Market news
20.12.2010, 09:08

Asian session: euro remains under pressure

07:00     Japan     Leading indicators composite index (October) final    97.7    -    97.2
07:00     Japan     Coincident indicators composite index (October) final    100.8    -    100.7
09:00     Germany     PPI (November)    0.2%    0.3%    0.4%
09:00     Germany     PPI (November) Y/Y    4.4%    4.5%    4.3%

The euro declined to a two-week low against the dollar and the yen on speculation European nations will struggle to raise funds as rating companies downgrade the credit ratings of countries in the region.
The single currency fell versus 14 of its 16 major counterparts as France prepared to sell 5 billion euros ($6.6 billion) of bills after Moody’s Investors Service last week cut Ireland’s credit rating and said it may lower Spain’s.
“The rating agencies’ continued downgrades and warnings on the ratings on European countries will leave the euro vulnerable,” analysts led by Hans-Guenter Redeker, London-based global head of foreign-exchange strategy at BNP Paribas SA, wrote in a research note Dec. 17. “We continue to favor the euro-dollar breaking lower from its recent trading range.”
The dollar gained versus the euro before reports this week forecast to show the U.S. economy grew and personal spending increased.

EUR/USD: traded within $1.3130/80 range.

GBP/USD: got support at $1.5475 and bounced to the minor resistance $1.5550.

USD/JPY: traded within Y84.10-Y83.80.

European data for Monday starts at 0700GMT with German PPI data for November, while at 0900GMT, ECB current account data is due. At 1500GMT it is back to Europe for the release of EMU flash consumer confidence data for December.

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