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Analytics, News, and Forecasts for CFD Markets: currency news — 03-08-2012.
The dollar fell against most major currencies after the release of unexpectedly positive U.S. data on employment. According to the data, the number of jobs outside agriculture in the U.S. in July increased by 163,000, while economists had expected growth to 95 000.
In addition, in July, the ISM index in the U.S. service sector grew more strongly than in the previous month, helped by a substantial increase in orders. The indicator rose to 52.6 versus 52.1 in June. Economists expected the index would remain unchanged, while the analysts' estimates ranged from 50.5 to 53. Business activity and new orders showed an increase, while the employment component fell for the first time in December 2011, reaching 49.3 versus 52.3 in June.
The euro rose against other major currencies, receiving support from lower yields on bonds of Spain and Italy. In addition, the single currency is growing on rumors that the EFSF is going to give the banks their sovereign bonds. Earlier, the euro grew up on rumors that the Spanish Government intends to hold an unscheduled press conference, during which the authorities have formally requested the support of EFSF. Meanwhile, the yield on the 2-year bonds dropped from Spain's level of 4.48% to 3.75%. Today we have published data on the PMI index in the euro area - the weak PMI data for France and Italy were offset by more favorable from those of Germany and the eurozone.
EUR/USD $1.2025, $1.2180, $1.2195, $1.2200, $1.2240, $1.2250, $1.2300, $1.2325,1.2370. $1.2000
USD/JPY Y77.50, Y78.00, Y78.75
GBP/USD $1.5580
USD/CAD C$1.0000
AUD/USD $1.0500, $1.0550
Data:
07:50 France Services PMI (finally) July 47.9 50.2 50.0
07:55 Germany Services PMI (finally) July 49.9 49.7 50.3
08:00 Eurozone Services PMI (finally) July 47.1 47.6 47.9
08:30 United Kingdom Purchasing Manager Index Services July 51.3 51.7 51.0
09:00 Eurozone Retail Sales (MoM) June +0.6% +0.1% 0.1%
09:00 Eurozone Retail Sales (YoY) June -1.7% -1.8% -1.2%
The euro rose on rumors that the Spanish Government intends to hold an unscheduled press conference, during which the authorities have formally requested the support of EFSF. Meanwhile, the yield on the 2-year bonds dropped from Spain's level of 4.48% to 3.75%. Today we have published data on the PMI index in the euro area - the weak PMI data for France and Italy were offset by more favorable from those of Germany and the eurozone.
Players are waiting for data on the labor market in the U.S., which may give the Fed a reason for the introduction of a new anti-crisis measures. Analysts expect that U.S. employers created in July of 100,000 new jobs outside the agricultural sector after 80,000 in June. If the result is much worse than expected, it will reinforce expectations that the Fed will launch new measures to support the flagging economy.
EUR / USD: the pair during the session showed a steady growth of up to $ 1.2292 and is now trading near $ 1.2249
GBP / USD: the pair rose to $ 1.5598
USD / JPY: the pair rose to Y78.35
At 12:30 GMT the United States become aware of the level of unemployment, change in the number of people employed in non-agricultural sector, private sector and the manufacturing sector in July. Also at this time there are data on changes in average hourly wages for July. Finish the day at 14:00 GMT U.S. publication of information on the composite index for the ISM service sector in July.
EUR/USD
Offers $1.2420, $1.2350, $1.2300
Bids $1.2230, $1.2100/090, $1.2075/70
GBP/USD
Offers $1.5650, $1.5630/35, $1.5600/10
Bids $1.5555/45, $1.5530, $1.5480
AUD/USD
Offers $1.0650, $1.0635/40, $1.0600, $1.0550/60
Bids $1.0450, $1.0430, $1.0400
EUR/JPY
Offers Y97.00, Y96.80, Y96.50, Y96.30, Y96.00
Bids Y95.40, Y95.10, Y95.00, Y94.70/60, Y94.50
USD/JPY
Offers Y79.00, Y78.80, Y78.65/70, Y78.50, Y78.30
Bids Y78.10, Y78.00, Y77.90
EUR/USD $1.2025, $1.2180, $1.2195, $1.2200, $1.2240, $1.2250, $1.2300, $1.2325,1.2370. $1.2000
USD/JPY Y77.50, Y78.00, Y78.75
GBP/USD $1.5580
USD/CAD C$1.0000
AUD/USD $1.0500, $1.0550
01:00 China Non-Manufacturing PMI July 56.7 55.6
The yen strengthened against most of its major peers as indications of slowing global growth and concern that Europe’s debt crisis is worsening fueled demand for haven assets. The Japanese currency headed for a sixth weekly gain against the dollar as Asian stocks fell before a report forecast to show the U.S. jobless rate held above 8 percent. U.S. nonfarm payrolls probably increased by 100,000 last month, while the unemployment rate remained unchanged at 8.2 percent, according to economists surveyed by Bloomberg News before the Labor Department publishes its monthly report today. The jobless rate has stayed above 8 percent for 41-straight months. The Fed refrained from boosting monetary stimulus at a two- day meeting that ended on Aug. 1, while indicating a sluggish economy may prompt further steps to boost growth.
Demand for the euro was limited after a European Central Bank meeting yesterday failed to deliver measures to persuade investors the region’s fiscal dilemma can be resolved. ECB officials are working on a strategy to buy bonds in sufficient quantities to bring down borrowing costs for the region’s most indebted nations, Draghi said. Details will be released in coming weeks, he told reporters at a news conference yesterday in Frankfurt. The ECB kept its benchmark interest rate at 0.75 percent at its policy meeting yesterday, in line with the forecast of 51 of 55 analysts surveyed by Bloomberg News. Four predicted a reduction to 0.5 percent.
Retail sales in the euro zone may have fallen 0.1 percent in June from the previous month, when they grew 0.8 percent, a survey showed before the European Union’s statistics office releases its figures today.
EUR / USD: during the Asian session the pair was trading between $ 1.2165-$ 1.2185.
GBP / USD: during the Asian session the pair retreated from yesterday's low.
USD / JPY: during the Asian session the pair fell below yesterday's low.
Friday morning sees the release of the European services PMIs,including Spain at 0713GMT expected to come in at 43.9 and Italy at
0743GMT expected to come in at 43.5. The final services PMIs are also due from France at 0748GMT, Germany at 0753GMT and the main EMU data at 0758GMT. The preliminary numbers for each of these were 50.2, 49.7 and47.6. EMU data at 0900GMT sees retail trade for June, which is expected to come in at -0.3% m/m and -1.9% y/y.UK Markit/CIPS Services PMI data is also due, at 0828GMT, while at
0830GMT, UK Q2 Insolvency Statistics are also due. Hourly earnings are expected to rise 0.2% while the average workweek is forecast to stat at 34.5 hours after rising in June. At 1400GMT, the US ISM non-manufacturing index is expected to fall slightly to a reading of
52.0 in July after dipping sharply in June. Late US data sees the 2015GMT release of C&I Loans.
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.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2181 -0,39%
GBP/USD $1,5514 -0,15%
USD/CHF Chf0,9859 +0,34%
USD/JPY Y78,24 -0,23%
EUR/JPY Y95,31 -0,61%
GBP/JPY Y121,36 -0,39%
AUD/USD $1,0457 -0,02%
NZD/USD $0,8096 +0,19%
USD/CAD C$1,0072 +0,22%
01:00 China Non-Manufacturing PMI July 56.7
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%
07:50 France Services PMI (finally) July 47.9 50.2
07:55 Germany Services PMI (finally) July 49.9 49.7
08:00 Eurozone Services PMI (finally) July 47.1 47.6
08:30 United Kingdom Purchasing Manager Index Services July 51.3 51.7
09:00 Eurozone Retail Sales (MoM) June +0.6% +0.1%
09:00 Eurozone Retail Sales (YoY) June -1.7% -1.8%
12:30 U.S. Unemployment Rate July 8.2% 8.2%
12:30 U.S. Nonfarm Payrolls July 80 101
12:30 U.S. Average hourly earnings July +0.3% +0.2%
12:30 U.S. Average workweek July 34.5 34.5
14:00 U.S. ISM Non-Manufacturing July 52.1 52.2
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