G3 Recap 6-28-11

Main Items:

  • US Consumer Confidence declined to 58.5 in June vs 61 exp and 60.8 prev.
  • Richmond Fed manufacturing Index improved to +3 vs -3 exp and -6 prev.
  • Lagarde received US Support to lead the IMF

Overseas:

  • German CPI was unchanged at 2.4% YoY in June vs 2.5% exp
  • German GfK Consumer Confidence improved to 5.7 in Jul vs 5.3 exp and 5.5 prev.
  • German Import Price Index declined to 8.1% YoY in May vs 8.6% exp and 9.4% prev
  • UK 1Q Current Account was -9.4bn vs -4.7bn exp and -10.5bn prev.

Commentary:

  • Please see 3Q Trade Ideas (sent separately)
  • A Greek Socialist lawmaker who had opposed a new austerity plan said on Tuesday he had changed his mind. "I have made the decision to vote for the plan because national interests are more important than our own dignity," Thomas Robopoulos told Reuters.
    This raises the possibility that Greek MPs sell their dignities to raise cash. Ideas include streaking, performing in a gorilla suit, and competitive eating.
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