Both BOE & ECB followed the US Fed policy and decided not to reduce the interest rate . Although it was expected Market was expecting some announcement to control the rising interest rate of Spain Bond but nothing has been announced . ECB has assured to buy Spanish/ Italian Bond with a condition that if Member nation also buy out of their Bail out Fund . S&P has reaffirmed the Credit rating of New Zeland and said that its outlook is stable . India One year forward premium has touched all time high of 335~337 paisa .India Manufacturing PMI of July has dropped sharply to 52.9 from its previous Month close of 55. This is the biggest monthly drop since Nov 2011.The SLR cut by 1% to 23% by RBI has provided additional liqidity of appx 70000 Cr and SBI Became the first Bank to drop the interest rate in some segment .India Trade deficit in the Month of June has touched a 15 Month low of USD10.3 Billion due to lower International trade of both Import %& Export .Import degrown by 13.5% and Export degrown by 5.5% YOY in June 12 . This is clear reflection of Economic slow down .As the President election is now over , New FM is in place Market is now looking forward to the policy announcement before 15th Aug 2012 . Indian Exporter has been allowed to cancelled and rebook 25% of their Hedged conract , which was completely banned two Months back
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