Analytics, News, and Forecasts for CFD Markets: currency news — 01-08-2012.

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01.08.2012

18:16

Fed keeps Fed funds range unchanged at 0.0% to 0.25%

- FOMC: Voted 11-1 for Fed funds rate action

17:51

American focus: dollar consolidates in anticipation of Fed decision

Dollar consolidates as investors expect interest rate decisions from the Federal Reserve and European Central Bank on the background of evidence that the economy around the world slows down. The data on the U.S. labor market proved to be very optimistic - according to the report, ADP, employment increased by 163 thousand in July, against the average forecast of 120 thousand other macro data also remained "in the shadows." For example, construction costs have shown an increase in line with expectations at 0.4% in June, and in the industry, according to a report ISM, was marked by the decline in July, the second consecutive month.

The euro rose against the yen after the Bundesbank President Jens Weidmann said the ECB should not cross the boundaries of the mandate. Recall that European politicians will announce its decision on interest rates tomorrow. Earlier, President Mario Draghi has promised to do everything possible to protect the single currency.

The pound fell after the published data on the UK showed that the index of manufacturing activity fell in July to their lowest values in the last three years. The index in July was at 45.4, up from 48.6 in June.

The yen fell against the dollar after Japanese Finance Minister Jun Azumi rejected the idea of buying the Bank of Japan bonds of foreign countries to weaken the yen. At the same time Azumi does not exclude the possibility of taking measures to curb the growth of the yen, including of currency intervention.

14:30

U.S.: Crude Oil Inventories, -6.5

14:00

U.S.: ISM Manufacturing, July 49.8 (forecast 50.4)

13:43

Option expiries for today's 1400GMT cut:

EUR/USD $1.2300, $1.2350, $1.2400, $1.2000

USD/JPY Y78.40, Y78.50, Y79.00

GBP/USD $1.5660, $1.5680, $1.5850

EUR/GBP stg0.7800

GBP/JPY Y122.50

EUR/SEK Sek8.40

13:00

U.S.: Manufacturing PMI, July 51.4 (forecast 51.9)

12:15

U.S.: ADP Employment Report, July 163 (forecast 122)

12:05

European session: Euro traded in a narrow range

Data

01:00 China Manufacturing PMI July 50.2 50.4 50.1

01:30 Australia House Price Index (QoQ) Quarter II -1.1% -0.5% +0.5%

01:30 Australia House Price Index (YoY) Quarter II -4.5% -4.2% -2.1%

06:00 Switzerland Bank holiday -

06:00 United Kingdom Nationwide house price index July -0.6% -0.1% -0.7%

06:00 United Kingdom Nationwide house price index, y/y July -1.5% -2.0% -2.6%

06:30 Australia RBA Commodity prices, y/y July -10.5% -9.8%

07:50 France Manufacturing PMI (finally) July 45.2 43.6 43.4

07:55 Germany Manufacturing PMI (finally) July 45.0 43.3 43.0

08:00 Eurozone Manufacturing PMI (finally) July 45.1 44.1 44.0

08:30 United Kingdom Purchasing Manager Index Manufacturing July 48.6 48.7 45.4

The dollar showed mixed performance against the euro, as investors expect interest rate decisions from the Federal Reserve and European Central Bank on the background of evidence that the economy around the world slows down.
The euro rose against the yen after the Bundesbank President Jens Weidmann said the ECB should not cross the boundaries of the mandate.
Recall that European politicians will announce its decision on interest rates tomorrow. Earlier, President Mario Draghi has promised to do everything possible to protect the single currency.
The pound fell after the published data on the UK showed that the index of manufacturing activity fell in July to their lowest values in the last three years. The index in July was at 45.4, up from 48.6 in June.
The Australian dollar traded near a four-month high against its U.S. counterpart, as the demand for risky assets rose on speculation.
Also note that the Fed can now announce additional stimulus measures after the completion of a two-day meeting.
The New Zealand dollar rose today amid speculation that the Fed will implement the next round of quantitative easing. But demand for the currency of the South Pacific, declined after the information that China has recorded decline in the manufacturing industry, which is Australia's largest trading partner and second largest exporter to New Zealand.

EUR/USD: a pair of mid-session trading in a narrow range, but updated with the maximum of the previous day
GBP/USD: a pair of substantially reduced by updating with a minimum of 31 July and is now trading in the minimum values
USD/JPY: a pair of sharply decreased, while setting a minimum level of Y77.90, and then increased by updating the maximum value of the day

At 12:15 GMT the U.S. becomes aware of change in the number employed by ADP in July. At 13:00 GMT the U.S. will publish data on the index of business activity in the manufacturing sector in July, and will be released at 14:00 GMT ISM manufacturing index for July. At 14:30 GMT the U.S., there are data on stocks of crude oil from the Ministry of Energy in July.
At 18:15 GMT the U.S. FOMC decision expected to be published on the basic interest rate, after which followed a statement accompanying FOMC.

11:30

Orders

EUR/USD
Offers $1.2440/50, $1.2420, $1.2390/400, $1.2375/80
Bids $1.2250/40, $1.2225/20, $1.2180/70

GBP/USD
Offers $1.5780, $1.5750
Bids $1.5580, $1.5560/50, $1.5535/30

AUD/USD
Offers $1.0635/40, $1.0560
Bids $1.0480, $1.0450, $1.0430/25, $1.0400

EUR/JPY
Offers Y97.30/35, Y97.00, Y96.80/85, Y96.70, Y96.50
Bids Y95.80, Y95.75/70, Y95.65/60, Y95.50, Y95.20, Y95.00

USD/JPY
Offers Y78.80, Y78.65/70, Y78.50, Y78.40, Y78.30
Bids Y78.00, Y77.00

EUR/GBP
Offers stg0.7920/30, stg0.7895/900, stg0.7880
Bids stg0.7830, stg0.7810/00, stg0.7780/75, stg0.7755/50

09:35

Option expiries for today's 1400GMT cut:

EUR/USD $1.2300, $1.2350, $1.2400, $1.2000

USD/JPY Y78.40, Y78.50, Y79.00

GBP/USD $1.5660, $1.5680, $1.5850

EUR/GBP stg0.7800

GBP/JPY Y122.50

EUR/SEK Sek8.40

08:49

Asian session: The euro erased losses

01:00 China Manufacturing PMI July 50.2 50.4 50.1

01:30 Australia House Price Index (QoQ) Quarter II -1.1% -0.5% +0.5%

01:30 Australia House Price Index (YoY) Quarter II -4.5% -4.2% -2.1%

The euro erased losses as Asian shares pared declines and amid prospects central banks will take further steps to support growth.
The 17-nation currency rose against the yen after Italian Prime Minister Mario Monti was quoted as saying the country may want its sovereign bonds to be purchased by the region’s rescue funds and the European Central Bank. Monti and French President Francois Hollande said yesterday the two countries are “determined” to do everything to protect the integrity of euro zone.
ECB President Mario Draghi pledged last week to do whatever it takes to preserve the currency. He has a proposal that involves the EFSF buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity. Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said.
Demand for the greenback was limited before a private payrolls report today forecast to show the pace of hiring in the U.S. slowed, supporting bets the Fed will signal additional stimulus which would debase the currency.
Companies probably added 120,000 jobs last month, down from 176,000 in June, according to the median estimate of economists surveyed by Bloomberg before ADP Employer Services releases its data today. The Labor Department is scheduled to release its monthly jobs report on Aug. 3, with the unemployment rate predicted to remain unchanged at 8.2 percent, according to a separate poll.

EUR / USD: during the Asian session the pair was trading in range $1.2280-$1.2300.
GBP / USD: during the Asian session the pair was trading in range $1.5655-$1.5675.
USD / JPY: during the Asian session the pair dropped, updating week’s low.

Wednesday morning also sees the release of the manufacturing PMIs, including Spain at 0713GMT, Italy at 0743GMT and the final manufacturing PMIs from France at 0748GMT, Germany at 0753GMT and the EMU data at 0758GMT.The weekly MBA. Preliminary results from the others were 43.6 in France, 43.3 from Germany and 44.1 for the EMU data. Germany releases chine orders data at 0800GMT. The UK Nationwide House Prices index gets things started at 0600GMT Wednesday. UK manufacturing PMI is due at 0828GMT and is expected to decline to 48.0. Mortgage Application Index is due at 1100GMT, followed at 1215GMT by the ADP National Employment and then at 1258GMT by the US Markit PMI data. Data at 1400GMT includes the ISM Index,Help-wanted and also Construction Spending data. The weekly EIA Crude Oil Stocks data then follows at 1430GMT. At 1815GMT, the Federal Open Market Committee issues the statement on its latest monetary policy decisions, following two days of meetings.

08:47

Forex: Tuesday’s review

The euro rose against most of its major counterparts on speculation the European Central Bank will take steps at a meeting this week to stem the rise of the region’s sovereign-bond yields.

French President Francois Hollande buoyed the shared currency earlier, saying all will be done to defend and preserve it. He and Italian President Mario Monti issued a joint statement after meeting in Paris today.

Draghi has a proposal that involves the European Financial Stability Facility buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity. Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said

The shared currency pared gains after the German Finance Ministry said in an emailed statement it sees no need to give Europe’s rescue fund a banking license.

The pound tumbled for the first time in four days against the euro after Moody’s Investors Service lowered its forecast for U.K. economic growth.