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  • US: 4-Week Bill Auction: 0.035 % (FXstreet.com: Latest Economics Events)
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  • ES: 9-month Letras auction: 0.789 % (FXstreet.com: Latest Economics Events)
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Day one of the EU Leaders summit saw agreement to ease repayment rules for emergency loans to Spanish banks and relax conditions on possible help for Italy. Slow progress was made on creating a fund of €120bn to stimulate growth and create jobs across the region.
The German economy showed further signs that it is no longer immune to [...]

Mixed news for GBP – The Queen’s Diamond Jubilee provided a much needed boost for retailers according to a release by the CBI. The release revealed retail sales rose by 1.4% in May, the fastest pace of growth in 18 months, with nearly 60% of retailers reporting increased sales. Confidence among retailers was also higher. Further signs that [...]

The UK’s current fiscal year continued its disappointing run as the Public Sector Net Borrowing Requirement widened to £17.9bn in May, up £2.7bn on a year ago. The higher deficit was driven by a fall in income tax receipts and a rise in social benefits payments suggesting weakness in the labour market.
At yesterday’s Treasury Select Committee hearing the [...]

Slight delay on today’s update as we waited for the news flow from the UK Report Hearings and perhaps more importantly, the bond sale results for Spain and Italy.
The euro is under pressure against GBP and USD after Spanish short−term bond auctions have yielded higher borrowing costs, indicating cautiousness among investors ahead of the EU [...]

On Friday EU leaders announced a €130bn (1% of EU GDP) plan for growth. This is the only tangible agreement that came out of last week’s heads of state meeting of the big 4 eurozone economies of Germany, France, Italy and Spain. No further details of the growth programme or other measures discussed such as common Eurobond or [...]

The balance of yesterday’s economic news did little to lift the mood among international investors. Indeed many reports are reinforcing the expectation that policy makers in many countries will take further supportive measures to boost growth and relieve financial stresses i.e. pumping economies with more money through measures such as quantitative easing.
The preliminary reading of the HSBC China [...]

After three days of intense discussions, Antonis Samaras was finally sworn in as Prime Minister of the new-look Greek coalition government yesterday. The New Democracy party eventually reached agreement with the Pasok and Democratic Left groups, and Samaras vowed: “With God’s help we will do everything we can to take the country out of the [...]

The UK CPI figures came in lower than expected. Inflation was generally expected to be stay at 3%, but instead fell to 2.8%. This is the lowest it has been since November 2009 and the first time it has fallen below 3% in nearly two and a half years.
The minutes from the BoE meeting showed [...]

The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Just as the eurozone caught its breath from the Greek election result, the market’s focus rotated to Spain where borrowing costs surged to an unsustainable level. Spanish 10-year bond yields hit a euro-era high of 7.13% as investors feared Spain may become the fourth euro member to need a bailout, despite the recent recapitalisation of its banks. The stresses [...]

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