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Analytics, News, and Forecasts for CFD Markets: currency news — 12-09-2012.
The euro rose against the dollar to its highest level in four months, after a German court allowed ratify the ESM, increasing the demand for the single currency.
Euro continued its two-day rise against the yen, after the Constitutional Court of Germany has introduced certain conditions. It ruled that the German contribution to the ESM should not exceed 190 billion euros, and more - with the consent of the Bundestag lower house.
The dollar fell against most of its 16 major counterparts as the focus of traders focused on the outcome of the two-day meeting of the U.S. Federal Reserve, which will be announced tomorrow.
The Australian dollar rose to a three-week high against the dollar on speculation that the Fed may announce the stimulus and after Premier Wen Jiabao said that China will resort to economic stimulus.
The British pound fell against the dollar after a report showed that the unemployment rate in the UK rose unexpectedly in July to a level of 8.1% from 8.0% in June.
The dollar index (DXY), which is used to track the value of the dollar against six major currencies, fell 0.2 percent to 79.722.
EUR/USD $1.2850, $1.2800, $1.2715, $1.2700
USD/JPY Y78.00, Y79.00
EUR/JPY Y99.70
GBP/USD $1.5975, $1.5950
AUD/USD $1.0475, $1.0370
Data:
05:30 France CPI, m/m August -0.4% +0.5% +0.7%
05:30 France CPI, y/y August +1.9% +2.0% +2.4%
06:00 Germany CPI, y/y (finally) August +2.0% +2.0% +2.2%
08:30 United Kingdom Claimant count August -5.9 0.1 -15
08:30 United Kingdom Claimant Count Rate August 4.9% 4.9% 4.8%
08:30 United Kingdom ILO Unemployment Rate July 8.0% 8.0% 8.1%
08:30 United Kingdom Average Earnings, 3m/y July +1.6% +1.5% +1.5%
08:30 United Kingdom Average earnings ex bonuses, 3 m/y July +1.8% +1.8% +1.9%
09:00 Eurozone Industrial production, (MoM) July -0.6% 0.0% +0.6%
09:00 Eurozone Industrial Production (YoY) July -2.1% -3.3% -2.3%
The euro rose above $ 1.29 for the first four months after the German Constitutional Court voted in favor of the legalization of ESM. Such a decision was a relief for the European authorities, as in the case of opposition they would have lost the ability to provide financial assistance to troubled EU countries for an indefinite period of time.
German Constitutional Court declared that the objections against the run ESM were unfounded, and approved the ratification of the ESM and the financial agreement between the EU under certain conditions. Importantly, to Germany's contribution to the Fund's reserves exceeded € 190 billion will need to get permission Bundestag. A German court has also demanded that both houses of the German Parliament are aware of how things are going on ESM.
The British pound rose against the dollar after the unemployment rate unexpectedly fell in Britain as more than 2 years in August against the creation of new jobs, which is in spite of the looming recession. The unemployment rate fell by 15 thousand to 1.57 million, as shown by the official figures. Employment increased by 236 thousand to 29.6 million, the biggest increase in 2 years.
The Australian dollar rose to a three-week high against the U.S. dollar, after Premier Wen Jiabao zachvil that in 2012 the country was able to achieve planned target for GDP growth - 7.5%. China is the largest trading partner of Australia.
EUR / USD: during the European session, the pair rose to $ 1.2931 and retreated
GBP / USD: the pair grown, reaching a high of $ 1.6100 and retreated
USD / JPY: the pair is trading in the range of 77.73-77.98
At 12:30 GMT the U.S. will import prices for August, and 14:30 GMT - data on stocks of crude oil from the Department of Energy. At 17:00 GMT the U.S. puts 10-year bonds. At 21:00 GMT we will know the decision of the Reserve Bank of New Zealand Interest Rate, will hold a press conference of the Reserve Bank of New Zealand, the accompanying statement will be made of the Reserve Bank of New Zealand and published protocol of monetary policy of the Reserve Bank of New Zealand.
EUR/USD
Offers $1.3000, $1.2980, $1.2950, $1.2930/35
Bids $1.2900/890, $1.2860, $1.2810/00, $1.2750
GBP/USD
Offers $1.6215/20, $1.6200, $1.6180/85, $1.6140-60
Bids $1.6075/65, $1.6045/35, $1.6000, $1.5960/50
AUD/USD
Offers $1.0600, $1.0580, $1.0540/50
Bids $1.0280
EUR/JPY
Offers Y100.85, Y100.60/70
Bids Y99.70, Y99.10/00, Y98.80
USD/JPY
Offers Y79.50, Y78.50, Y78.00-20
Bids Y77.65
EUR/GBP
Offers stg0.8080, stg0.8050
Bids stg0.7985, stg0.7945/40
Germany alloted E3.972bln of new 5-year benchmark 0.50% Oct 2017
Bobl issue at average yield of 0.61% (0.31%) and bid-to-cover ratio of 1.4 (2.6).
EUR/USD $1.2850, $1.2800, $1.2715, $1.2700
USD/JPY Y78.00, Y79.00
EUR/JPY Y99.70
GBP/USD $1.5975, $1.5950
AUD/USD $1.0475, $1.0370
00:30 Australia Westpac Consumer Confidence September -2.5% +1.6%
The dollar dropped to a four-month low against the euro before the Federal Reserve starts a two-day policy meeting today amid speculation it will decide to buy bonds to boost the economy. The Fed bought $2.3 trillion of securities from 2008 to 2011 in two rounds of so-called quantitative easing. In an Aug. 31 speech, Fed Chairman Ben S. Bernanke said weak hiring and unemployment exceeding 8 percent posed a “grave concern” and that bond purchases are a policy option.
The U.S. currency weakened versus most of its 16 major counterparts following a decline yesterday after Moody’s Investors Service said the country’s Aaa rating may be cut if it doesn’t reduce its ratio of debt to gross domestic product. Moody’s, which placed a negative outlook on the U.S.’s Aaa grade in August 2011, said in a statement yesterday that the rating would probably be cut to Aa1 if no policy is passed to address a mounting debt to GDP ratio.
The euro was near a two-month high against the yen before Germany’s Federal Constitutional Court issues its ruling today on the country’s participation in Europe’s bailout fund. Germany is the only country that hasn’t ratified the European Stability Mechanism, a 500 billion-euro ($643 billion) fund that offers loans to euro-zone members and may buy their bonds to lower borrowing costs. If today’s court ruling means it can’t join, the mechanism won’t be created and other bailout measures might be thrown into doubt.
EUR / USD: during the Asian session, the pair continued yesterday's growth.
GBP / USD: during the Asian session, the pair hold about yesterday's high.
USD / JPY: during the Asian session, the pair rose, departing from the previous day's low.
European data starts early and includes August HICP data from France at 0530GMT, which is expected to come in at 0.8% m/m, 2.4% y/y as well as Germany at 0600GMT (preliminary was 0.3% m/m, 2.2% y/y) and also Spain at 0700GMT (2.7% y/y preliminary). The German Constitutional Court ruling on the ESM comes in the morning. US data starts at 1100GMT with the weekly MBA Mortgage Application Index. US data continues at 1230GMT with the August Export/Import Price Index and then at 1400GMT with July Wholesale Inventories and 1430GMT with the weekly EIA Crude Oil Stocks data.
Yesterday the dollar fell against 15 of its 16 most-traded currencies in anticipation of the two-day Federal Reserve meeting, which begins tomorrow, and one that is expected to be announced the purchase of bonds to stimulate the economy.
The U.S. currency fell to its lowest level in nearly four months against the euro after ratings agency Moody said it may downgrade the country's rating from Aaa to Aa1, if no measures are taken to reduce the level of U.S. debt.
The euro rose after after the German Constitutional Court has declared that it will not postpone the decision on the European Stability Mechanism, scheduled for Wednesday, denying rumors appeared on the market.
The dollar fell against the euro to its lowest level since May 14, and up to the lowest level since June 1 against the yen.
The single currency rose above its 200-day moving average at $ 1.2835 for the first time since Oct. 31.
The Canadian dollar continued to strengthen the four-day, rising to a 13-month high against its U.S. counterpart, amid optimism that a complex stimulus in the U.S. and Europe will lead to a reduction in volatility.
The New Zealand dollar rose after Fitch Ratings affirmed the country's rating at AA,
The British pound rose to the highest level in four months against the dollar after a report showed that the trade deficit in the UK declined in July, as exports rose, adding signs that the economy is emerging from recession.
The dollar index fell 0.7% to 79.834, after falling to 79.806, which is a minimum of 8 May.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2851 +0,72%
GBP/USD $1,6067 +0,50%
USD/CHF Chf0,9390 -0,75%
USD/JPY Y77,79 -0,60%
EUR/JPY Y99,97 +0,10%
GBP/JPY Y124,98 -0,10%
AUD/USD $1,0428 +0,90%
NZD/USD $0,8172 +1,05%
USD/CAD C$0,9731 -0,43%
00:30 Australia Westpac Consumer Confidence September -2.5% +1.6%
05:30 France CPI, m/m August -0.4% +0.5%
05:30 France CPI, y/y August +1.9% +2.0%
06:00 Germany CPI, y/y (finally) August +2.0% +2.0%
08:30 United Kingdom Claimant count August -5.9 0.1
08:30 United Kingdom Claimant Count Rate August 4.9% 4.9%
08:30 United Kingdom ILO Unemployment Rate July 8.0% 8.0%
08:30 United Kingdom Average Earnings, 3m/y July +1.6% +1.5%
08:30 United Kingdom Average earnings ex bonuses, 3 m/y July +1.8% +1.8%
09:00 Eurozone Industrial production, (MoM) July -0.6% 0.0%
09:00 Eurozone Industrial Production (YoY) July -2.1% -3.3%
12:30 U.S. Import Price Index August -0.6% +1.4%
14:00 U.S. Wholesale Inventories July -0.2% +0.3%
14:30 U.S. Crude Oil Inventories - -7.4
21:00 New Zealand RBNZ Interest Rate Decision - 2.50% 2.50%
21:00 New Zealand RBNZ Press Conference -
21:00 New Zealand RBNZ Rate Statement -
23:01 United Kingdom BOE Quarterly Bulletin Quarter III
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