Must find rapid agreement on economic governance laws Time’s a wastin pumpkins!! Stops through 1.4420 give out and we’re down at 1.4400.

–UK Banks Sell Substantial Amount Foreign Govt Debt In July LONDON (MNI) – The vast majority of gilt purchases in July came from domestic institutions with overseas institutions making only negligible net purchases on the month, Bank of England data show. UK financial institutions increased their holdings of Gilts by stg8.074bn in July, a sharper [...]

August — MNI analysts survey — July Revised from lowest median highest ———————————————————————– Econ Sentiment 98.3 99.5 100.0 102.1 103.0 103.2 Industry -2.9 -3.0 -2.0 0.0 0.9 1.1 Services 3.7 2.0 6.0 7.0 7.9 — Consumers -16.5 na na na -11.2 — Retail -8.7 na na na -3.6 -3.5 Construction -23.3 na na na -24.3 [...]

ITALY DATA: August business confidence rose to 99.9 from 98.8 in July, on rising order expectations. Manufacturing and production price outlooks drop slightly, while inventory levels remain the same. ISTAT revised July’s SA index to 98.8 (up from 98.5)

EMU DATA: AUG ECON SENT INDEX DOWN TO +98.3 FROM JUL +103.0 (+103.2) –EMU Aug econ sentiment below MNI survey fcast median (104.0) –EMU Aug consumer confidence down to -16.5, above expected (-16.6) –EMU Aug industry confidence down to -2.9, below expected (-2.0) –EMU Aug services confidence down to +3.7 vs Jul +7.9 –EMU Aug [...]

EMU DATA: AUG BUSINESS CLIMATE INDEX +0.07, JUL REV +0.44 (+0.45)

Mixed flows this morning on the ozzie with macro names the early sellers, but the move slowed down by UK and Australian fund buying in the 1.0640′s after a brief look at 1.0634 which was yesterday’s session high in Sydney. Talk of some offers at 1.0660  so far halting any rally, ahead of more at 1.0675/80. Some [...]

From revised 103.0 in July, weaker than median Reuters’ poll of 100.5. EUR/USD up at 1.4435 having managed a bounce off the 10 dma at 1.4424.  Who would have thunk it? You just can’t beat the old 10 dma is what I say……yer right

In EUR/USD, ofcourse.  I’d hazard a guess through 1.4420.  1.4424 is the 10 dma. Guess the reports of “large” month end dollar demand are resonating. How I loathe month end. Hedge funds, Eastern Europeans among notable sellers this morning.

–BOE: UK Jul House Purchase Approvals 49,239 Vs 48,500 Jun –BOE: UK Jul Net Mortgage Lending Stg0.671Bn Vs Stg0.001Bn Jun –BOE Jul M4 Ex-IOFCS Up 0.6% M/M; Up 2.2% 4Q/12M Annualised –BOE: UK Jul Net Consumer Credit Stg0.2Bln; Vs STG0.4MLN Jun London (MNI) – Mortgage approvals rose further in July, hitting their highest level since [...]

UK DATA: UK July mortgageg approvals 49,239 vs 48500 in June, the BOE says, the highest since June 2010. Mortgage lending rose 700 mn in July.

Asumming austerity measures take effect. Sees debt/GDP at 119.9% in 2011, 117.8% in 2012, 113.6% in 2013, 108.8% in 2014 Asumming austerity plan takes effect. EUR/USD seeing accelerated losses. Stops tripped through 1.4470 and we’ve quickly reached aforementioned buy orders around 1.4450. BOI’s Visco won’t have helped the single currency any in warning of weaker [...]

USD/CHF has given ground this morning, presently at .8130 from around .8180 when I parked my bum. Talk has buy orders now gathering/clustering down at .8090/00.  .8090 is the 55 dma.

For all you saddos who think they have some sort of magnetic effect EUR/USD: 1.4500, 1.4450 USD/JPY: 77.00, 76.50, 75.50, 78.00 EUR/JPY: 111.00, 112.00 GBP/USD: 1.6300, 1.6500 AUD/USD: 1.0600, 1.0500, 1.0450 AUD/NZD: 1.2650 AUD/JPY: 81.00

Budget adjustments will inevitably have restrictive effects on the economy Italy 2011 GDP growth could be below 1% and even weaker in 2012 Weaker growth would impact budget, make it more difficult to reach balance and cut debt (and there’s the rub folks!!!) Meanwhile, Italian June retail sales -0.2% m/m, -1.2% y/y, weaker than median [...]

Yer, that would do it. EUR/USD sits at 1.4488. Talk now of stops through 1.4470.  Kinda weird. What is it, stops every bloody 10 pips? Faintly ridiculous.

EUR/USD came under some early selling pressure, with hedge funds notable sellers of both EUR/USD and EUR/JPY.  Tripped stops through 1.4490 and 1.4480 on the way to session low 1.4477. We’ve subsequently bounced back to 1.4500 as European stocks get off to a healthy start, extending gains in early trade. A big part of my [...]

FRANCE DATA: May-July sa housing starts -3.8% q/q; nsa +7.9% y/y - May-July sa housing permits +5.3% q/q, nsa +10.0% y/y

FRANKFURT (MNI) – European Banking Authority Chairman Andrea Enria has called on European finance and economic ministers to allow the European bailout fund to lend directly to weak banks, the Financial Times Deutschland reported Tuesday. Thus far, the EFSF can only lend to countries, which can then pass on funds to their banks. Direct lending [...]