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  • Article / 39 minutes ago

    FX Update: Fed’s Lockhart lights dollar's fire

    Head of FX Strategy / Saxo Bank
    FX Update: Fed’s Lockhart lights dollar's fire
    Hawkish comments pointing to a higher likelihood of a September rate hike from Federal Reserve Bank of Atlanta president and voting FOMC member Dennis Lockhart sparked a late rally in the greenback yesterday. EUR, CAD and CHF are bearing the brunt of the stronger USD.
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  • Squawk / 1 hour ago
    Head of Macro Strategy / Saxo Bank
    Spanish house transactions increase, services PMI jumps:

    The Spanish housing market is in the midst of a recovery, which is bound to be protracted given the sheer amount of over-supply. Nevertheless, several indicators have turned around in the last 6-12 months, including house transactions, which climbed 17% y/y through June up from 6% in May. The series has posted positive y/y figures in 14 of the last 15 months (with August 2014 at -0.6% as the only negative print) since the current recovery began in March 2014.

    It is not only the housing market which is doing better. The services PMI by Markit rose to 59.7 in July from 56.1 a month earlier. This is a three-month high and well above analysts' prediction of 55.8. Particularly interesting considering the high unemployment rate is that the employment component reached a cyclical high.

    The composite PMI reached 58.3 in July vs. 55.9 expected and 55.8 prior. We continue to look for growth of at least 3% this year.
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    Mads Koefoed Mads Koefoed
    France: The final July PMI report is unchanged, meaning services PMI at 52 and composite PMI at 51.5.
    Mads Koefoed Mads Koefoed
    Germany: The final July PMI report revises services PMI up to 53.8 from 53.7. Composite PMI revised up to 53.7 from 53.4.
    Mads Koefoed Mads Koefoed
  • Article / 3 hours ago

    3 Numbers: EU retail sales soften, US jobs, US services

    editor/analyst /
    United States
    3 Numbers: EU retail sales soften, US jobs, US services
    A number of economic releases are expected today including the June retail spending figures for the Eurozone. Analysts are expecting a softer rate of growth for this release but if that occurs, it's likely to be dismissed as a one-off event. Meanwhile, in the US, private payrolls are expected to deliver a solid gain, while the market is expecting a solid rate of growth in the US services sector.
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  • Calendar event / Yesterday at 22:45 GMT

    NZ Household Labour Force Survey

    Low Employment, Q/Q%
    Low Employment, Y/Y%
    Low Participation Rate
    Low Unemployment Rate
  • 15h
    John Shaw John  Shaw
    They should have slashed the number of seats in Parliament. Not raised them. But that's another story for another day.
    Excellent article Mike. Thanks for sharing....
  • Editor’s Picks / Yesterday at 14:33 GMT

    Job's not done but Spain is proving a point

    Spain may have enjoyed a few strokes of luck these last few years - Greece's travails for example sent a wave of holidaymakers towards its sun-kissed beaches - but the 3.3% growth rate for the year posted today owes much more to smart decision-making and determination, write the Bloomberg editors. Some of those choices were extremely unpopular but prime minister Mariano Rajoy not only knuckled down to austerity demands, but also addressed fundamental fault lines in the economy that needed fixing. Presenting this as purely a victory for austeronomics simplifies the enormity of the Spanish achievement which, though it still has a way to go, shows stagnation is not necessarily the lot of Europe's periphery.
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  • Editor’s Picks / Yesterday at 13:12 GMT

    US economy hostage to presidential race

    The Telegraph
    While much of the globe flounders, the US recovery is the shining beacon that promises real hope for the future, writes Matthew Lynn. The shale gas boom, economic growth and tech titans striding across the international stage all form a compelling narrative that should help to power a global recovery with everything in place except for one thing - politics. Lynn says that the race for the White House is likely to prove to be a disaster for the US as the leading campaigners on the left and right - respectively Hilary Clinton and Donald Trump - formulate campaigns that could set the economy back a decade. And, says Lynn, if that's a disaster for the US economy, it's also likely to edge the globe nearer to the abyss.
    Read article on The Telegraph
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