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[IFX_Kseniya]

U.K. June House Prices Remain Stable: Nationwide


British house prices remained flat in June on a monthly comparison after rising 0.3 percent in May, data from the Nationwide Building Society showed Thursday. The latest level matched consensus forecast.

Price of a typical home in June was 1.1 percent lower than a year ago. That follows May's 1.2 percent drop. The consensus forecast called for a 1.3 percent drop for June.

"A combination of low transaction volumes, still tight housing supply and flattish house prices looks set to stay for the remainder of the year," said Robert Gardner, Nationwide's chief economist.

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[IFX_Kseniya]

French Manufacturing PMI Fall In June

French manufacturing sector expanded in June, but at the slowest pace since August 2009, latest report from Markit Economics showed Friday.

The headline seasonally adjusted purchasing managers' index dropped to 52.5 in June from 54.9 in May. The figure matched the flash estimate. A PMI score above 50 indicates expansion of the sector, while a reading below 50 suggests contraction.

Production levels rose at the weakest pace since July 2009, with particular softness registered in the intermediate goods sector, Markit said. The moderation in output growth reflected a slowdown in new order growth.

The latest rise in new work was the least marked in twenty-three months, while growth in new export orders eased to the slowest in the current two-year period of expansion.

Input price inflation eased to a sixteen-month low in June, the report said. A weaker rise in output prices was also recorded during the latest survey period. Although still strong, the rate of charge inflation eased to the slowest since December 2010.


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[IFXYana]

Franc Declines Amid Swiss Retail Sales

Following the release of the Swiss retail sales for May at 3:15 am ET Monday, the franc slipped against its major counterparts. As of now, the franc is worth 0.8489 against the dollar, 95.03 against the yen, 1.3685 against the pound and 1.2341 against the euro.


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[IFXYana]

Dollar Advances Against Majors

In the Asian session on Tuesday, the U.S. dollar rose against other major currencies as risk appetite reduced on speculation of an interest rate hike by China.
The People's Bank of China on Monday said inflationary pressure still remains at a high level and vowed to maintain prudent monetary policy.
In the Monetary Policy Committee meeting, policy makers stressed the need for paying close attention to the current international and domestic economic and financial situation and also the importance of 'stability' in implementing prudent monetary policy.
The PBOC's statement increased speculation that an interest rate hike could be imminent.
Adding to worries, Moody's Investor Service warned today that the scale of problem loans at Chinese banks may be larger than estimated by the National Audit Office (NAO).
The Chinese audit agency could be understating banks' exposures to the local governments borrowers and the local government debt may be CNY 3.5 trillion higher than estimated, the rating agency said.
It also warned that the absence of a clear master plan to deal with this issue may potentially turn the outlook for the Chinese banking system to negative.
The dollar rose to a 4-day high of 81.13 against the yen. The next upside target level for the dollar is seen at 81.3. At yesterday's close, the dollar-yen pair was quoted at 80.80.
Against the euro, the dollar strengthened to a 4-day high of 1.4467, compared to yesterday's close of 1.4539. On the upside, 1.445 is seen as the next target level for the U.S. currency.
The dollar climbed to a 4-day high of 1.6032 against the pound and if the dollar advances further, it may likely target the 1.600 level. The pound-dollar pair closed yesterday's trading at 1.6089.
The US dollar edged up to a 6-day high of 1.0667 against the Australian dollar, compared to yesterday's close of 1.0736. On the upside, 1.055 is seen as the next target level for the greenback.
As expected, the Reserve Bank of Australia decided to maintain its cash rate unchanged at 4.75 percent.
At today's meeting, the Monetary Policy Board judged that the current "mildly restrictive" stance of monetary policy remained appropriate. In future meetings, the board will continue to assess carefully the evolving outlook for growth and inflation, the bank said in a statement.
Against the New Zealand dollar, the US dollar rose to a 4-day high of 0.8268. The next upside target level for the greenback is seen at 0.824. The kiwi-greenback pair was worth 0.8297 at yesterday's close.
The U.S. dollar is trading at a 4-day high of 0.9622 against the Canadian dollar. If the US dollar rises further, it may likely target the 0.965 level. At yesterday's close, the greenback-loonie pair was quoted at 0.9612.
Traders are now likely to focus on the European session, in which final readings of services PMI for June from the major European economies and the Eurozone May retail sales are expected to influence trading.
The U.S. factory goods orders report for May is due at 10:00 am ET.

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[IFXYana]

European Economics Preview: German Factory Orders Due

Factory orders from Germany and revised estimates of first quarter gross domestic product from Eurozone are the major highlights of the European economics news on Wednesday.
Spain is slated to release the industrial output data at 3 am ET. Economists expects production to remain unchanged in May.
At 5 am ET, Eurostat is expected to publish the third estimate of the first quarter Eurozone GDP. The economy expanded 0.8 percent sequentially in the first quarter, taking the annual rate to 2.5 percent.
At 6 am ET, the Federal Ministry of Economy and Technology is expected to release German factory orders data for May. Economists expect orders to rise 9.5 percent year-on-year after 10.5 percent growth in April. On a monthly basis, orders are forecast to fall 0.5 percent.


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[IFXYana]

Euro Strengthens Against Most Majors

Ahead of the European session on Thursday, the euro has been gaining against the currencies of Japan, U.K. and Switzerland. At present, the euro is worth 1.2056 against the franc, 116.07 against the yen and 0.8982 against the pound.


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[IFX_Kseniya]

German Exports Recover In May

German exports grew more than expected in May after easing in April, data from the Federal Statistical Office showed Friday.

Exports advanced 4.3 percent month-on-month, compared to April's 5.6 percent drop. Economists had expected it to grow only 1.5 percent in May. At the same time, imports climbed 3.7 percent, reversing a 2.5 percent fall in April. That was also bigger-than-expected 1.5 percent growth.

The trade surplus increased to EUR 14.8 billion from EUR 10.8 billion in April. The surplus stayed well above the consensus forecast of EUR 12.2 billion.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of EUR 6.9 billion in May. That was larger than the EUR 3.1 billion surplus seen in May 2010 and slightly below EUR 7 billion surplus expected by economists.

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[IFXYana]

Euro Extends Decline Against Majors

The European currency continued its previous sessions' declining trend against its major counterparts in early European deals on Tuesday.
The common currency is presently trading at a fresh record low of 1.1633 against the Swiss franc, fresh multi-month lows of 110.76 against the yen and 1.3874 versus the US dollar and nearly a 4-week low of 0.8765 versus the pound.
On the downside, the single currency may break below the psychological mark of 1.16 against the franc in near-term. Also, the euro may test support levels at 110.50 against the yen, 0.8720 against the pound and 1.3850 against the greenback.



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[IFXYana]

U.S. Dollar Drops Against Pound

During early European deals on Wednesday, the U.S. dollar extended its previous session's fall against the pound and touched a 2-day low of 1.5971 at 3:10 am ET. The pair is presently trading at 1.5967, compared to Tuesday's close of 1.5915. If the greenback slides further, it may target 1.615 level.


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