Market news
23.08.2011, 12:20

European session: The dollar weakened

Data:
07:28 Germany PMI (August) flash 52.0 51.0 52.0
07:28 Germany PMI services (August) flash 50.4 52.0 52.9
07:58 EU(17) PMI (August) flash 49.7 49.5 50.4
07:58 EU(17) PMI services (August) flash 51.5 51.0 51.6
09:00 Germany ZEW economic expectations index (August) -37.6 -25.0 -15.1
10:00 UK CBI industrial order books balance (August) +1% -13% -10%
10:00 UK CBI industrial output balance (August) +13% - 6%

The dollar weakened against most of their major counterparts after reports showed manufacturing from China to Europe exceeded economists’ forecasts, reducing demand for safer assets.
The euro strengthened for a third day versus the yen after gauges of German and euro-area manufacturing beat estimates. 
Japan’s Finance Minister Yoshihiko Noda said recent gains in the yen may hurt the nation’s economy, fueling speculation officials will act to curb its appreciation.
Gains in the euro were tempered after an industry report showed German investor confidence slumped in August.
The ZEW Center for European Economic Research said its index of investor and analyst expectations, which aims to predict developments six months in advance, fell to minus 37.6 from minus 15.1 in July. Economists forecast a decline to minus 26, according to a survey.

EUR/USD: the pair shown high in area  $1.4500.
GBP/USD: the pair shown high in area $1.6570 but  decreased later.
USD/JPY: the pair decreased in area Y76.50.

US data include New Home Sales at 14:00 GMT.

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