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Forex Market News - European Market Update - UK Industrial and Manufacturing Production Delcines in JulyEuropean Market Update - UK Industrial and Manufacturing Production Delcines in July
- The European indices are currently trading in positive territory in the session, trading higher as market participants become more optimistic on the â€śsub- prime situationâ€ť.
- Ahead of today's interest rate decisions, both gilts and European government bonds are trading lower. Spain soldâ‚¬1.61B in 3.90% 2012 Bonos overnight, with an average yield of 4.197%, and a bid-to- cover of 1.79x. The expected range for the auction was â‚¬1.5B-â‚¬1.8B, and the bid-to-cover compared to the average of 2.27x over the last three auctions. The current auction brings the amount outstanding for the issue to â‚¬8.196B. France sold â‚¬3.91B in 4.25% 2017 OATs with an average yield of 4.35%, and a bid-to-cover of 2.33x. The expected sale range was â‚¬3.8B-â‚¬4.3B, and the bid- to-cover compared to the average of 2.90x over the last three auctions.
- In a 1-day refi overnight the ECB injected â‚¬42.245B into the market with an average lending rate of 4.13%. The tender totaled â‚¬90.8B with 46 banks seeking liquidity.
- An ECB report to the EU was leaked to the press overnight. The report indicated that there will be no ECB rate hike at today's meeting. The report said that the EMU financial system is strong and resistant, but said that the tight credit squeeze could hurt the real economy.
- Swiss unemployment for the month of August unexpectedly rose to 2.6% from 2.5% in July, while the seasonally adjusted unemployment rate remained unchanged at 2.7%. Swiss unemployment remained near five-year lows as strong demand has resulted in increased hiring.
- Swedish industrial production for the month of July declined by more than expected to 0.3% m/m from 0.8% in June, and declined to 5.2% y/y from 5.5% as expected. Manufacturing production declined to -1. 7% m/m from 0.5% in June, and rose to 8.7% y/y from -5.3% in June.
- July industrial production in the UK unexpectedly declined to -0.1% m/m from a downwardly revised 0.0% in June, and rose by less than expected to 0. 9% y/y from 0.8% in June. Manufacturing production unexpectedly declined to -0.3% m/m from a downwardly revised 0.1% in June, and declined to 0.8% y/y from an upwardly revised 1.0% in June.
Change on Day: Global Bond Yields
COD Last At
German 2 0.048 4. 056
German 10 0.02 4.23
UK 2 0.024 5.385
UK 10 0. 025 5.06
US 2 0.025 4.033
US 10 0.027 4. 494
French 2 0.035 4.057
French 10 0.022 4. 325
Italian 2 0.042 4.213
Italian 10 0.022 4. 52
Change on Day: Global Indices
COD % COD
DAX 40.01 0.53% Intersession
CAC 40 27.67 0. 50% Intersession
FTSE 100 41.6 0.66% Intersession
Euro Stoxx 1.82 0.44% Intersession
Swiss Market 18.08 0. 20% Intersession
IBEX 35 6.6 0.05% Intersession
S&P/MIB 97 0. 25% Intersession
Nikkei 225 98.55 0.61% Closed
Hang Seng -18. 77 -0.08% Closed
Shanghai 82.944 1.56% Closed
Shenzhen 10. 079 0.68% Closed
ASX 200 20.04 0.62% Closed
Kospi 23.22 1. 24% Closed
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Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
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John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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