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  • Editor’s Picks / 10 minutes ago

    Irish economic recovery continues with 6.5% growth

    The Irish Times
    Ireland’s economy grew by more than 6% in the first three months of the year compared with the same period in 2014, new figures reveal. Data released this morning in Dublin by the Central Statistics Office shows that gross domestic product (GDP) in the first quarter of 2015 accelerated by 6.5% year-on-year while gross national product (GNP) advanced by 7.3%, the Irish Times reports. GDP grew 1.4% in the first quarter of 2015 compared with the final quarter of 2014. But GNP, which strips out the impact of multinational profit flows, declined 0.8% quarter-on-quarter.
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  • Calendar event / 2 hours ago

    IE GDP

    forecast
    actual
    Med GDP, Q/Q%
    +1.4%
    Med GDP, Y/Y%
    +6.5%
  • Squawk / 3 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Economic confidence climbs to 4-year high in the euro area:

    Confidence in the euro area economy rose to 104 this month vs. 103.2 expected and 103.5. This is the highest level since July 2011 when the index also stood at 104.

    The increase in overall economic confidence comes about despite a drop in consumer confidence in July to -7.1 from -5.6. But while consumers were a bit less confidence all four business segments saw improvement led by services, which rose by 1 point to 8.9 from 7.9. Manufacturing gained half a point to -2.9, and retail and construction also gained.

    Turning to the country breakdown, Spain remains the strongest of the 'big 4' with a reading of 108.7 (108.4 prior) while Germany gained 1 point to 106. Italy was practically unchanged at 106.4 while France improved to 99.3, but remains well below the other three major countries in the euro area.

    EURUSD is up some 10-15 pips on the news and now largely unchanged for the day.
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  • Squawk / 4 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    German unemployment climbs in July:

    The euro area's largest economy saw an unexpected increase in its unemployment this month. This comes on the back of an upward revision to June, meaning that unemployment rose by 1,000 last month rather than declined by 1,000. This is the first time in a year that Germany has seen two consecutive months of rising unemployment.

    Still, the unemployment claims rate is unchanged at 6.4% as expected and employment - which is lagged by one month - rose by 10,000 in June and is up 33,000 so far this year. Last year employment climbed by no less than 390,000.
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  • Calendar event / 4 hours ago

    SE Flash GDP

    forecast
    actual
    Low GDP, prelim, QoQ
    +0.8%
    Low GDP, prelim, YoY
    +2.6%
  • Article / 4 hours ago

    FX Update: 'Some' USD strength on FOMC statement

    Head of FX Strategy / Saxo Bank
    Denmark
    FX Update: 'Some' USD strength on FOMC statement
    One little word can mean a lot, and the insertion of the word “some” to describe how much the employment market must improve to see the Fed pull the rate hike lever saw a solid return of USD strength – now it will be up to US economic data to provide the follow-through.
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