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Irish GDP Turns Positive, Sort Of

June 30, 2010
Ireland, the first euro zone country to fall into a recession in 2008 (it would have been sooner except my younger and wiser webmaster was studying abroad there in '07 and kept the economy afloat with her excessive Guinness consumption), reported today that Q1 GDP expanded by 2.7% from Q4 09.
The headline is impressive, even if Q4 09 was revis…
Irish GDP Turns Positive, Sort Of Irish GDP Turns Positive, Sort Of Reviewed by Marc Chandler on June 30, 2010 Rating: 5
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Market Overview

June 30, 2010
There has been much anxiety surrounding tomorrow’s expiry of the 442 bln euro 12-month funding operation. Spanish banks in particular were believed to be facing difficulty. Euribor rates had been creeping up. Banks were holding a large amount of funds overnight with the ECB, though earning less than they would in the interbank market.
The ECB offe…
Market Overview Market Overview Reviewed by Marc Chandler on June 30, 2010 Rating: 5
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Dollar Softer, Soft Demand ECB's Refi

June 30, 2010
The US dollar is generally softer, consolidating yesterday’s moves. In fact, the three best performers yesterday and for the month of June, namely the Swiss franc, British pound and Japanese yen, are the laggards today. Month-end and quarter-end adjustments are commingling with normal market forces after outsized moves the previous day.
The key ev…
Dollar Softer, Soft Demand ECB's Refi Dollar Softer, Soft Demand ECB's Refi Reviewed by Marc Chandler on June 30, 2010 Rating: 5
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What to Expect from the COFER data

June 29, 2010
The IMF provides the most authoritative data on the currency composition of reserves. (Think of it as the Ron Swanson of currency composition data) It is reported at the end of the quarter for the proceeding quarter. Tomorrow it is expected to report reserve holdings as of the end of Q1 10.
The COFER data is not perfect. Not every one reports thei…
What to Expect from the COFER data What to Expect from the COFER data Reviewed by Marc Chandler on June 29, 2010 Rating: 5
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World Growth Concerns, ECB Refi, Euro-Yen Woes

June 29, 2010
The market has been well aware that last year’s massive 442 bln euro 12-month repo operation by the ECB, which accounts for a little more than half of ECB’s outstanding 870 bln euro of liquidity, was set to expire this week, however the situation is getting a bit more acute. There has been underlying concern that banks in the periphery of Europe a…
World Growth Concerns, ECB Refi, Euro-Yen Woes World Growth Concerns, ECB Refi, Euro-Yen Woes Reviewed by Marc Chandler on June 29, 2010 Rating: 5
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