Market news
17.05.2011, 08:07

Asian session: Australia’s dollar rose

Data:
01:30 Australia RBA Meeting's Minutes

The euro gained for a second day against the yen as European finance officials meeting in Brussels endorsed a bailout for Portugal, boosting confidence the region’s debt crisis will be contained.
Europe’s common currency maintained yesterday’s advance against the greenback amid speculation the European Central Bank will add to last month’s interest-rate increase on signs of accelerating price pressures. 
Australia’s dollar rose against all 16 of its major counterparts after the Reserve Bank said it may need to raise borrowing costs “at some point” to slow inflation, minutes of its May 3 meeting showed.
The dollar gained the most in a week against the yen before a Fed report economists say will show industrial production increased in April for a sixth straight month. The U.S.’s industrial output rose 0.4 percent, after the previous month’s 0.8 percent expansion, according to a survey.

EUR/USD: the pair bargained within the limits of $1,4125-$ 1,4195.
GBP/USD: the pair become stronger in around $1,6230. 
USD/JPY: the pair reached level Y81,45.

The main core-European release for Tuesday comes at 0900GMT, when the German ZEW data us expected to post an improvement for May to 88.0 in the current situation index, while the economic situation measure may slip to a reading of 5.0.
UK data starts at 0830GMT with inflation data for April as well as the latest CLG House Prices data. Median forecasts look for UK CPI to rise 0.7% m/m, 4.2% y/y with core CPI up 3.2% y/y. RPI is seen rising 0.9% m/m, 5.3% y/y with RPIX up 1.0% m/m, 5.3% y/y. 
US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, while US data continues at 1230GMT, when the pace of housing starts is forecast to rise to a 570,000 annual rate after coming in above expectations in March. The supply of new homes was at a 44-year low in March, so builders will need to increase supply at some point. At 1315GMT, industrial production is expected to rise 0.4% in April. 

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