the securitisation market is not a primary task of monetary policy,” European Central Bank policymaker and Deutsche Bundesbank president Jens Weidmann told an audience in Halle in eastern Germany.
“The euro system must not become the bad bank of Europe by taking risks off banks and passing them onto the taxpayer.”
Mr Weidmann’s blunt remarks follow preparations by the ECB for possible future purchases of asset-backed securities. It is a key plank in plans to revive lending to small companies.
Now the opposition from Germany poses an obstacle to its launch.
The market is potentially large. Banks have lent almost €4 trillion in loans of under €1 million.
But securitisation evokes memories of the mortgages and car loans packaged by US banks that triggered a credit crunch in 2007, leading to the collapse of Lehman Brothers bank and global financial crisis.
ECB president Mario Draghi has emphasised that only “simple and transparent” packages of debt would be considered but Mr Weidmann’s comments underscore the deep mistrust of this market.
source
French Consumer Sentiment On Tap For Thursday
French consumer confidence is among the few economic data expected to be released on Thursday.
The French statistical office INSEE is scheduled to release its consumer sentiment report at 2:45 am ET. The consumer confidence index is estimated to remain unchanged at 85 in June.
Statistics Sweden is expected to release its producer prices report for May at 3:30 am ET. In April, output prices rose 1.6 percent on year and declined 0.4 percent on month.
At 4 am ET, Statistics Norway is due to release its unemployment report. The unemployment rate is expected to rise to 3.4 percent in April.
Around the same time, the Central Statistical Office of Poland is expected to release retail sales report and unemployment figures. Retails sales are forecast to grow 6.2 percent year-on-year in May following the 8.4 percent rise in April. The unemployment rate is estimated to drop 0.5 percentage points to 12.5 percent in May.
The Czech National Bank is scheduled to announce its interest rate decision at 7 am ET. The repo rate is expected to be maintained at 0.05 percent.
The Financial Policy Committee of the Bank of England is set to unveil new measures to contain the risk of a housing bubble later today.
At 5:30 am ET, BoE's Governor Mark Carney is scheduled to speak in London on the financial stability report.
At 7:00 am ET, European Union's conservative leaders are expected to hold a pre-summit meeting in Kortrijk, Belgium. European Union's socialist leaders are scheduled to hold a pre-summit meet at Elverdinge, Belgium at 8:30 am ET.
EURUSD managed to hold its ground and even rise a bit yesterday, thanks to the greenback’s weakness. The horrible GDP number of the United States showed yesterday couldn’t give the Euro enough juice to gain significantly. If that could move things in the direction of the Euro, that shows just how tight this market is.