Analytics, News, and Forecasts for CFD Markets: currency news — 12-12-2012.

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12.12.2012

19:32

American focus: dollar declines as Fed adopts more treasuries-buying stimulus

The dollar fell against the euro after the Federal Reserve added to its monetary-stimulus program by announcing plans to buys more Treasuries, renewing concern the measures will debase the U.S. currency.

The U.S. currency weakened after the central bank tied its policies to economic benchmarks and said it will buy an additional $45 billion of Treasuries a month, adding to its third round of quantitative easing, and matching economists’ forecasts.

The Fed said interest rates will stay low “at least as long” as the unemployment rate remains above 6.5 percent and if inflation “between one and two years ahead” is projected to be no more than 2.5 percent. The committee “views these thresholds as consistent with its earlier date-based guidance.”

A Fed program known as Operation Twist, which was designed to hold down borrowing costs by lengthening the average maturity of the Fed’s holdings, will expire at year-end. The central bank kept its target rate for overnight loans between banks between zero and 0.25 percent since December 2008 to spur economic growth.

The yen fell to the weakest in eight months versus the dollar as Japan’s Liberal Democratic Party, which has pledged fiscal stimulus to stoke economic growth, leads in polls before Dec. 16 elections.

In Japan, LDP leader and former premier Shinzo Abe has called for a doubling of the central bank’s inflation goal to 2 percent and “unlimited” easing to end more than a decade of falling prices. The Bank of Japan is due to a hold a monetary policy meeting on Dec. 19-20.

The euro strengthened earlier today as Greece plans to repurchase government bonds with a face value of 31.9 billion euros ($41.6 billion) from private investors including its own banks in a debt buyback to free up aid for the cash-strapped country.

19:23

Fed Chairman Bernanke: Inflation remains a "low-key"

Fed aims to keep downward pressure on interest rates

The Fed will pay attention to "a number of" indicators of labor market

Fed bond purchases provide important support

Will modify its monetary policy if necessary

19:13

Fed: U.S. GDP will grow by 2.3% to 3% in 2013

The unemployment rate was 7.4% -7.7% in 2013

The Fed predicts the unemployment rate at 6.8% -7.3% in 2014, 6.0% -6.6% in 2015

Fed slightly lowered its forecast for the unemployment rate 2013

Fed officials expect inflation will remain at or below the target level of 2.0% to 2015

Fed slightly lowered its forecast of inflation in 2013

Fed forecasts inflation of 1.3% -2.0% in 2013

Fed expects longer-term inflation at 2.0%

Fed forecasts that GDP growth in the longer term will be 2.3% -2.5%

Core inflation will be 1.6% -1.9% in 2013, 1.6% -2.0% in 2014, 1.8% -2.0% in 2015

In the long term unemployment rate was 5.2% -6.0%

19:01

U.S.: Federal budget , November -172.1 (forecast -147.5)

17:46

The Fed will continue to mitigate the policy until a substantial improvement in the labor market

Fed to keep interest rates very low, while unemployment is more than 6.5%

Fed leaves rates are very low, while inflation will remain below 2.5%

Will look at other factors besides inflation, unemployment

Inflation slightly below the target level of 2%, stable expectations

Household spending rose, investment companies slowed

Necessary incentives to achieve the desired level of economic growth

Tensions in global financial markets continue to be a major risk factor

The Fed will continue to buy agency mortgage-backed securities to $ 40 billion per month

Richmond Fed President Lacker expressed his disagreement with the decision, opposed bond purchases and thresholds

Duration of new purchases of Treasury bonds corresponds to the operation "Twist"

The housing sector continues to show signs of improvement

17:39

FOMC votes thresholds plus QE for $45b Tsys, keeps $40b MBS buys ($85b total)

Keeps reinvest MBS proceeds, in Jan will resume rolling at auction, keeps FF target at 0-1/4%, replaces '15 date with "unemploy above 6.55, infl 2.5% or less" plus longer-term infl expectations well anchored. FOMC to consider other labor mkt indicators, infl, fin'l developments.

17:30

U.S.: Fed Interest Rate Decision , 0.25% (forecast 0.25%)

16:58

USD/JPY broke 83.00 and reached an 8-month high

USD/JPY has broken the 82.90/83.00 area, absorbing feet and reaching 8-month high, as investors adjust positions in anticipation of the Fed decision.

USD/JPY rose, reaching a peak on April 2 at 83.20 before the slow growth. Before the release of the FOMC decision and the elections in Japan in output USD/JPY has risen more than 100 pips this week.

15:30

U.S.: Crude Oil Inventories, +0.8

13:46

Option expiries for today's 1400GMT cut:

EUR/USD $1.2900, $1.2950, $1.3000, $1.3075

USD/JPY Y82.20, Y82.25, Y82.30, Y82.40, Y82.50, Y83.00

EUR/GBP stg0.8100

AUD/USD $1.0500, $1.0525

13:30

U.S.: Import Price Index, November -0.9% (forecast -0.4%)

13:17

European session: the euro rose sharply

Data

04:30 Australia RBA's Governor Glenn Stevens Speech December

07:00 Germany CPI, m/m (finally) November -0.1% -0.1% -0.2%

07:00 Germany CPI, y/y (finally) November +2.0% +1.9% +1.9%

07:45 France CPI, m/m November +0.2% 0.0% -0.2%

07:45 France CPI, y/y November +1.9% +1.6% +1.6%

09:30 United Kingdom Claimant count November 6.0 5.1 -3.0

09:30 United Kingdom Claimant Count Rate November 4.8% 4.8% 4.8%

09:30 United Kingdom ILO Unemployment Rate October 7.8% 7.9% 7.8%

09:30 United Kingdom Average Earnings, 3m/y October +1.8% +1.9% +1.8%

09:30 United Kingdom Average earnings ex bonuses, 3 m/y October +1.9% +1.9% +1.7%

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) December -27.9 -22.0 -15.5

10:00 Eurozone Industrial production, (MoM) October -2.5% +0.3% -1.4%

10:00 Eurozone Industrial Production (YoY) October -2.3% -2.4% -3.6%

10:45 United Kingdom BOE Chief Economist Spencer Dale Speaks

The yen fell to its lowest level in more than eight months against the dollar, as the prospect as to the central banks of the U.S. and Japan will conduct mitigation measures have increased, causing thus reducing the demand for safe assets. Yen also fell against the U.S. dollar after the Japanese government announced the launch of missiles from North Korea around 9:49 am Japan time. Missile heading south, passing Okinawa, and fell into the sea east of the Philippines.
The dollar fell for a third day against the euro, as many market participants expect that the Federal Reserve will announce today the expansion of shopping aktivov.Otmetim the dollar fell against most major currencies this week on speculation that the Fed will increase the purchasing program bonds worth $ 40 billion. The euro also has today's meeting of finance ministers of the European Union. The Eurogroup should formally approve next Greek rescue, pre-approved two weeks ago. Greeks completed yesterday extended the date redemption of the bonds, and its results can be considered very successful. Volume restructuring 31.8 billion, exceeding thus envisaged Athens goal of 30 billion euros, and the average purchase price was 33.8% of the face value of the debt. Problem country not only once again avoid default, which will facilitate and held on Tuesday decent auction of short-term bonds, but now has at least some hope for the future, saving the Greeks still real.
The Australian dollar rose to its highest level in more than two months, as Asian stocks rose, increasing the demand for higher-yielding assets.

EUR / USD: during the European session, the pair has grown substantially, reaching $ 1.3052
GBP / USD: during the European session, rose to $ 1.6148, updating the maximum of 4 December
USD / JPY: during the European session, the pair rose to Y82.94

At 13:30 GMT the U.S. will provide an index of import prices for November. At 14:00 GMT the U.S. will publish a report on the amount of net purchases of long-term U.S. securities by foreign investors, and the general terms of net purchases of U.S. securities by foreign investors in October. At 15:30 GMT the U.S. will the data on stocks of crude oil from the Ministry of Energy in December. At 17:30 GMT the U.S. will publish solutions FOMC Interest Rate for December, as well as the accompanying statement will be presented to the December FOMC. At 19:00 GMT the United States will be released monthly performance report for November. At 19:00 GMT the U.S. will release an economic forecast from the FOMC in December. At 19:15 GMT the United States will be a press conference by the Federal Reserve in December

12:45

Orders

EUR/USD

Offers $1.3085-100, $1.3040/60, $1.3031

Bids $1.2980/70, $1.2950/40, $1.2920, $1.2900, $1.2880/75

GBP/USD
Offers $1.6215/20, $1.6200, $1.6170/80, $1.6150
Bids $1.6070/60, $1.6045/40, $1.6025/20, $1.6000

AUD/USD
Offers $1.0650, $1.0600, $1.0552
Bids $1.0520/15, $1.0500, $1.0465/60, $1.0450, $1.0440

EUR/JPY
Offers Y108.80, Y108.50, Y108.00
Bids Y107.55/50, Y107.20, Y107.05/00, Y106.80

USD/JPY
Offers Y83.75, Y83.50, Y83.40, Y83.00
Bids Y82.55/50, Y82.15/10, Y82.00

EUR/GBP
Offers stg0.8110/20, stg0.8100, stg0.8085
Bids stg0.8045, stg0.8035/30, stg0.8020, stg0.8005/00

10:25

Option expiries for today's 1400GMT cut

EUR/USD $1.2900, $1.2950, $1.3000, $1.3075

USD/JPY Y82.20, Y82.25, Y82.30, Y82.40, Y82.50, Y83.00

EUR/GBP stg0.8100

AUD/USD $1.0500, $1.0525