MPC Meeting Minutes
- Posen voted to increase bond plan by 50 billion pounds.
- Recent data hasn’t altered near term outlook.
- Sees weaker recovery in 2H compared to 1H.
- Evidence “not compelling enough” to change policy now.
- Earnings and money growth had remained weak.
- Sentance voted to raise key rate by .25%.
- CPI to fall back toward target.
Comfirmed :Japan intervenes in usd/jpy
BOJ buys usd/jpy from 84.60 to 85.20
Rumor: BOJ intervened in USD/JPY
Unable to confirm intervention
Australian Unemployment Rate
ECB WELLINK UPDATE
ECB WELLINK
*Yen strength helpful but not totally positive
*Don’t see a ‘double dip’ recession in europe
*Germany, north EMU countries doing well, should spread
*Greece is ‘on track’ with deficit reduction program
*EU growth back on track, shouldn’t continue stimulus
*At certain moment’ should normalize monetary policy
*Should normalize or are building probs for 2-3 years time
*3Q should be okay for europe; some slowing on inventories
*The U.S. is the weak spot in the global picture
*Some china slowdown welcome versus overheating risk
Japan Automakers want weaker Yen
Japan Automaker Group Says It Wants Govt to Take steps on Yen .
USD/JPY trades to 88.55 on the Headline
UK GDP and Index of Services
UK GDP QoQ -0.8 v -0.3 e.Prior -2.4
UK GDP YoY -5.6 v-5.2e. Prior -4.9
Index of Services (3mth) -1.0 v -0.8e. Prior -1.2
GBP trades lower from 1.6505 to 1.6470
Eurozone PMI
PMI Manufacturing 46.0 v 43.5e .Prior 42.6
PMI Services 45.6 v 45.2e. Prior 44.7
PMI composite 46.8 v 45.3e. Prior 44.6
