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- Asian session: The euro fell against the dollar
Asian session: The euro fell against the dollar
00:30 Australia Retail sales (MoM) August +0,6%
00:30 Australia Retail Sales Y/Y August +1,6%
The euro fell against the dollar on speculation mounting debt concerns and signs of economic slowdown will compel the European Central Bank to increase monetary stimulus at its meeting tomorrow. The euro failed to extend its biggest jump in more than five months versus the yen as traders increased bets the ECB will lower borrowing costs and before a report today forecast to show the region’s retail sales declined in August. The greenback gained against most major peers after Federal Reserve Chairman Ben S. Bernanke signaled willingness to step up measures to spur U.S. growth.
Italy’s credit rating was cut by Moody’s Investors Service for the first time in almost two decades on concern that Prime Minister Silvio Berlusconi’s government will struggle to reduce the region’s second-largest debt amid chronically weak growth.
Moody’s lowered Italy’s rating three levels to A2 from Aa2, with a negative outlook, the New York-based company said in a statement yesterday. The action comes after Standard & Poor’s downgraded Italy on Sept. 20 for the first time in five years. Italy was last cut by Moody’s in May 1993.
The Australian dollar weakened as Asian stocks reversed an earlier gain.
EUR/USD: on asian session the pair fell
GBP/USD: the pair decreased on asian session
USD/JPY: the pair fell.During Wednesday the release of the final services PMIs from the main European states, leading up to the EMU data at 0758GMT. These
are expected to remain unrevised, although some analysts talk of upside risks following the recent manufacturing releases. This is shortly
followed at 0830GMT by the third estimate of Q2 GDP data, which is expected to remain unrevised. The third estimate of EMU Q2 GDP is also expected, at 0900GMT.
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