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Analytics, News, and Forecasts for CFD Markets: currency news — 08-08-2012.
During the current session, the dollar showed mixed performance against other major currencies. The important news of the day, which influenced the course of trade, was the information that the rating agency Standard & Poor's revised its outlook on Greece to "negative" from "stable", stating that you may need further assistance from international lenders. But despite this, the long-term and short-term sovereign credit rating in foreign currency and local currency remained unchanged. Positive news of the day was the report, which states that labor productivity in the second quarter rose more than expected.
During the first half of the trading session, the euro declined against the dollar, and then was able to play more than half of the losses. In such a dynamic impact data on industrial production in Germany, which were far below expectations.
Pound at the beginning of the session fell sharply, but managed to recover from, updating the intraday high. Currency rose against the euro and U.S. dollar, when the governor of the Bank of England Governor Mervyn King signaled that the reduction in interest rates did not significantly alter the economic outlook. He also expressed less concern than expected on the market. King also warned that the drop in interest rates would be counterproductive, and it does not lead to significant improvement in the UK economy. Strengthening of the pound also contributed to less negative tone on inflation report, which notes that official data on the growth of gross domestic product exaggerate the underlying weakness of the economy.
The Canadian dollar has appreciated significantly during the day against the dollar, updating the at least three
Data
01:30 Australia Home Loans June -1.2% +2.1% +1.3%
05:00 Japan Eco Watchers Survey: Current July 43.8 44.5 44.2
05:00 Japan Eco Watchers Survey: Outlook July 45.7 44.9
05:45 Switzerland SECO Consumer Climate Quarter II -8 -4 -17
06:00 Germany Trade Balance June 15.0 14.9 16.2
06:00 Germany Current Account June 9.0 11.9 16.5
06:45 France Trade Balance, bln June -5.3 -5.1 -5.99
09:30 United Kingdom Bank of England Quarterly Inflation Report Quarter III
10:00 Germany Industrial Production s.a. (MoM) June +1.6% -0.7% -0.9%
10:00 Germany Industrial Production (YoY) June 0.0% +0.3% -0.3%
During the session, the euro exchange rate dropped after the published data showed that the level of German industrial production and exports declined, adding concern that that the sovereign debt crisis in Europe's largest economy is detrimental to the region.
The single currency currency fell against all 16 major currencies. As it became known, the level of German industrial production fell by 0.9% in June compared with May, while exports fell by 1.5%.
The pound rose against the dollar and euro after the Bank of England Governor Mervyn King said that the cuts in interest rates could be counterproductive.
At the same time, the yen rose against other major currencies.
EUR/USD: during the European session, the pair steadily declining and is now trading in the region of minimal values of 6 August
GBP/USD: a couple has more than one figure on the following retreat from the maximum values, and is now trading at $ 1.5630/40
USD/JPY: during the European session, the pair set a minimum near Y78.20, but then increased to a value of Y78.40
At 12:30 GMT the U.S. will publish the changes in the level of labor productivity in the non-productive sector for the 2nd quarter and the change in the level of labor costs for the 2nd quarter. At 14:30 GMT the U.S., there are data on stocks of crude oil from the Ministry of Energy in August. At 17:00 GMT the U.S. puts 10-year bonds. Data on employment and unemployment in New Zealand for the 2nd quarter will be released in 22:45 GMT. At 23:50 GMT Japan will publish data on the change in orders for machinery and equipment for June.
EUR/USD
Offers $1.2485, $1.2445, $1.2420, $1.2390,
Bids $1.2335/25, $1.2305/00
AUD/USD
Offers $1.0635/40, $1.0620, $1.0600, $1.0570/80
Bids $1.0520, $1.0500, $1.0480, $1.0450
EUR/JPY
Offers Y98.00, Y97.80, Y97.60, Y97.45/50, Y97.00
Bids Y96.50, Y96.20, Y96.00, Y95.80
USD/JPY
Offers Y79.25/30, Y79.00, Y78.80, Y78.65/70
Bids Y78.20/10, Y78.00
EUR/USD $1.2300, $1.2320, $1.2400, $1.2410, $1.2475, $1.2495
USD/JPY Y78.50, Y78.80, Y79.00
GBP/USD $1.5600
EUR/GBP stg0.7800
USD/CHF Chf0.9705
AUD/USD $1.0515, $1.0500
01:30 Australia Home Loans June -1.2% +2.1% +1.3%
05:00 Japan Eco Watchers Survey: Current July 43.8 44.5 44.2
05:00 Japan Eco Watchers Survey: Outlook July 45.7 44.9
The euro fell against the yen before data that economists said will show industrial production dropped in Germany, stoking concern Europe’s debt crisis is hurting the region’s biggest economy. German factory output, adjusted for seasonal swings and inflation, probably fell 0.8 percent in June from the previous month, when it gained 1.6 percent, according to median estimate of economists surveyed by Bloomberg News before the Economy Ministry in Berlin releases its figures today.
Standard & Poor’s revised the outlook on Greece’s sovereign rating to negative from stable and took CreditWatch action on four Spanish banks. The outlook on Greece’s CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the ratings company said.
Demand for the yen was limited as the Bank of Japan started a two-day policy meeting today amid speculation it may take steps to drive interest rates lower. The Bank of Japan (8301) board will leave unchanged its 45 trillion yen ($573 billion) asset-purchase fund and the benchmark rate target between zero and 0.1 percent, according to all 22 analysts in a Bloomberg survey.
EUR / USD: during the Asian session the pair was traded in range $1.2375-$1.2400.
GBP / USD: during the Asian session the pair was traded in range $1.5600-$1.5620.
USD / JPY: during the Asian session the pair dropped below Y78.50.
European data for Wednesday starts at 0600GMT with the German trade balance for June, which us expected to come in at a seasonally-adjusted reading of E14.5 billion. France data sees the 0630GMT release of the BdF business survey and 0645GMT release of
foreign trade data. European data rounds off at 1000GMT with Germany industrial output, which is expected to come in at -0.9% m/m, -0.1% y/y, while also in Europe on Wednesday, Germany re-opens its 10-year benchmark 1.75% July 2022 Bund issue for up to E4 billion. UK data is focused on the Bank of England Quarterly Inflation Report from 0930GMT, including the press conference with Bank of England
Governor Mervyn King.
The euro rose amid speculation that the European Central Bank is taking appropriate measures to quell the region’s debt crisis.
Euro gains were supported as the European Union said it had received no requests for the region’s rescue fund to buy government bonds. Norway’s krone climbed after manufacturing increased.
ECB President Mario Draghi outlined a plan last week under which the ECB may buy debt of struggling euro-bloc countries in tandem with the region’s bailout fund, while saying the details still need to be worked out over the coming weeks.
Canada’s dollar gained to a three- month high against its U.S. counterpart as risk appetite increased and crude oil, the nation’s biggest export, rose.
The currency strengthened beyond parity for a third day as a gauge of Canadian business spending rose more than forecast.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2397 +0,01%
GBP/USD $1,5622 +0,15%
USD/CHF Chf0,9687 -0,02%
USD/JPY Y78,60 +0,45%
EUR/JPY Y97,43 +0,44%
GBP/JPY Y122,76 +0,58%
AUD/USD $1,0557 -0,05%
NZD/USD $0,8081 -1,44%
USD/CAD C$0,9968 -0,34%
01:30 Australia Home Loans June -1.2% +2.1% +1.3%
05:00 Japan Eco Watchers Survey: Current July 43.8 44.5
05:00 Japan Eco Watchers Survey: Outlook July 45.7
05:45 Switzerland SECO Consumer Climate Quarter II -8 -4
06:00 Germany Trade Balance June 15.0 14.9
06:00 Germany Current Account June 9.0 11.9
06:45 France Trade Balance, bln June -5.3 -5.1
09:30 United Kingdom Bank of England Quarterly Inflation Report Quarter III
10:00 Germany Industrial Production s.a. (MoM) June +1.6% -0.7%
10:00 Germany Industrial Production (YoY) June 0.0% +0.3%
12:30 U.S. Nonfarm Productivity, q/q (preliminary) Quarter II -0.9% +1.5%
14:30 U.S. Crude Oil Inventories - -6.5
22:45 New Zealand Unemployment Rate Quarter II 6.7% 6.5%
22:45 New Zealand Employment Change, q/q Quarter II +0.4% +0.4%
23:50 Japan Core Machinery Orders, y/y June +1.0%
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