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Analytics, News, and Forecasts for CFD Markets: currency news — 02-08-2012.
The euro slid against the yen and the dollar after European Central Bank President Mario Draghi failed to offer sufficient measures to curb the region’s debt crisis.
The shared currency fell versus all of its 16 most-traded peers after Draghi said Germany’s Bundesbank has reservations about his plan to buy bonds, which remains to be fleshed out.
ECB officials are working on a plan to buy bonds in sufficient quantities to ease Europe’s fiscal turmoil, Draghi said. Details will be released in coming weeks, he told reporters at a news conference in Frankfurt.
The pound gained for the first time in three days versus the euro after the Bank of England kept its bond-buying program and interest rate unchanged. U.K. Monetary Policy Committee maintained its bond-buying program at 375 billion pounds ($582 billion) and left interest rates at a record-low 0.5 percent, in line with the median forecasts.
EUR/USD $1.2150, $1.2200, $1.2220, $1.2250, $1.2260, $1.2300
USD/JPY Y77.50, Y78.10, Y78.45, Y78.50, Y79.00
GBP/USD $1.5600, $1.5610, $1.5650, $1.5680
EUR/GBP stg0.7795
EUR/CHF Chf1.2025
AUD/USD $1.0525, $1.0585
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The Governing Council may consider further non-standard measures
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The ECB may hold direct open market operations, within its mandate
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Governments must be prepared to activate the EFSF / ESM in the bond market
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The government should continue fiscal consolidation
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Euro irreversible
-
The risk premium on bonds of some countries is extremely high
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Further tension in the market - a risk factor for economic growth
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Increased uncertainty puts pressure on the mood, trust
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Inflation expectations remain restrained
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Inflation should continue to decline in 2012
-
The basic rate of monetary growth remains subdued
The Governing Council may consider further non-standard measures
The ECB may hold direct open market operations, within its mandate
Governments must be prepared to activate the EFSF / ESM in the bond market
The government should continue fiscal consolidation
Euro irreversible
The risk premium on bonds of some countries is extremely high
Further tension in the market - a risk factor for economic growth
Increased uncertainty puts pressure on the mood, trust
Economic growth in the euro area remains weak
Inflation expectations remain restrained
Inflation should continue to decline in 2012
The basic rate of monetary growth remains subdued
Data
01:30 Australia Retail sales (MoM) June +0.5% +0.6% +1.0%
01:30 Australia Retail Sales Y/Y June +3.3% +4.1%
01:30 Australia Trade Balance June -0.29 -0.38 +0.01
07:15 Switzerland Retail Sales Y/Y June +6.2% +3.6% +3.7%
07:30 Switzerland Manufacturing PMI July 48.1 47.2 48.6
08:30 United Kingdom PMI Construction July 48.2 48.3 50.9
09:00 Eurozone Producer Price Index, MoM June -0.5% -0.3% -0.5%
09:00 Eurozone Producer Price Index (YoY) June +2.3% +1.9% +1.8%
11:00 United Kingdom BoE Interest Rate Decision - 0.50% 0.50% 0.50%
11:00 United Kingdom Asset Purchase Facility - 375 375 375
11:00 United Kingdom MPC Rate Statement -
11:45 Eurozone ECB Interest Rate Decision - 0.75% 0.75% 0.75%
The euro rose against the dollar and the yen, after yesterday's sharp fall. Market participants expect the press conference of the ECB, and hope that the president Mario Draghi will announce further actions necessary to protect the national currency. After the announcement of the ECB decision on interest rates, which remained at the same level as the euro surged against the dollar.
The pound fell against the euro, as the Committee of the Bank of England's monetary policy has kept the volume purchase program bonds and interest rate unchanged. The U.S. currency fell against 13 of the 16 major currencies after the Federal Reserve yesterday refrained from expanding monetary easing.
Australian dollar rose against the dollar after data released showed that the level of retail sales in Australia increased significantly ahead of expectations of analysts.
It also showed strong growth in the Swiss franc today. Rate rose against the dollar after the publication of positive data on retail sales and the index of business activity.
EUR/USD: steam during the session, shows a steady growth and is now trading in the region of maximum values of the day
GBP/USD: steam in early trading session, with minimum values of the previous day, but then rose sharply and traded at $ 1.5595
USD/JPY: a couple has fallen sharply and is now trading near the minimum values
At 12:30 GMT will be held monthly press conference of the ECB. At 12:30 GMT the United States publish data on the number of initial claims for unemployment insurance and the number of repeated applications for unemployment benefits in July. At 14:00 GMT the U.S. will announce the change of volume of production orders for June. Finished the day in 23:30 GMT Australia data by the index of activity in the service of the AiG in July.
EUR/USD
Offers $1.2390/400, $1.2375/80, $1.2350, $1.2310, $1.2300
Bids $1.2250/45, $1.2220/10, $1.2180
GBP/USD
Offers $1.5690/700, $1.5650, $1.5590/600
Bids $1.5480, $1.5455/50, $1.5395/90
AUD/USD
Offers $1.0635/40,
$1.0560, $1.0530/40
Bids $1.0450,
$1.0430, $1.0400, $1.0385/80
EUR/JPY
Offers Y97.00, Y96.80/85, Y96.70, Y96.50, Y96.40,
Bids Y95.85/80,
Y95.75/70, Y95.65/60, Y95.50, Y95.20, Y95.00
USD/JPY
Offers Y79.50, Y79.00, Y78.80, Y78.65/70
Bids Y78.10, Y78.00
EUR/USD $1.2300, $1.2350, $1.2400(large); Exotic $1.2000(OT)
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
Tesoro sold E3.13bln vs E2.0bln-E3.0bln
E1.06bln of 4.75% July 2014 Obligacion, cover 2.996
E1.024bln of 4.25% Oct 2016 Bono, cover 2.73 vs 2.56 prev
E1.046bln of 5.85% Jan 2022 Obligacion, cover 2.40 vs 3.18 prev
01:30 Australia Retail sales (MoM) June +0.5% +0.6% +1.0%
01:30 Australia Retail Sales Y/Y June +3.3% +4.1%
01:30 Australia Trade Balance June -0.29 -0.38 +0.01
Demand for the euro was limited before Spain sells bonds today for the first time since European Central Bank President Mario Draghi pledged to do whatever it takes to defend the euro, suggesting the bank may intervene in bond markets. Investors and politicians are clamoring for ECB action to quell a sovereign debt crisis that’s threatening to cripple Spain and Italy and risk a rupture of the trading bloc. Spain is among five euro states that have sought bailouts from the European Union, including Cyprus which was downgraded by Standard & Poor’s today. Demand for the common currency was also limited after S&P lowered Cyprus’ long-term credit rating to BB from BB+ and placed it on CreditWatch with negative implications, citing short-term financing pressures. The ratings company affirmed its stable outlook for Germany’s top AAA grade.
ECB officials meeting in Frankfurt will keep the benchmark interest rate at a record low 0.75 percent, according to 51 of 55 economists in a Bloomberg News survey. Four predict a cut to 0.5 percent. The deposit rate will be left at zero, another poll shows. Spain is due to sell debt today maturing in 2014, 2016 and 2022.
The greenback remained higher versus the yen after the Federal Reserve refrained from monetary easing. The Federal Open Market Committee “will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability,” it said yesterday in a statement at the end of a two-day meeting in Washington. Investors had speculated it might signal a third round of asset purchases under quantitative easing, or QE.
Australia’s dollar gained after data showed an increase in retail sales. Retail sales in Australia climbed 1 percent in June after a revised 0.8 percent advance in the previous month, the Bureau of Statistics said today. Economists predicted a 0.8 percent advance. The nation had a trade surplus of A$9 million ($9.4 million) in the same period, compared with estimates for a A$375 million shortfall, a separate report showed.
EUR / USD: during the Asian session the pair was trading in range $1.2215-$1.2250.
GBP / USD: during the Asian session the pair was trading in range $1.5520-$1.5545.
USD / JPY: during the Asian session the pair rose to a week's high.
UK Markit/CIPS Construction PMI data is due at 0830GMT, but there is still a striking disconnect between these numbers and the official construction growth figures. The ECB decision is due at 1145GMT, while ECB President Mario Draghi will hold the usual press conference from 1230GMT. The Bank of England decision is due at 1100GMT and while the near consensus view is there will be no change of policy the risks of further easing at this meeting are far from negligible. US data continues at 1230GMT with the weekly initial jobless claims, which are expected to rise 17,000 to 365,000 in the July 28 week after sharp movements in previous weeks due to seasonal adjustment
difficulties. At 1300GMT, the US Chamber of Commerce presents a quarterly economic briefing by Chief Economist Martin Regalia. US data
continues with the ISM-NY Business Index at 1345GMT and then Factory Orders at 1400GMT.
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.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2229 -0,56%
GBP/USD $1,5537 -0,87%
USD/CHF Chf0,9825 +0,59%
USD/JPY Y78,42 +0,40%
EUR/JPY Y95,89 -0,19%
GBP/JPY Y121,83 -0,47%
AUD/USD $1,0459 -0,31%
NZD/USD $0,8081 -0,05%
USD/CAD C$1,0050 +0,16%
01:30 Australia Retail sales (MoM) June +0.5% +0.6% +1.0%
01:30 Australia Retail Sales Y/Y June +3.3%
01:30 Australia Trade Balance June -0.29 -0.38 +0.01
07:00 United Kingdom Halifax house price index July +1.0%
07:00 United Kingdom Halifax house price index 3m Y/Y July -0.5%
07:15 Switzerland Retail Sales Y/Y June +6.2% +3.6%
07:30 Switzerland Manufacturing PMI July 48.1 47.2
08:30 United Kingdom PMI Construction July 48.2 48.3
09:00 Eurozone Producer Price Index, MoM June -0.5% -0.3%
09:00 Eurozone Producer Price Index (YoY) June +2.3% +1.9%
11:00 United Kingdom BoE Interest Rate Decision - 0.50% 0.50%
11:00 United Kingdom Asset Purchase Facility - 375 375
11:00 United Kingdom MPC Rate Statement -
11:45 Eurozone ECB Interest Rate Decision - 0.75% 0.75%
12:30 Eurozone ECB Press Conference -
12:30 U.S. Initial Jobless Claims - 353 375
14:00 U.S. Factory Orders June +0.7% +0.4%
23:30 Australia AIG Services Index July 48.8
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