NEWS / Foreign Exchange

European Market Update

• *** ECONOMIC DATA ***
• FR Sep Consumer Spending: M/M 0.1% v ??“0.5%e || Prior M/M revised from 1.0% to 0.7% |||| Y/Y 5.8% v 4.8%e [highest since June of 2000] || Prior Y/Y revised from 3.6% to 2.9%
• SP Sep Hotel Price Index: 3.1% v 3.6% prior
• IT Oct Consumer Confidence: 107.3 v 107.0e
• IT Aug Retail Sales: M/M 0.2% v 0.1%e || Prior revised from ??“0.1% to 0.0% |||| Y/Y 1.4% v 0.4%e
• EU Aug Industrial New Orders: M/M 0.3% v 0.9%e || Prior M/M revised from ??“4.0% to ??“2.6% |||| Y/Y 5.1%% v 6.0%e || Prior Y/Y revised from 10.9% to 12.0%
• *** SPEAKERS/COMMENTS ***
• GE Economic Ministry: Inflation will decline to 1.9% on average in 2008 vs. 2.1% in 2007; Y/Y inflation rate could hit just under 3.0% by the end of 2007 [wires citing press]
• FR Finance Minister: French inflation is under control
• FR Finance Minister: Euro level reflects global imbalances
• FR Finance Minister: Hopes that FX markets keep hearing the US message regarding the strong Dollar policy
• PD Central Banker: Calls past rate moves moderate
• PD Central Banker: Rate increase timing uncertain on food prices and the Zloty level