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  • Squawk / 10 minutes ago
    Head of Macro Strategy / Saxo Bank
    German unemployment inch lower in June:

    For a 9th consecutive month Germany saw a reduction in the number of unemployed people this month, although the drop was smaller than expected. While analysts had penciled in a 5,000, unemployment in fact only inched down by 1,000 while May's figure was also revised up by 1,000 (i.e. a smaller decline in unemployment). The unemployment rate held steady this month at 6.4% - a record-low!

    Turning to the employment picture, 7,000 people found jobs in May (lagged by one month relative to unemployment figures) following a gain of 22,000 in April. YTD employment is up by 36,000 following an increase of no less than 390,000 last year. Clearly, the German labour market is about as tight as it can get, so wages should continue to rise meaningfully going forward thereby supporting domestic consumption.

    The DAX is down 1% this morning.
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  • 22m
    Martin O'Rourke Martin O'Rourke
    Read what Saxo Bank chief economist Steen Jakobsen has to say about the wider ramifications of the Greek crisis here.
  • Calendar event / 49 minutes ago

    NL PPI

    Low PPI, Y/Y
  • Squawk / 1 hour ago
    Founder, Owner, Director / Market Chartist
    United Kingdom
    USDJPY downside correction bias

    A bear gap Monday (closed up to 123.19/20), but a push below 122.44/43 leaves a more negative tone for neutral range theme for July below 121.53.
    Whilst above 121.53, however, , we still see an underlying bull tone from the May breakout above the 2002 peak at 125.81.

    For Today:
    We see a downside bias for 122.09; break here aims for key 121.54/53
    But above 123.00 aims through 123.20 closer to 123.99.

    Short/ Intermediate-term Outlook - Upside Risks:
    Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.
    Above here targets 129.08 and 130.00.
    What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.

    To view the full USDJPY report with screencasts, levels and more, click here
    See our FX and all other reports here
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  • Article / 1 hour ago

    Morning Markets: Germany 1 Greece 0

    Morning Markets: Germany 1 Greece 0
    Germany's unemployment fell to a 24-year low in May and today’s update for June might send numbers higher again. Greece's shadow remains, but the case is still intact for thinking that the US will continue to post moderately stronger Consumer Confidence numbers after a weak first quarter.
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