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24.07.2017
01:46 AM


Japan Manufacturing PMI Slips To 52.2 - Nikkei

The manufacturing sector in Japan continued to expand in June, albeit at a slightly slower pace, the latest survey from Nikkei revealed on Monday with an eight-month low manufacturing PMI score of 52.2.

That's down from 52.4 in June, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the output index sank to 51.4, marking the weakest reading in 10 months. Export orders stagnated.

Backlogs of work, stocks of purchases and stocks of finished goods all swung to contraction in July.


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24.07.2017
01:35 AM


*Jap[an Manufacturing PMI 52.2 In July - Nikkei

Jap[an Manufacturing PMI 52.2 In July - Nikkei


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24.07.2017
12:48 AM


MERCOSUR: Bloc Could Expel Venezuela, Says Argentina Minister

Mercosur will permanently expel Venezuela from the bloc if the country's government advances with its intentions to call for a Constituent Assembly election on July 30, said the Argentinean Foreign Minister Jorge Faurie at the sidelines of the bloc summit in Mendoza.

"Some may read it as an expelling, but at the moment we do not have to discuss if it is a suspension of this or that. We have to talk about the fact that there is no democracy in Venezuela, and we will ratify it if there is no capacity for dialogue," the chancellor told reporters.

Venezuela was suspended from Mercosur for disrespecting the bloc's regulations. Earlier, Argentina President Mauricio Macri said that Mercosur is expecting the early adoption of an electoral calendar.

President Nicol?s Maduro's opponents carried out a 24-hour national strike as a part of the "zero hour" initiative, which seeks the president's resignation.


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24.07.2017
12:34 AM


VENEZUELA: Opposition-controlled Parliament Names Parallel Supreme Court

The opposition-controlled Venezuelan Parliament appointed 33 new judges to form a parallel Supreme Court, dismissing the current Supreme Court of Justice (TSJ), amid an offensive to force President Nicol?s Maduro to suspend the election of a Constituent Assembly scheduled for July 30.

Ruling party representatives boycotted the session, and the opposition lawmakers unanimously passed the appointment.

By the end of 2015, Congress - then dominated by the ruling party - nominated 13 chief magistrates and 20 substitute members of the Supreme Court in a process criticized by the opposition as a "vitiated and hurried" move just days before the opposition took over the majority by winning the parliamentarian election.

Meanwhile, last night the TSJ warned the new judges that they could be imprisoned for "usurpation of functions" and clarified that they declared void the process of appointing the new judges.

This appointment comes in the middle of the so-called "Zero Hour," an initiative in which the opposition intends to increase pressure on the government and halt the National Constituent Assembly vote.


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24.07.2017
12:21 AM


MERCOSUR: Bloc Analyzes Trade Agreements And Venezuela In Summit

Argentina's president Mauricio Macri hosted the closing ceremony of the Summit of Heads of State of Mercosur and Associated States which began yesterday in Mendoza. It is the last summit presided by Argentina before transferring the presidency pro-tempore to Brazil.

In his speech, Macri said that in the 21st century "Mercosur is the central space we have to strengthen economic relations between us and the world." He also recalled that next year would be held for the first time a G-20 summit in South America, in which "we will focus on a problem that concerns us all: employment."

Leaders will analyze the bloc's trade agenda, focusing on the future free trade agreement with the European Union and the strengthening of internal exchanges.

Leaders are also expected to address the severe political, economic and social crisis in Venezuela, suspended from the bloc in December 2016 for failing to comply with regulations.

Attending the meeting are the presidents of the four permanent members: Macri (Argentina), Michel Temer (Brazil), Tabar? V?zquez (Uruguay) and Horacio Cartes (Paraguay). Chilean President Michelle Bachelet and Bolivia's Evo Morales attends as leaders of "associated states." Representatives of Peru, Ecuador, Colombia, Guyana, and Suriname, as well as Mexico, take part as "observer states."


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23.07.2017
11:59 PM


BRAZIL: New Telecommunications Rules Expected In 2017

The Brazilian government will enact the amendment to the telecommunications general act this year, according to Gilberto Kassab, the country's Science, Technology, Innovation, and Communications minister.

The bill to amend the telecommunications act is waiting for a Senate vote that was delayed several times because of the current political crisis in Brazil and due to a previous lack of consensus on the correct voting process.

The legislation received a green light from a Senate committee in December and then headed to sanction, but president Michel Temer could not sign the bill into law because opposition lawmakers appealed to the Supreme Court to force the bill to pass a vote on the Senate floor. That vote, however, is still pending.

Kassab told journalists that he asked the Senate speaker, Eunicio Oliveira, to move forward with the vote during the first weeks of August, right after the end of the Congressional recess.

He added that the amendment fell "victim of the political crisis," but that consensus is building to send the legislation to the Senate floor and to take into account opposition lawmaker's requests.

The amendment to the telecommunications act is wrapped in controversy because a loophole allows carriers to incorporate, at no cost, buildings, fiber optics networks, antennas and other assets which are currently owned by the government.

The companies use those assets to provide their services, but they would return to government hands in 2025 - the last year of the current telecommunications concessions contracts.

Companies claim that the new legislation would release resources for investments.


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23.07.2017
11:32 PM


BRAZIL: Government Will Not Waive Oi's Debt, Says Minister

The telecom carrier Oi will have to pay all the debt it owes to the Brazilian government, but public officials are willing to wait until the company's creditors meet in September before pressing for payment.

Oi, which has been through judicial recovery for more than a year, has a debt estimated at R$ 11 billion with Brazil's National Telecommunications Agency (Anatel) and says that its creditors must approve the debt repayment as a part of a plan to be presented in September. The Brazilian government disagrees and believes that it has seniority over the creditors.

"We will wait, but the government will not give up its resources," said Gilberto Kassab, the Brazilian minister of Science, Technology, Innovation, and Communications, to reporters after an industry event in S?o Paulo.

The Brazilian government has already drafted a decree to help Oi in its recovery. The law would allow the company to negotiate its debts more quickly, but also makes room for a state intervention in the private corporation.

"The government is obliged to be prepared for an intervention if necessary," Kassab said.

He added that Oi has kept its short-term investments promises and is also operating normally in spite of the judicial recovery, therefore emptying the need for government intervention at the moment.

This week, Oi announced changes to its recovery plan, including a capital increase of US$ 8 billion that must be approved by its creditors.


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23.07.2017
11:13 PM


MEXICO: Jobless Rate Drops To 3.3% In June, 11-year Low

Mexico's unemployment rate fell to 3.3% of the economically active population in June, the lowest level since May 2006, according to the country's statistical institute (Inegi).

The rate fell by 0.2 percentage point (pp) compared to May and 0.7 pp from the same month of 2016. Mexico's unemployment rate refers to the labor force percentage that worked less than an hour during the survey reference period, but expressed willingness to do so and tried to find a job.

The decrease in the unemployment rate occurred despite an increase in the labor force participation rate to 59.3% in June, from 59.2% in May and in June 2016.

Previous data from the Mexican Labor Ministry showed that in June the country's economy created 86,233 jobs - the highest level for that month since 1997, when the government started to measure the employment creation.


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23.07.2017
11:01 PM


Japan Manufacturing PMI On Tap For Monday

Japan will on Monday see preliminary July figures for the manufacturing PMI from Nikkei, highlighting a light day for Asia-Pacific economic activity. The PMI score in June was 52.4.

Japan also will see final May numbers for its leading and coincident indexes, as well as June figures for supermarket sales.

The previous reading for the leading index was 104.7, while the coincident came in at 115.5. Supermarket sales dipped 1.8 percent on year in May.


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23.07.2017
10:53 PM


COLOMBIA: Senate And House Elect New Speakers For Santos' Last Year

The Colombian Senate elected Senator Efra?n Cepeda, from the independent Conservative Party, as its speaker for the next twelve months, while Rodr?guez Lara, from the Radical Change Party - a government ally - was elected as the president of the House of Representatives.

Cepeda flagged in his inauguration speech that he will support the consolidation of a peace deal between the government and the Revolutionary Armed Forces of Colombia (FARC), one of the biggest legacies of Juan Manuel Santos, the current Colombian president.

"I wholeheartedly affirm that I prefer the FARC in this area to discuss public policies than in the forest writing their arguments with bullets and bombs," said Cepeda, referring to the political integration of FARC members after the peace deal.

Lara also mentioned the deal with FARC, stating that "peace, this new reality, is something still strange and unknown for Colombians."

He added that lawmakers job now is to "clear that fear that paralyzes and send a tranquility message to all the Colombian people who trust in us."


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23.07.2017
10:37 PM


COLOMBIA: Economy To Rebound In The Second Half Of 2017 - Santos

Colombian President Juan Manuel Santos said that his government is taking steps to improve the country's economy during the second half of 2017.

"We expect that in this second semester we will see a substantial rebound," he said.

After noting that Colombia was affected by the sharp drop in international oil prices and by a severe drought due to the El Ni?o climate phenomenon, Santos said that the local economy continued to grow well above the Latin American average.

The Colombian economy grew 1.1% in the first quarter compared to the same period a year ago, when it increased by 2.7%, according to the most recent data. Both rates, however, were much lower than in the first quarter of 2014, when the Colombian Gross Domestic Product had a 6.4% rise.

The president also stated that complying with the peace deal between the country and the Revolutionary Armed Forces of Colombia (FARC) is "a moral, political and legal obligation that Colombia assumed before the entire world, and in particular, to its highest authority, which is the United Nations Security Council."


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21.07.2017
08:20 PM


Treasuries Move Higher Amid Drop In The Value Of The Dollar

Treasuries showed a notable move to the upside during trading on Friday after closing nearly flat for two straight days.

Bond prices moved higher in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.4 basis points to 2.232 percent.

The decrease extended a recent downward trend by the ten-year yield, which fell to its lowest closing level in over three weeks.

Treasuries benefited from continued weakness in the value of the U.S., which fell to a nearly two-year low against the euro.

Political concerns contributed to the dollar's slide this week as well as the interpretation of comments from European Central Bank Chief Mario Draghi.

Overall trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

The Federal Reserve is likely to be in focus next week, with the central bank due to announce its latest monetary policy decision next Wednesday.

While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement.

Economic data may also attract attention next week, with traders likely to keep an eye on reports on new and existing home sales, durable goods orders, consumer confidence and second quarter GDP.


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21.07.2017
07:51 PM


Crude Oil Rally Ends With A Thud

Crude oil futures tumbled Friday, giving back strong gains from earlier in the week amid concerns that next week's OPEC meeting will fail to address the global supply glut.

Sept. WTI oil settles at $45.77/bbl, down $1.15, or 2.5%, on Nymex. Prices were down 2.1% for the week, tumbling from a 6-week high set Wednesday.

Reports suggest Saudi Arabia will insist on compliance from Libya and Nigeria, the two OPEC nations that have been thus far exempt from supply cuts.

Meanwhile, the U.S. rig count from Baker Hughes is due this afternoon, and may confirm U.S. production is finally slowing down due to stubbornly low oil prices.


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21.07.2017
07:17 PM


Dollar Sinks To Near 2-Year Low Against Euro

The dollar is losing ground against all of its major rivals Friday afternoon. The buck has been sinking against both the Euro and the Japanese Yen for the majority of the week and has now reached nearly a 2-year low against the Euro.

Political concerns have contributed to the dollar's slide this week, as well as hawkish comments from European Central Bank Chief Mario Draghi, suggesting a possible policy tweak.

U.S. special counsel Robert Mueller is reportedly expanding the Russia probe to include Trump's business transactions stoked worries about economic agenda.

Media reports suggested that Muller is examining a broad range of transactions involving Trump's businesses as well as those of his associates.

Investigators are looking at Russian purchases of apartments in Trump buildings, Trump's involvement in a controversial SoHo development with Russian associates, the 2013 Miss Universe pageant in Moscow and Trump's sale of a Florida mansion to a Russian oligarch in 2008, according to the reports.

The International Monetary Fund on Thursday approved "in principle" a new loan worth $1.8 billion to Greece.

However, the arrangement has been approved in principle, which means it will become effective only after IMF receives specific and credible assurances from Greece's European partners to ensure debt sustainability.

Further, a second executive board decision is needed to make the arrangement effective.

Greece's debt remains unsustainable, the IMF noted. In the medium term, Athens needs to achieve primary surplus target of 3.5 percent of GDP. The dollar has tumbled to a nearly 23-month low of $1.1675 against the Euro Friday afternoon, from an early high of $1.1618.

The buck rose to an early high of $1.2952 against the pound sterling Friday, but has since eased back to around $1.30.

The UK budget deficit widened more-than-expected in June as debt interest increased notably after inflation lifted the cost of index-linked bonds.

Public sector net borrowing, excluding interventions, increased by GBP 2.0 billion from a year ago to GBP 6.9 billion in June, data from the Office for National Statistics showed Friday. The expected figure was GBP 4.9 billion.

The greenback has dropped to nearly a 1-month low of Y111.125 against the Japanese Yen this afternoon, from an early high of Y112.077.


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21.07.2017
06:47 PM


Gold Jumps 2% This Week, At Monthly Peak

Gold futures continued to rise Friday, extending weekly gains as stocks languished. With risk aversion picking up, gold has jumped to highest in more than a month due to its safe haven appeal

August gold climbed $9.40, or 0.8%, to settle at $1,254.90/oz, having picked up 2% this week. Silver has also rallied, fighting back from yearly lows over the past two weeks.

Commodities were boosted this month by a weaker U.S. dollar. The greenback has dropped sharply this summer amid renewed speculation the Federal Reserve will keep interest rates on hold until at least December.


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21.07.2017
03:30 PM


Canadian Dollar Advances As CPI, Retail Sales Beat Forecasts

The Canadian dollar climbed against its major opponents in the European session on Friday, after better-than-expected domestic consumer price inflation for June and retail sales for May.

Data from Statistics Canada showed that consumer price index was flat on a seasonally adjusted monthly basis, following a 0.2 percent slide in May. Economists were looking for a 0.1 percent drop.

Core CPI, excluding food and energy, rose 0.2 percent on a seasonally adjusted monthly basis, from a 0.1 percent gain last month.

Retail sales increased for the third consecutive month, rising 0.6 percent to $48.9 billion in May.

This exceeded forecasts for a 0.3 percent uptick and follows a downwardly revised 0.7 percent increase in April.

Core retail sales, excluding motor vehicle and parts dealers, dropped 0.1 percent month-on-month in May, compared to a downwardly revised 1.3 advance in the previous month. The index was forecast to be flat.

Meanwhile, oil prices fell ahead of the OPEC meeting next week, when OPEC and Russia will meet in Moscow to discuss their supply quota plan.

Crude oil for September delivery fell $0.72 to $46.20 a barrel.

The loonie showed mixed performance in the Asian session. While the loonie dropped against the greenback and the euro, it held steady against the yen. Against the aussie, it rose.

The loonie advanced to 1.2546 against the greenback, off its early low of 1.2609. The next possible resistance for the loonie is seen around the 1.24 area.

Having fallen to a 9-day low of 1.4683 against the euro at 2:45 am ET, the loonie climbed to 1.4601. Continuation of the loonie's uptrend may see it challenging resistance around the 1.45 mark.

The Survey of Professional Forecasters published by the European Central Bank showed that the Eurozone economy is forecast to expand at faster than expected pace.

SPF respondents lifted 2017 growth outlook to 1.9 percent from 1.7 percent and that for next year to 1.8 percent from 1.6 percent. Expectations for 2019 was raised marginally to 1.6 percent from 1.5 percent.

The loonie was trading in a positive territory against the aussie with the pair trading at 0.9955. This may be compared to a 3-day peak of 0.9920 set at 11:45 pm ET. Further uptrend may take the loonie to a resistance around the 0.97 region.

The Reserve Bank of Australia's Deputy Governor Guy Debelle said that Australia's interest rate need not increase automatically with the tightening of other central banks.

"Just as the policy rate in Australia did not need to decline to the very low levels seen in other parts of the world, the fact that other central banks increase their policy rates does not automatically mean that the policy rate here needs to increase," Debelle said in Adelaide.

The loonie bounced off to 88.90 against the Japanese yen, from a 3-day low of 88.45 hit at 8:15 am ET. The loonie is likely to target resistance around the 92.00 level.


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21.07.2017
03:10 PM


Indonesia Likely To Hold Rates This Year Despite Weak Growth Momentum

Bank Indonesia is likely to keep its policy rate unchanged at least until the end of this year, as policymakers view the stance as neutral, amid weaker growth, economists at Capital Economics said.

On Thursday, the central bank left its key interest rates unchanged at 4.75 percent for a ninth session in a row.

"A senior BI official has characterised the policy stance as neutral, which strengthens our conviction that rates will remain on hold for some time yet," economists said.

The policy statement acknowledged that growth had been weaker in the second quarter than the bank had previously anticipated, economists observed.

Capital Economics expects that Indonesia's growth will be around Q1's 5.0 percent annual growth rate through this year and 2018.

"For this reason, the economy would benefit from interest rate cuts," economists added.

The economy is still facing few tailwinds amid weak incoming activity data and slow credit growth, weak fiscal position and disappointing progress on reform.

But a rate cut is unlikely this year given the central bank's concerns about inflation, economists noted.

The annual headline inflation in June still climbed to 4.4 percent, the highest it has been since March last year and nudging the top-end of Bank Indonesia's 3-5 percent inflation target band.

The rise in inflation was mainly driven by higher prices for fuel owing to reduced government subsidies.

Although the rate of inflation will prove temporary, policymakers are unlikely to risk any damage to their reputation by cutting rates while inflation remains elevated, economists pointed out.

"All told, we continue to expect that the benchmark rate will be kept at 4.75 percent at least until the end of the year," Capital Economics' economists predicted.

"Further ahead, if inflation drops back as we expect in 2018 and worries about the exchange rate remain subdued, rate cuts could come back onto the agenda."


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21.07.2017
03:00 PM


RBNZ Unlikely To Raise Interest Rates Until 2019 On Weaker Inflation

The Reserve Bank of New Zealand is unlikely to raise its interest rate until 2019, as the economy is still not generating much inflation, Paul Dales, an economist at Capital Economics, said.

Consumer prices remained flat in the second quarter and the annual inflation rate eased to 1.7 percent from 2.2 percent, official data revealed on July 17.

Dales noted that the latest data won't worry the RBNZ as it always expected inflation to drop back below the midpoint of its 1-3 percent target and as inflation is still well above the lowest point of 0.1 percent in late 2015.

The economist expects inflation to probably fall further in the third quarter to 1.5 percent.

Looking ahead, the downward influence from petrol prices in the second quarter will probably be even larger in the third quarter.

More importantly, Dales suspect that the various measures of underlying inflation will also edge a little lower.

The 0.2 percent quarterly drop in consumer prices is not as unusual as it sounds as prices are always soft in the second quarter.

The latest fall was the largest since early 2010 and it meant that the annual inflation fell back from 1.6 percent to 1.4 percent, the economist observed.

Nonetheless, these figures won't reignite fears of deflation, but they highlight that even the current strength of the economy isn't enough to generate much inflation, Dales said.

The economist predicted that the RBNZ is unlikely to follow the Fed and the Bank of Canada by raising interest rates until it looks as though core inflation will stay close to 2.0 percent.

"As that probably won't happen until 2019, the markets will have to change their view that interest rates will rise next year," the economist added.


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21.07.2017
02:30 PM


U.S. Dollar Falls On U.S. Political Concerns

The U.S. dollar lost ground against its major opponents in the European session on Friday, as the news that the U.S. special counsel Robert Mueller is expanding Russia probe to include Trump's business transactions stoked worries about economic agenda.

Media reports suggested that Muller is examining a broad range of transactions involving Trump's businesses as well as those of his associates.

Investigators are looking at Russian purchases of apartments in Trump buildings, Trump's involvement in a controversial SoHo development with Russian associates, the 2013 Miss Universe pageant in Moscow and Trump's sale of a Florida mansion to a Russian oligarch in 2008, according to the reports.

The news comes a day after Trump suggested in an interview with the New York Times that Mueller would be crossing a "red line" by looking into his and his family's finances.

Hawkish talk from the European Central Bank Chief Mario Draghi suggesting a possible policy tweak also pressured the currency.

The greenback showed mixed performance in the Asian session. While the currency fell against the euro and the pound, it held steady against the yen and the Swiss franc.

Reversing from an early high of 1.2954 against the pound, the greenback dropped to 1.3020. The next possible support for the greenback is seen around the 1.32 region.

Data from the Office for National Statistics showed that the UK budget deficit increased in June.

Public sector net borrowing, excluding interventions increased by GBP 2.0 billion from previous year to GBP 6.9 billion in June. The expected level was GBP 4.9 billion.

The greenback slipped to a 14-1/2-month low of 0.9481 versus the franc and more than a 3-week low of 111.27 against the yen, off its early highs of 0.9523 and 112.08, respectively. The greenback is poised to locate support around 0.93 against the franc and 110.00 against the yen.

Extending early slide, the greenback weakened to near a 1-year low of 0.7450 versus the kiwi. This may be compared to a high of 0.7394 hit at 5:00 pm ET. The greenback is seen finding support around the 0.76 level.

Figures from Statistics New Zealand showed that New Zealand's net migration increased in June from a year ago.

In the year to June 30, net migration reached a new record high of 72,305, up from 69,090 in the same period of 2016.

The greenback reversed from its early 3-day high of 0.7875 versus the aussie, easing to 0.7934. If the greenback extends decline, 0.80 is likely seen as its next support level.

The Reserve Bank of Australia's Deputy Governor Guy Debelle said that Australia's interest rate need not increase automatically with the tightening of other central banks.

"Just as the policy rate in Australia did not need to decline to the very low levels seen in other parts of the world, the fact that other central banks increase their policy rates does not automatically mean that the policy rate here needs to increase," Debelle said in Adelaide.

The greenback slipped to 1.2546 against the loonie, from a high of 1.2609 hit at 8:15 am ET. Next likely downside target for the greenback-loonie pair is seen around the 1.24 mark.

On the flip side, the greenback held steady at 1.1642 against the euro, after staging a rebound from near an early 2-year low of 1.1677. The pair finished Thursday's trading at 1.1630.

The Survey of Professional Forecasters published by the European Central Bank showed that the Eurozone economy is forecast to expand at faster than expected pace.

SPF respondents lifted 2017 growth outlook to 1.9 percent from 1.7 percent and that for next year to 1.8 percent from 1.6 percent. Expectations for 2019 was raised marginally to 1.6 percent from 1.5 percent.


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21.07.2017
01:34 PM


Loonie Rises After Canada CPI, Retail Sales

Following the release of Canada CPI for June and retail sales for May at 8:30 am ET Friday, the loonie advanced against its major rivals.

The loonie was worth 1.2562 against the greenback, 88.79 against the yen, 1.4616 against the euro and 0.9957 against the aussie around 8:33 am ET.


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21.07.2017
01:31 PM


*Canadian Retail Sales Increased 0.6% In May

Canadian Retail Sales Increased 0.6% In May


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21.07.2017
01:31 PM


*Canadian Consumer Price Index Rose 1.0% Year-over-year In June

Canadian Consumer Price Index Rose 1.0% Year-over-year In June


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21.07.2017
01:28 PM


Loonie Mixed Ahead Of Canada CPI, Retail Sales

Canada CPI for June and retail sales for May are due at 8:30 am ET Friday. Ahead of the data, the loonie traded mixed against its major rivals. While the loonie held steady against the euro and the aussie, it eased against the greenback and the yen.

The loonie was worth 1.2603 against the greenback, 88.48 against the yen, 1.4674 against the euro and 0.9977 against the aussie as of 8:25 am ET.


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21.07.2017
01:17 PM


UK Budget Deficit Widens More Than Forecast

The UK budget deficit widened more-than-expected in June as debt interest increased notably after inflation lifted the cost of index-linked bonds.

Public sector net borrowing, excluding interventions, increased by GBP 2.0 billion from a year ago to GBP 6.9 billion in June, data from the Office for National Statistics showed Friday. The expected figure was GBP 4.9 billion.

Public sector finances have started to deteriorate a little, limiting the scope for an easing in austerity and mean that fiscal policy will still provide a significant drag on GDP growth over the next few years, Scott Bowman, an economist at Capital Economics, said.

Income tax and capital gains tax grew 7.1 percent to GBP 12.7 billion, while interest payments surged 32.9 percent due to higher inflation.

In the current financial year-to-date, PSNB climbed by GBP 1.9 billion to GBP 22.8 billion.

Of this GBP 22.8 billion of PSNB, GBP 17.1 billion related to the cost of the "day-to-day" activities of the public sector, while GBP 5.7 billion related to capital spending such as infrastructure.

Central government net cash requirement decreased by GBP 15.5 billion to GBP 11.5 billion during the three months ended June.

Public sector net debt totaled GBP 1,753.5 billion at the end of June, equivalent to 87.4 percent of gross domestic product, data showed.


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21.07.2017
01:10 PM


Crude Oil Slides Ahead Of Rig Count, OPEC Confab

Crude oil futures fell Friday morning ahead of a closely-watched OPEC meeting and the U.S. rig count.

OPEC and certain non-OPEC nations like Russia will meet in Moscow Monday to discuss their supply quota plan. Reports suggest Saudi Arabia will insist on compliance from Libya and Nigeria who have been pumping oil at a fast pace while others have cut production.

Meanwhile, the U.S. rig count from Baker Hughes is due this afternoon, and may confirm U.S. production is finally slowing down due to stubbornly low oil prices.

Crude oil for September was down 38 cents at $48.68 a barrel, easing from a 6-week high set Wednesday.


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