Eurozone nominal hourly labour costs, workday-adjusted y/y: total wage costs non-wage costs 2Q11 +3.6% y/y +3.5% y/y +4.5% y/y 1Q11 +2.7% y/y +2.3% y/y +3.5% y/y 4Q10 +1.7% y/y +1.6% y/y +2.0% y/y 3Q10 +1.2% y/y +1.1% y/y +1.5% y/y 2Q10 +1.5% y/y +1.4% y/y +1.9% y/y — PARIS (MNI) – The annual increase in [...]

EMU DATA: 2q total hourly labor costs +3.6% y/y; 1q +2.7%; 4q +1.7% – EMU 2q hourly wages and salaries +3.5% y/y; 1q +2.3%; 4q +1.6% – EMU 2q non-wage labor costs +4.3% y/y; 1q +3.5%; 4q +2.0% – For details see MNI MainWire

EMU DATA: July sa trade balance -E2.5bn vs June rev -E2.5bn (-E1.6) – EMU July nsa trade balance +E4.3bn vs July10 +E4.7bn – EMU July exports: sa +2.0% m/m, nsa +5.0% y/y – EMU July imports: sa +1.9% m/m, nsa +6.0% y/y – EMU July sa exports -1.1% vs 2q avg; imports -0.8% vs 2q [...]

Nsa July trade balance  +4.3 bln vs +4.7 bln July 2010 Exports  sa +2.0%m/m (nsa +5% y/y), Imports +1.9% m/m (nsa +6% y/y) EUR/USD picks up 20 pips on the improved data, around 1.3802 now

Yep the bamboo eating one, and also some noises that the ubiquitous semi-official name has been involved around the level. Bids are apparently layered down from 1.3780 down to 1.3770. Further bids down to 1.3750 with stops on a break of 1.3740 We’re at 1.3782  

Confident that UK can weather this storm, won’t abandon the fiscal plan Eurozone must take all necessary action and implement July 21 accord quickly Successful Euro is in Britain’s interest Reiterating recent comments,  following cautionary comments from BOE’s Bean earlier Cable’s around  1.5762 after recent lows of 1.5745  

Euro leaves little room to maneuver (so we’ve noticed) Official made the comments in Sofia, Bulgaria.

AUD/USD lagging the  EUR/USD fall  this morning with some hefty EUR/AUD  sales from 1.3410 down to  1.3343. Some talk out there that the move could be related to some unwinding of positions following Goldman Sachs announcement yesterday that they were closing the Global Alpha fund after large losses  of around 13%, and withdrawals from investors. [...]

EMU DATA: July direct+portfolio outflow E16.0bn; June inflow E89.4bn:ECB – EMU July direct invest inflow E2.4bn; June inflow E5.9bn – EMU July portfolio invest outflow E18.4bn; June inflow E83.5bn – EMU July equity invest inflow E5.0bn; June inflow E11.0bn – EMU July bond/note invest outflow E23.0bn; June inflow E61.9bn – EMU July money mkt invest [...]

From -7.1 bln in June. That ain’t very good. UPDATE:  We got us a new session low of 1.3771, presently at 1.3780. Earlier heard stops through 1.3745.  So I’d hazard a guess buy orders clustered 1.3750/60.

Is he joking?  No wonder Europe is in such a mess.

LONDON (MNI) – After a week of gloomy economic data in the UK, Bank of England Deputy Governor Charlie Bean tells The Sun that “there is light at the end of the tunnel.” Bean tells the paper that inflation will come down “in time for the Olympics” – due to be held in London in [...]

But made NO reference to TALF programme – Senior euro zone official. EUR/USD lower again, presently at 1.3795. Private sector participation in Greek bond deal slightly below 90% would not be a big problem

Presently at 1.3805.  Guess alot of people read that Deutsche headline and the IMF official’s warning. That well-known (notorious) US investment bank has been a notable seller in the latest slump.

Is carrying comments from BOE’s Bean, which Sean reported overnight: Inflation in UK will come down Events in Europe are “worrying” Recent economic indicators disappointing UK outlook weaker than it was More QE would be effective Cable off to a soggy start, down at 1.5785 from around 1.5810 when I parked by bum,  Mr Bean’s [...]

Forex Factory:  “Deutsche Bank says EUR/USD could slide into low 1.3000″ over next few months on the back of diminishing risk appetite.  Oh-eh. As long as it’s not today IMF’s Zhu Min says “EU debt crisis is in dangerous new phase” Oh-eh (the sequel) EUR/USD down at 1.3835.

FRANKFURT (MNI) – Eurozone new car registrations in August were 8.0% higher than a year earlier — a reversal after the decline in July, the Association of European Automobile Builders (ACEA) reported on Friday. Registrations amounted to 693,741 in August, according to data provided from 15 of the 17 countries in the Eurozone. Data for [...]

DAX futures up 1.4%, CAC 40 up +0.6%. Let’s see if they can hold onto gains, or maybe even build on them, and not see this turn into a typical risk off Friday EUR/USD has slipped slightly since I sat down, presently at 1.3850 from 1.3865.

That’s EU27 + EFTA. But down 1.1% in January-August period.

There are still regulatory gaps in financial sector Concerned that even three years after Lehman, issues such as shadow banking remain