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Forex Market News - European Market Update - UK Average Earnings Grow in JulyEuropean Market Update - UK Average Earnings Grow in July
- The European indices are currently trading in negative territory in the session, reversing gains after the IEA trimmed its 2008 world growth forecast.
- European government bonds are currently trading lower in the session as are gilts over in the UK. In new supply overnight Germany sold â‚¬5.91B in 4.00% 2-year schatz with an average yield of 3.87% and a bid-to-cover of 1.4x. The bid-to-cover fell below the 2.0x seen at the last auction. The amount sold fell below the guided amount of â‚¬7.0B. The Portuguese IGCP sold â‚¬1.0B in 4.35% October 2017 PGBs overnight with an average yield of 4.364% and a bid-to-cover of 1. 785x. The auction brings the amount outstanding for the issue to â‚¬5.9B. The bid-to-cover on the last auction was 2.0x.
- In the UK overnight, the claimant count rate for the month of August was in line with consensus expectations at 2.6%, while July's reading was revised up to 2.7% from 2.6%. - The jobless claims change was slightly better than expected at -4.2K. Average earnings including bonus rose by more than expected to 3.5% in July from an upwardly revised 3.4% in June, while average earnings excluding bonus were in line with estimates at 3.5%. The ILO unemployment rate for the month of July was also in line with consensus estimates at 5.4%.
- Euro-Zone industrial production for the month of July was stronger than expected, with small upward revisions to June's readings. Industrial production was 0.6% m/m and 3.7% y/y, above estimates of 0.2% and 3.1% respectively.
- The Bank of England's King said overnight that the money-market rescue risks a future financial crisis, adding that interest rates could be adjusted quickly when necessary. King added that the BOE is monitoring credit conditions intensively, noting that the turmoil should not hurt economic growth in the long run.
- The German DIHK institute repeated its 2007 forecast for German GDP growth of 2. 8% â€śdespite the Euro FX levelsâ€ť but noted that they see the strong Euro hurting profit margins.
Change on Day: Global Bond Yields
COD Last At
German 2 0.004 3. 931
German 10 0.009 4.103
UK 2 -0.002 5.076
UK 10 -0.002 4.903
US 2 -0.025 3.916
US 10 -0.019 4. 349
French 2 0.005 3.945
French 10 0.004 4. 22
Italian 2 0.01 4.1
Italian 10 0 4. 414
Change on Day: Global Indices
COD % COD
DAX -21.19 -0.28% Intersession
CAC 40 -0.07 0. 00% Intersession
FTSE 100 -21.4 -0.34% Intersession
Euro Stoxx -0.82 -0.20% Intersession
Swiss Market 1.12 0. 01% Intersession
IBEX 35 -59.4 -0.43% Intersession
S&P/MIB - 89 -0.23% Intersession
Nikkei 225 -80.07 -0.50% Closed
Hang Seng 357.9 1.49% Closed
Shanghai 58.659 1. 15% Closed
Shenzhen 20.416 1.46% Closed
ASX 200 -11.13 -0. 34% Closed
Kospi -33.84 -1.83% 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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