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Friday, June 1

1st Jun - US Close: Running Away

Huge moves in JPY/USD
Quite a bearish day to end the week – no surprise that Friday became a risk-off day, given the uncertainties with Spain and Greece. JPY and gold were today’s ‘anomalies’, as both are seen as safe havens. Bloomberg introduced symbol codes for the Greek drachma and while this is only prudent preparation in case of a Grexit, of course there is plenty of talk that “somebody knows something”. If someone knows something, I don’t think they would go tell that to Bloomberg’s system analysts first. I believe a banking license to ESM is the most probable solution that will come out of this, but this requires Germany’s approval first.

Spain just might make it
I don’t like the sentiment in Germany at all – the hopelessness of Greece is old news, but now the papers in Germany are writing how Spain is hopeless and should not have joined the euro.. I believe this is part of the negotiation tactics. Spain wants to get rescued without applying for a bailout: money for nothing and chicks for free. So Germany will first toughen up Spain, Spain will finally play along and the bailout request will follow. By the way, Spain’s share of the European rescues is above ten percent. When Spain becomes a bailout country, everyone else’s share in the losses from Ireland, Greece and Portugal will go up around 10%.
Read how Spain looks easier, how to play announcement games, and when Spain requests the bailout. If you happen to speak Finnish, check my recent article on Spain. Usual weekend articles coming up next.

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Markets – Between The Hedges
The Closer – alphaville / FT
Market Commentary – A View from My Screens
Commodity Commentary – Commodity Trader
Tyler’s European Summary – ZH
  Euro VIX Jumps As ECB Pumps
Tyler’s US Summary – ZH
  2012 Just Woke Up In 2011 All Over Again
Tyler’s US Summary II – ZH
  The Deer Is Back

Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

69,000 Jobs, 8.2% Unemployment Rate – Calculated Risk
Huge Miss On Expectations, Unemployment Rate 8.2% – ZH
U.S. Employers Add 69,000 Jobs, Fewer Than Forecast – Bloomberg
Unemployment Rate Rises to 8.2% on Only 69K New Jobs – dshort
Shockingly Poor US Employment Data – Marc to Market
US Employment Report – Graphic of the Day – Thomson Reuters
The labor market takes a big step backward – Wonkblog / WP
Job growth stumbles, boosting pressure on Fed – Reuters
May’s payrolls number is… oh dear. +69,000 – alphaville / FT
America’s jobs crisis – Felix Salmon / Reuters
Another Month Of Slow Job Growth In May – The Capital Spectator
The Bleak Unemployment Report: Is Europe to Blame? – TIME
Payroll Postmortem – BoA / ZH
Weak labour market likely to trigger the Fed – Danske Bank (pdf)
May Employment Summary and Discussion – Calculated Risk
Another Payroll Disaster – Mish’s
U.S. jobs data marks gloomy hat-trick for economists – Macroscope / Reuters
US Non-Farm Payrolls – BNY Mellon
Few new jobs, bought at great cost – Fabius Maximus

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