Analytics, News, and Forecasts for CFD Markets: currency news — 05-03-2013.

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05.03.2013

19:09

American focus: the euro fluctuates

The Dollar Index traded at almost its highest level in six months as service industries in the U.S. expanded in February at the fastest pace in a year, adding to signs of economic acceleration.

The U.S. currency was supported after the Institute for Supply Management’s non-manufacturing index exceeded forecasts, fueling speculation the Federal Reserve may have scope to reduce monetary stimulus earlier than projected.

The Institute of Supply Management’s non-manufacturing index increased to 56 last month from 55.2 in January, the Tempe, Arizona-based group said today. Economists projected the guage would be little changed at 55, according to the median estimate. Readings above 50 signal expansion.

Australia’s currency climbed versus the dollar as the central bank kept interest rates on hold. Governor Glenn Stevens said in a statement that growth in 2012 was led by “very large increases in capital spending in the resources sector,” while reiterating that the inflation outlook “would afford scope to ease policy further, should that be necessary.”

The euro exchange rate fluctuates against the dollar after data showed that business activity in the euro area services sector declined in February compared with January, adding evidence that the region's economy will continue to be liquefied in the first three months of the year, which could be the fourth quarterly drop in a row. In addition, it was reported that retail sales rose by 1.2% on a monthly basis, fully compensate for the decline of 0.8% in December, which was revised from 0.9% decline.

The pound rose against the dollar before the euro after a report showed that the UK services sector expanded in February, showing a more rapid pace than analysts had forecast that downgraded the speculation as to whether the Bank of England will increase the incentive program.

The focus of investors are the most important meeting of the European Central Bank and the Bank of England, which will be held later in the week.

16:21

Gold rises first time in 5 days on stimulus

Gold prices headed for the biggest gain in a week as speculation that central banks will maintain stimulus measures, and physical demand climbed. Silver also rose.

Federal Reserve Vice Chairman Janet Yellen yesterday said the U.S. central bank should press on with $85 billion in monthly bond buying, while Haruhiko Kuroda, the nominee to be the Bank of Japan governor, said he would do whatever is needed to end 15 years of deflation. Gold purchases appear widespread across Southeast Asia, Standard Bank Plc said in a report today.

Gold futures for April delivery rose to $1,585.80 an ounce on the Comex in New York, heading for the biggest gain since Feb. 26.

15:01

U.S.: ISM Non-Manufacturing, February 56.0 (forecast 55.0)

13:45

Option expiries for today's 1400GMT cut

EUR/USD $1.2950, $1.3000, $1.3025, $1.3050, $1.3095, $1.3200

USD/JPY Y92.80, Y93.00, Y93.20, Y93.50, Y94.00

GBP/USD $1.5300

EUR/CHF Chf1.2175, Chf1.2260, Chf1.2305

AUD/USD $1.0080, $1.0100, $1.0150

13:15

European session: the euro fluctuates

Data
00:01 United Kingdom BRC Retail Sales Monitor y/y February +1.9% +0.9% +2.7%
00:30 Australia Retail sales (MoM) January -0.2% +0.4% +0.9%
00:30 Australia Retail Sales Y/Y January +2.3% +3.0%
00:30 Australia Current Account, bln Quarter IV -14.9 -15.2 -14.7
01:30 Japan Labor Cash Earnings, YoY January -1.4% -0.3% +0.7%
01:45 China HSBC Services PMI February 54.0 52.1
03:30 Australia Announcement of the RBA decision on the discount rate March 3.00% 3.00% 3.00%
03:30 Australia RBA Rate Statement March
08:50 France Services PMI (Finally) February 42.7 42.7 43.7
08:55 Germany Services PMI (Finally) February 54.1 54.1 54.7
09:00 Eurozone Services PMI (Finally) February 47.3 47.3 47.9
09:00 Eurozone ECOFIN Meetings March
09:30 United Kingdom Purchasing Manager Index Services February 51.5 51.5 51.8
10:00 Eurozone Retail Sales (MoM) January -0.8% +0.3% +1.2%
10:00 Eurozone Retail Sales (YoY) January -3.4% -3.0% -1.3%

The euro exchange rate fluctuates after data presented Markit Economics, showed that business activity in the euro zone services sector declined in February compared with January, adding evidence that the region's economy will continue to be liquefied for the first three months of the year, which can be the fourth consecutive quarterly decline. According to the report, the index of business activity in the services sector fell last month to the level of 47.9, up from 48.6 in January, indicating that activity in the manufacturing sector of the currency bloc and the services sector continues to decline as the value of this the index is below 50.
In addition, it was reported that retail sales rose by 1.2% on a monthly basis, fully compensate for the decline of 0.8% in December, which was revised from 0.9% decline. Note that according to the average estimates of experts, retail sales should grow by only 0.3%. The data also showed that the sale of food, beverages and tobacco increased by 0.8%, while the sale of non-food products, except automotive fuel, increased by 2%.
Meanwhile, the European Union, the volume of retail sales increased in January by 0.9%, after falling 0.7 percent the previous month.
The yen rose against the dollar, registering with the second-session Strengthening row, amid speculation that the two-day meeting, which begins tomorrow, Bank of Japan's policy to refrain from increasing stimulus.
The Japanese currency rose against all but three of the 16 major currencies, even after a candidate for the position of Deputy Governor of the Bank of Japan Iwata said in Parliament that the central bank should expand its monetary base and buying bonds with longer maturities.
Australia's currency rose against the dollar after the Reserve Bank of Australia decided to leave its key interest rate unchanged at 3 per cent, while stressing that the current outlook for inflation may indicate further monetary easing, which will be used to sustaining demand. In addition, the head of the RBA noted that the Council considers that the inflation rate is likely to be in line with the target, and the growth will be slightly below trend over the next year, so you need accommodative monetary policy. Today's data also showed that the central bank has kept its assessment that inflation will match the 3.2 percent target range in the next one to two years.
The pound rose against the dollar and the euro after a report showed the UK service sector expanded in February, showing a more rapid pace than analysts had forecast that downgraded the speculation as to whether the Bank of England will increase the incentive program.

EUR / USD: during the European session, the pair rose to high of $ 1.3075, and then fell to $ 1.3014

GBP / USD: during the European session, the pair rose to $ 1.5200, but then fell to $ 1.5148

USD / JPY: during the European session is growing, and is now trading at Y93.17

At 15:00 GMT the U.S. leaves the composite index of ISM non-manufacturing areas in February. At 21:00 GMT the U.S. Treasury to submit a report on the currency.

13:00

Orders

EUR/USD

Offers $1.3140, $1.3120/25, $1.3100, $1.3080

Bids $1.3000, $1.2980-60, $1.2950, $1.2920, $1.2900, $1.2880, $1.2865-50

GBP/USD

Offers $1.5320, $1.5300, $1.5270, $1.5240/50, $1.5220/25

Bids $1.5100, $1.5070, $1.5050, $1.5035/30, $1.5000, $1.4985/80

AUD/USD

Offers $1.0270/80, $1.0250/55

Bids $1.0200, $1.0160/50, $1.0120/15, $1.0050, $1.0020, $1.0000

EUR/GBP

Offers stg0.8720/25, stg0.8695/700, stg0.8660/65, stg0.8650

Bids stg0.8575/70, stg0.8555/50, stg0.8520, stg0.8505/00

EUR/JPY

Ордера на продажу Y122.10-20, Y122.00, Y121.87

Bids Y121.00, Y120.80, Y120.00

USD/JPY

Offers Y94.95/00, Y94.75/80, Y94.50, Y94.30/35, Y94.00, Y93.70/75