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Analytics, News, and Forecasts for CFD Markets: currency news — 08-10-2012.
The euro broke a seven-day rise against the yen as European finance ministers meet today to discuss the situation in Spain and the solution to the debt crisis in the eurozone.
The single currency fell against most major currencies after data showed that the level of German industrial production declined, adding fears that the debt crisis in Europe affects economic growth in Germany. German Chancellor Angela Merkel's visit to Greece tomorrow for the first time after the start of the financial turmoil in 2009. The yen rose as investors sought safe-haven assets.
Pound continued its decline against the dollar, as a survey by Lloyds Bank showed that the assessment of the prospects of employment index fell in September to -49 from -43 in August. The pound also recorded the 7th daily decline against the euro, while showing the longest drop since November 2009. Analysts expect the pound could fall to a level of $ 1,5912-1,5900, which is the lowest rate in more than a month after he failed last week to break key resistance levels.
The yen rose against the dollar on downgrade the World Bank forecast for GDP growth for Asia Tihoookeanskogo region (excluding Japan and India) due to a slowdown in the Chinese economy. It is expected that the growth rate of the economy of the region was 7.2% in the current year, whereas previously predicted 7.6%. It is worth noting that this will be minimal increase of GDP since 2001. Moreover, the forecasts for 2013 were also up 7.6% to 8%, as reported previously.
The Bundesbank expects the risks will increase in 2013
Germany's economic growth will slow down in 2012
The German economy is increasingly strained
Bilateral credit lines to the IMF should be for a limited period of time
IMF should monitor the risks that exist outside the eurozone
Fitch отмечает предпочтительный статус кредитора и силу управления ESM
У ESM всегда будет достаточно ликвидности, чтобы выполнить свои обязательства в следующие 12 месяцев
Sold E6.989bln vs target E5.6bln-E7.0bln
- E3.796bln 3-month BTF, avg yield -0.018% (-0.017%), cover 3.06 (3.45)
- E1.595bln 6-month BTF, avg yield -0.010% (-0.009%), cover 4.89 (4.31)
- E1.598bln 12-month BTF, avg yield 0.018% (0.025%), cover 3.26 (3.6)
EUR/USD $1.2970, $1.3000, $1.3025, $1.3050, $1.3100
USD/JPY Y78.50
GBP/USD $1.6030, $1.6100, $1.6250
AUD/USD $1.0100, $1.0250, $1.0275
AUD/NZD NZ$1.2550
Data
05:45 Switzerland Unemployment Rate September 2.9% 3.0% 2.9%
06:00 Germany Trade Balance August 16.1 15.8 18.3
06:00 Germany Current Account August 12.8 13.0 11.1
07:15 Switzerland Consumer Price Index (MoM) September 0.0% +0.3% +0.3%
07:15 Switzerland Consumer Price Index (YoY) September -0.5% -0.4% -0.4%
08:00 Eurozone Eurogroup Meetings -
08:30 Eurozone Sentix Investor Confidence October -23.2 -20.6 -22.2
10:00 Germany Industrial Production s.a. (MoM) August +1.3% -0.7% -0.5%
10:00 Germany Industrial Production (YoY) August -1.4% -1.5% -1.3%
The euro down against the dollar and the yen in anticipation of a meeting of finance ministers of the euro zone, which will be held today and tomorrow will be devoted to the situation in Spain, as well as closer cooperation in the banking sector. In addition, on Tuesday, German Chancellor intends to visit Greece for the first time since the crisis began, and Spanish Prime Minister will hold on Wednesday, October 10, the talks in Paris with French President Francois Hollande.
Also put pressure on the euro continued uncertainty as to whether Spain will ask for help and whether Greece will reach a new agreement with international lenders.
German industrial production fell in August, partially offset by an increase in July, but a decrease of 0.5% compared to the previous month coincided with the expectations of economists and had no impact on the single currency.
Investors do not have high hopes for meeting the Euro Group, which will be held in Brussels later on Monday. U.S. and Canadian markets are closed on Monday due to the holiday, and in the early session, ahead of a meeting of Eurogroup not expected to publish any information.
The yen is rising against the dollar on downgrade forecasts for GDP Asia-Pasific region (excluding Japan and India), the World Bank, which is primarily due to the slowdown of the Chinese economy. Thus, it is expected that economic growth in the region was 7.2% in the current year, whereas previously predicted 7.6%. It is worth noting that this will be minimal increase of GDP since 2001. Moreover, the forecasts for 2013 were also reduced - rate increase will be 7.6% instead of 8%, as expected.
EUR / USD: the pair dropped to $ 1.2937
GBP / USD: the pair decreased to $ 1.6030
USD / JPY: the pair dropped to Y78.11
At 21:00 GMT New Zealand will report on sentiment indicators of the business environment of the NZIER Q3. At 23:01 GMT Britain publishes BRC retail sales monitor and house price balance of RICS in September. At 23:50 GMT Japan will total current account balance, adjusted overall balance of the current account, the current account balance for August.
Canada Celebrates Thanksgiving. U.S. celebrates Columbus Day
EUR/USD
Offers $1.3100, $1.3080, $1.3020/25, $1.2995/000, $1.2975
Bids $1.2950/30, $1.2910/00
GBP/USD
Offers $1.6250/55, $1.6220/30, $1.6150, $1.6070
Bids $1.6059/40, $1.6020, $1.6000
AUD/USD
Offers $1.0300, $1.0290, $1.0245/50, $1.0220/30, $1.0200
Bids $1.0130, $1.0100, $1.0080, $1.0050
EUR/GBP
Offers stg0.8160/55, stg0.8150, stg0.8080
Bids stg0.8025/20, stg0.8005-995, stg0.7980/75, stg0.7945/40
EUR/JPY
Offers Y102.80, Y102.50, Y102.35/40, Y102.00
Bids Y101.00, Y100.50, Y100.20
USD/JPY
Offers Y79.20, Y79.00, Y78.75/80
Bids Y78.00, Y77.90, Y77.50, Y77.20
Germany sold E2.42bln 6-month Bubill at average yield -0.0218% (-0.0147%), cover 2.3 (1.5) and E1.58ln or 39.5% held for secondary market operations vs 15% previously.
EUR/USD $1.2970, $1.3000, $1.3025, $1.3050, $1.3100
USD/JPY Y78.50
GBP/USD $1.6030, $1.6100, $1.6250
AUD/USD $1.0100, $1.0250, $1.0275
AUD/NZD NZ$1.2550
On Friday the euro rose against the dollar and the yen against the U.S. improve statistics on the labor market. The unemployment rate unexpectedly fell to 7.8% in September, mainly due to the increase of employment of Americans to work part time, and off-farm employment increased by 114 thousand (the August value was revised to 142 million). The average duration of the week and hourly wage also rose last month.
With regard to regional statistics, the German factory orders for August fell short of expectations: the indicator fell by 4.8% y / y after the July decline of 4.6% and -4.3% forecast. In monthly terms orders fell by 1.3% vs. -0.5%. In the 2nd quarter of eurozone GDP fell by 0.2% after falling 0.3% in the previous quarter. This result coincided with analysts' forecasts. Spanish industrial output came out better than expected, although it remained in negative territory (-3.2% vs. prev. -5.4% And -5.5% of the forecast).
The yen earlier rose against major currencies after the Bank of Japan decided not to change the course of monetary policy. The Bank of Japan on Friday left its benchmark interest rate in the range of 0-0.1%. The total amount of incentive programs Bank of Japan kept at 80 trillion yen (just over $ 1 trillion), including a program of emergency loans to banks - 25 trillion yen asset repurchase program, expanded in the past month - 55 trillion yen. CB solutions line with expectations of economists.
The Canadian dollar was higher against the U.S. dollar after the rate of employment in Canada increased more than five times faster than economists' forecasts, with increased job full-time, starting from the retail sector and to construction. However, the unemployment rate also rose, with increased labor force. Employment rose by 52,100 in September, after rising by 34,300 in August, according to statistics office. Unemployment rate increased to 7.4% from 7.3%, and the labor force increased by 72,600.
00:00 Japan Bank holiday -
00:30 Australia ANZ Job Advertisements (MoM) September -2.3% -2.8%
The euro weakened against all its major counterparts before German data today that may show industrial production and exports fell, adding to evidence Europe’s debt crisis is damping growth. German industrial production probably decreased 0.6 percent in August from July, according to the median estimate of economists surveyed by Bloomberg News. That would be the biggest drop since April. Separate data today may show the nation’s exports slid 0.6 percent in August, economists forecast.
European finance ministers will meet in Luxembourg today, while German Chancellor Angela Merkel visits Greece tomorrow for the first time since the crisis erupted.
Finance ministers meeting today are likely to make a positive statement on Greece’s progress toward meeting austerity targets needed to authorize the nation’s next bailout payment, European Union Commissioner for Economic and Monetary Affairs Olli Rehn said.
Australia’s dollar touched the lowest level in almost three months as Asian shares fell and before a report this week that may show unemployment increased in the nation. Australia’s jobless rate probably climbed to 5.3 percent last month from 5.1 percent in August, economist estimates compiled by Bloomberg show before the data due Oct. 11.
Japanese markets are shut today for a national holiday, and the U.S. is observing Columbus Day.
EUR/USD: during the Asian session the pair fell below $1.3000.
GBP/USD: during the Asian session the pair fell to $1.6100.
USD/JPY: during the Asian session the pair fell to Y78.50.
UK data gets underway at 0830GMT, when the October Trends in Lending numbers are released. That is followed at 1100GMT, when the October OECD Leading Indicator will hit screens. Early European data sees the release of the German August trade balance. Further German data is released at 1000GMT, with the release of German August industrial output data. At 1500GMT, ECB Governing Council member Jens Weidmann gives a lecture, in Duesseldorf.
With Tokyo markets closed Monday and US bond and credit markets closed later in the day, Monday sees a quiet start to the week, allowing traders the chance to consolidate last week's central bank and US jobs new.
00:00 Japan Bank holiday -
00:30 Australia ANZ Job Advertisements (MoM) September -2.3% -2.8%
05:45 Switzerland Unemployment Rate September 2.9% 3.0%
06:00 Germany Trade Balance August 16.1 15.8
06:00 Germany Current Account August 12.8 13.0
07:15 Switzerland Consumer Price Index (MoM) September 0.0% +0.3%
07:15 Switzerland Consumer Price Index (YoY) September -0.5% -0.4%
08:00 Eurozone Eurogroup Meetings -
08:30 Eurozone Sentix Investor Confidence October -23.2 -20.6
10:00 Germany Industrial Production s.a. (MoM) August +1.3% -0.7%
10:00 Germany Industrial Production (YoY) August -1.4% -1.5%
12:00 Canada Bank holiday -
12:00 U.S. Bank holiday -
21:00 New Zealand NZIER Business Confidence Quarter III -4
23:01 United Kingdom BRC Retail Sales Monitor y/y September -0.4% -0.4%
23:01 United Kingdom RICS House Price Balance September -19% -20%
23:50 Japan Current Account Total, bln August 335.4 520.0
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