Analytics, News, and Forecasts for CFD Markets on the Topic: currency news for: 2 May 2012

17:43

American focus: euro weakened for a third day against the dollar

The euro weakened for a third day against the dollar, the longest losing streak in almost a month, after data showed European manufacturing shrank and unemployment rose in Germany, adding to concern the debt crisis will worsen. The euro dropped against most of its 16 major peers as London-based Markit Economics said its purchasing-manager index of euro-region manufacturing shrank for a ninth month, falling to a 34-month low of 45.9 in April from 47.7 in March. A reading below 50 shows contraction. The number of people out of work in Germany increased a seasonally adjusted 19,000 last month to 2.87 million, the Nuremberg-based Federal Labor Agency said. Economists surveyed by Bloomberg forecast a decline of 10,000. Yields on Germany’s two-, five-, 10-, and 30-year bonds dropped to record lows.

The 17-nation currency fell to a two-week low versus the yen on bets European Central Bank President Mario Draghi may hint at further easing at a meeting tomorrow.

The dollar pared gains against the yen after data showed U.S. firms added fewer workers in April than forecast, fueling speculation the Federal Reserve may keep accommodative monetary policy in place longer. The Dollar Index briefly pared gains after a report showed U.S. companies added fewer jobs than forecast. Private employers’ payrolls increased by 119,000 workers, after a revised 201,000 gain in March, according to Roseland, New Jersey-based ADP Employer Services. The median forecast of economists was for a 170,000 advance. The Labor Department will report May 4 that U.S. nonfarm payrolls added 160,000 jobs in April, up from 120,000 the previous month survey showed.

14:30

U.S.: EIA Crude Oil Stocks change , +2.8

14:05

U.S.: Factory Orders , March -1.5% (forecast -1.4%)

13:43

Option expiries for today's 1400GMT cut:

EUR/USD $1.3080, $1.3100, $1.3150, $1.3250, $1.3300

USD/JPY Y79.75, Y80.00, Y80.30

GBP/USD $1.6200, $1.6225, $1.6300

EUR/JPY Y106.00

EUR/GBP stg0.8150

AUD/USD $1.0265, $1.0335, $1.0400, $1.0500

13:03

European session:

Data:
07:50 France Manufacturing PMI (finally) April 46.7 47.3 46.9
07:55 Germany Manufacturing PMI (finally) March 48.4 46.3 46.2
07:55 Germany Unemployment Change April -18 -9 +19
07:55 Germany Unemployment Rate s.a. April 6.7% 6.7% 6.8%
08:00 Eurozone Manufacturing PMI (finally) April 47.7 46.0 45.9
08:30 United Kingdom PMI Construction April 56.7 54.2 55.8
08:30 United Kingdom Net Lending to Individuals, bln March 1.6 1.7 0.9
08:30 United Kingdom Mortgage Approvals March 49.0 48.0 49.9
09:00 Eurozone Unemployment Rate March 10.8% 10.9% 10.9%

The euro weakened against the dollar after reports showed European manufacturing shrank for a ninth month and unemployment rose in Germany, adding to concern slowing growth will worsen the debt crisis.
The common currency dropped on speculation European policy makers meeting tomorrow will signal they are moving closer to cutting interest rates to spur growth.
The number of people out of work in Germany increased a seasonally adjusted 19,000 last month to 2.87 million, the Nuremberg-based Federal Labor Agency said. Economists forecast a decline of 10,000. Yields on Germany’s two-, five-, 10-, and 30-year bonds dropped to record lows.
The ECB will keep its benchmark interest rate at a record- low 1 percent at tomorrow’s meeting in Barcelona, according to all of the economists surveyed.

EUR/USD: the pair continued to decrease, reached $1,3130 area.

GBP/USD: the pair decreased in $1,6170 area.

USD/JPY: the pair showed high in Y80,60 area, but returned to area of session low Y80,10 later.

At 1400GMT, factory new orders are forecast to fall 1.6% in March after rising in February. Durable goods orders were already reported down 4.2% in March, while nondurables orders are expected to rise slightly on higher food and energy prices. At 1430GMT, the EIA eekly crude oil stocks data is due. Then, at 1630GMT, Richmond Fed President Jeffrey Lacker speaks to the Economics Club of Hampton Roads Economic Conference sponsored by Old Dominion University's College of Business and Public Administration on the "Economic Outlook, May 2012', in Richmond.

12:16

U.S.: ADP Employment Report, April 119 (forecast 179)

11:59

Orders

EUR/USD
Offes $1.3300, $1.3280/85, $1.3250/55, $1.3230, $1.3200, $1.3180
Bids $1.3130, $1.3110/00, $1.3080-75, $1.3050, $1.3020

AUD/USD
Offers $1.0445/50, $1.0430/35, $1.0390/00, $1.0380, $1.0350/55
Bids $1.0310, $1.0300, $1.0280, $1.0260, $1.0225, $1.0200

USD/JPY
Offers Y81.50, Y81.20/25, Y81.00, Y80.85/90, Y80.70/75, Y80.60/65
Bids Y80.10, Y80.05/00, Y79.80, Y79.50

EUR/JPY
Offers Y107.20/25, Y106.80/00, Y106.60/70, Y106.50/55, Y106.35/40, Y105.90/00
Bids Y105.35/30, Y105.00, Y104.65/60, Y104.50

11:48

Tech on USD/JPY

Resistance 3: Y81.45 (Apr 27 high)
Resistance 2: Y80.80 (МА (200) for Н1)
Resistance 1: Y80.60 (session high)
Current price: Y80.32
Support 1: Y80.10/00 (area of session low)
Support 2: Y79.60/50 (May 1 low, high of November’2011)
Support 3: Y79.15 (61,8 % FIBO Y76.00-Y84.20)

10:55

Tech on GBP/USD

Resistance 3 : $1.6330 (Aug 31’2011 high)

Resistance 2 : $1.6280/300 (area of resistance line from April’2011 and Apr 30 high)

Resistance 1 : $1.6240 (session high, May 1 high)

Current price: $1.6180

Support 1 : $1.6180/70 (area of session low, May 1 low and МА (200) for Н1)

Support 2 : $1.6150 (area of Apr 26-27 lows)

Support 3 : $1.6080 (area of Apr 23 and 25 lows)

10:50

Tech on EUR/USD

Resistance 3 : $1.3280 (resistance line from Feb 29, May 1 high)
Resistance 2 : $1.3240 (session high)
Resistance 1 : $1.3200 (earlier support, area of May 1 and Apr 30 lows, МА (200) for Н1)
Current price: $1.3140
Support 1 : $1.3130 (session low)
Support 2 : $1.3110/00 (Apr 23 low and МА (100) for D1)
Support 3 : $1.3060 (Apr 18 low)

10:38

European Commission have noted 'worrying' EMU jobless figures

growth, tackling joblessness is top rioroty;
jobless rate confirms need for dynamic labour market;
must focus on job creation in key sectors;
need labour market reforms in EU member states.

10:13

S&P raises Greece ratings to CCC from SD (selected default). Outlook stable.

09:27

Option expiries for today's 1400GMT cut:

EUR/USD $1.3080, $1.3100, $1.3150, $1.3250, $1.3300

USD/JPY Y79.75, Y80.00, Y80.30

GBP/USD $1.6200, $1.6225, $1.6300

EUR/JPY Y106.00

EUR/GBP stg0.8150

AUD/USD $1.0265, $1.0335, $1.0400, $1.0500

09:00

Eurozone: Unemployment Rate , March 10.9% (forecast 10.9%)

08:46

Asian session: The dollar rallied for a second day from a 10-week low against the yen

01:30 Japan Labor Cash Earnings, YoY March +0.7% +0.4% +1.3%

02:30 China HSBC Manufacturing PMI (finally) April 48.3 49.1 49.3

The dollar rallied for a second day from a 10-week low against the yen before a private report today forecast to show U.S. companies added workers in April, easing speculation the Federal Reserve will add to stimulus. The greenback was higher against the euro after three voting members of the Federal Open Market Committee said they don’t see a need to ease policy further as the economy maintains its expansion. U.S. companies probably added 170,000 workers in April after a 209,000 gain in the previous month, according to the median estimate of economists in a Bloomberg News survey before ADP Employer Services releases its workforce figures today.

The yen extended declines against the dollar and euro after Tom Byrne, senior vice president at Moody’s, commented on the possible effect Ozawa could have on Japan’s tax negotiations. An increase in the country’s consumption tax “is a significant issue that hasn’t been resolved yet,” Byrne told reporters in Manila today. “Ozawa’s role in the debate, there could be implications there, but right now we don’t see anything.”

Demand for the 17-nation euro was limited before data today that may show the region’s manufacturing weakened last month and before the European Central Bank meets on policy tomorrow. Economists predicted that Markit Economics would confirm its gauge of euro-area manufacturing dropped to 46 in April, an almost three-year low. The March reading was 47.7. The ECB will keep the bank’s benchmark interest rate at a record-low 1 percent at tomorrow’s meeting in Barcelona, according to all economists surveyed by Bloomberg.

EUR/USD: during the Asian session the pair traded in a range $1.3205-$1.3240.

GBP/USD: during the Asian session the pair holds in a range $1.6215-$ 1.6235.

USD/JPY: during the Asian session the pair rose.

European data for Wednesday starts at 0600GMT with the ILO measure of Germany employment data. This morning also sees manufacturing PMI releases from Italy at 0743GMT and the final figures from France at 0748GMT, Germany at 0753GMT and the main EMU number at 0758GMT, The preliminary figures for France, Germany and the EMU data were 47.3, 46.3 and 46.0 respectively. UK data at 0830GMT sees the Bankstats, M4, Lending and CML Mortgage Lending data as well as the Markit/CIPS Construction PMI data. US data starts at 1100GMT with the MBA weekly mortgage applications data. At 1200GMT, Federal Reserve Governor Daniel Tarullo speaks to the Council on Foreign Relations, in New York. US ADP National Employment Report is due at 1215GMT. At 1400GMT, factory new orders are forecast to fall 1.6% in March after rising in February. Durable goods orders were already reported down 4.2% in March, while nondurables orders are expected to rise slightly on higher food and energy prices. At 1430GMT, the EIA eekly crude oil stocks data is due. Then, at 1630GMT, Richmond Fed President Jeffrey Lacker speaks to the Economics Club of Hampton Roads Economic Conference sponsored by Old Dominion University's College of Business and Public Administration on the "Economic Outlook, May 2012', in Richmond.

08:40

Forex: Tuesday’s review

Yesterday the dollar rose from a four-week low versus the euro after a U.S. factory gauge unexpectedly advanced in April, easing concern the economic recovery is flagging and damping bets the Federal Reserve will introduce more stimulus. The Institute for Supply Management’s index of U.S. manufacturing rose to 54.8 in April from 53.4 a month earlier, the Tempe, Arizona-based group’s report showed today.

Australia’s dollar slid against all of its major peers after the nation’s central bank cut interest rates more than forecast. The Aussie dollar dropped for a second day against the greenback after the Reserve Bank of Australia lowered its overnight cash rate target to 3.75 percent from 4.25 percent, the deepest cut in three years.

The pound fell after U.K. factory growth slowed. Sterling weakened versus the dollar after a report based on a survey by Markit Economics and the Chartered Institute of Purchasing and Supply showed U.K. factory output fell to 50.5 last month from a revised 51.9 in March. Data last week showed Britain’s economy re- entered a recession last quarter.

EUR/USD: yesterday the pair decreased.

GBP/USD: yesterday the pair traded nearby $1.6200.

USD/JPY: yesterday the pair gain above Y80.00.

European data for Wednesday starts at 0600GMT with the ILO measure of Germany employment data. This morning also sees manufacturing PMI releases from Italy at 0743GMT and the final figures from France at 0748GMT, Germany at 0753GMT and the main EMU number at 0758GMT, The preliminary figures for France, Germany and the EMU data were 47.3, 46.3 and 46.0 respectively. UK data at 0830GMT sees the Bankstats, M4, Lending and CML Mortgage Lending data as well as the Markit/CIPS Construction PMI data. US data starts at 1100GMT with the MBA weekly mortgage applications data. At 1200GMT, Federal Reserve Governor Daniel Tarullo speaks to the Council on Foreign Relations, in New York. US ADP National Employment Report is due at 1215GMT. At 1400GMT, factory new orders are forecast to fall 1.6% in March after rising in February. Durable goods orders were already reported down 4.2% in March, while nondurables orders are expected to rise slightly on higher food and energy prices. At 1430GMT, the EIA eekly crude oil stocks data is due. Then, at 1630GMT, Richmond Fed President Jeffrey Lacker speaks to the Economics Club of Hampton Roads Economic Conference sponsored by Old Dominion University's College of Business and Public Administration on the "Economic Outlook, May 2012', in Richmond.