Forex: Wednesday's review

The dollar gains against most major peers. Results of FOMC Fed meeting failed to convince investors global growth will be sustained.

The euro tumbles versus the dollar in the wake of concern that Europe will fail to contain its sovereign-debt crisis. The pair declined amid speculation that France Europe's second largest economy after Germany may be first to face a rating cut even though the major rating agencies have reiterated France's AAA rating.

The Swiss franc weakens versus the greenback after the Swiss National Bank said it will “significantly increase” the supply of liquidity to the money market and expand banks’ sight deposits to fight the currency’s “massive overvaluation.”

The Canadian dollar sheds on concern that U.S., Canada’s biggest trade partner, growth is flat-lining. Declining oil prices also put pressure on the currency. Oil didn’t soared despite the U.S. Energy Department reported the oil inventories fell by 5.23 million barrels to 349.8 million in the week ended Aug. 5, while analysts expected a rise by 1.35M barrels.

EUR/USD: on results of yesterday's session the pair decreased in $1.4160 area.

GBP/USD: on results of yesterday's session the pair decreased in $1.6120 area.

USD/JPY: the pair shown low in Y76.30 area then receded and finished session in Y76.80 area.

European data for Thursday starts at 0600GMT with german wholesale prices for July, but that is the extent of the European data calendar apart from the 0800GMT release of the ECB Monthly Bulletin.

US data starts at 1230GMT with both Jobless Claims and also the International Trade Balance. Initial jobless claims are expected to rise just slightly to 405,000 in the August 6 week after falling in four of the previous five weeks. The international trade gap is forecast to narrow to $48.0 billion in June after widening sharply in May on higher
oil prices and a decline in exports. US data continues at 2030GMT with M2 Money Supply.

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