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Analytics, News, and Forecasts for CFD Markets: currency news — 13-09-2012.
The dollar fell against the yen after the Federal Reserve announced a third round of asset purchases to support the economy and to reduce the rate of the U.S. currency.
The dollar fell against most major currencies, as the Fed announced that the Fed will buy agency mortgage-backed securities by another $ 40 billion a month
The yen reached a seven-month high against the dollar, prompting speculation that Japanese policymakers may consider the possibility of market intervention to lower the exchange rate.
The Federal Open Market Committee said in a statement that if the prospects in the labor market will not improve significantly, the committee will continue its purchases of mortgage-backed securities and to make additional purchases of assets and use its other tools as necessary.
FOMC said that, most likely, will keep rates near zero until at least mid-2015.
Bernanke said Aug. 31 in a speech in Jackson Hole that the Fed study showed that the large-scale asset purchases may have increased the level of economic output by 3% and caused a rise in employment in the private sector are more than 2 million jobs. He also said that the labor market is a "major concern."
Two rounds of Fed bond purchases totaling $ 2.3 trillion failed to breathe life into the labor market. Unemployment has been stuck above 8% for 43 consecutive months, while the U.S. economy grew by less than 2% in the second quarter.
The central bank is also in the process of replacing the short-term to long-term bonds in order to put downward pressure on long-term borrowing costs.
EUR/USD $1.2900, $1.2875, $1.2850, $1.2800, $1.2900
USD/JPY Y77.75, Y78.00, Y78.70
EUR/JPY Y100.25
GBP/USD $1.6000, $1.5920, $1.5800
EUR/GBP stg0.7950
EUR/CHF Chf1.2070
AUD/USD $1.0400, $1.0450, $1.0460, $1.0500, $1.0515
Data
07:15 Switzerland Producer & Import Prices, m/m August -0.3% -0.2% +0.5%
07:15 Switzerland Producer & Import Prices, y/y August -1.8% -0.7% -0.1%
07:30 Switzerland SNB Interest Rate Decision - 0.25% 0.25% 0.25%
07:30 Switzerland SNB Monetary Policy Assessment -
08:00 Eurozone ECB Monthly Report -
The dollar dropped to the weakest in seven months versus the yen amid speculation the Federal Reserve will announce it will buy bonds under a program of quantitative easing that tends to debase the currency.
The greenback slid toward a four-month low against the euro before the central bank also releases policy makers’ forecasts for unemployment, inflation and the expected path of the federal funds rate.
The central bank is also predicted to extend the duration of its zero-interest-rate policy into 2015. Two previous series of bond purchases totaling $2.3 trillion have failed to revive the labor market, which Fed Chairman Ben S. Bernanke said last month is a “grave concern.”
The euro strengthened against most of its major peers today even as Greece’s Prime Minister Antonis Samaras received the second refusal in four days from coalition partners over plans to reduce spending that are key to receiving international aid. It rose yesterday after a German court said the country can ratify the European Stability Mechanism, a 500 billion-euro rescue fund.
EUR / USD: during the European session, the pair rose to $ 1.2931 and retreated
GBP / USD: the pair grown, reaching a high of $ 1.6125 and retreated
USD / JPY: the pair dropped to a mark of 77.57
At 12:30 GMT, Canada will release the house price index in the primary market for July and capacity utilization in Q2. At 12:30 GMT the U.S. producer price index will be released, including excluding prices for food and energy prices in August, the number of initial claims for unemployment insurance and the number of repeated applications for unemployment benefits. At 16:30 GMT FOMC decision will be published on the basic interest rate and the accompanying statement will be made FOMC. At 18:00 GMT the U.S. will publish a monthly report on the budget and economic outlook will be made by FOMC. At 18:15 GMT the press conference of the Federal Reserve System
EUR/USD
Offers $1.3000, $1.2950, $1.2940
Bids $1.2890
GBP/USD
Offers $1.6215/20, $1.6200, $1.6140-60
Bids $1.6060/50, $1.6030/20, $1.6000, $1.5960/50
AUD/USD
Offers $1.0600, $1.0580, $1.0540/50
Bids $1.0400
EUR/JPY
Offers Y100.85, Y100.65/70
Bids Y99.75/70, Y99.10/00, Y98.80
USD/JPY
Offers Y78.50, Y78.00-20
Bids Y77.30, Y77.20, Y77.00
EUR/GBP
Offers stg0.8080, stg0.8050, stg0.8025/30
Bids stg0.8000, stg0.7970, stg0.7945/40
Sold E1.0bln 2017 BTP vs target E500mln-E1.0bln
- E1.0bln of 5.25% Aug 2017 BTP; avg yield 3.71%, cover 1.85
Sold E1.5bln 2026 BTP vs target E750mln-E1.5bln
- E1.5bln of 4.50% Mar 2026 BTP;avg yield 5.32%, cover 1.5
Sold E4bln 2015 BTP vs target E3bln-E4bln
- E4.0bln of 4.50% July 2015 BTP;avg yield 2.75% (4.49%),cover 1.49 (1.89)
EUR/USD $1.2900, $1.2875, $1.2850, $1.2800, $1.2900
USD/JPY Y77.75, Y78.00, Y78.70
EUR/JPY Y100.25
GBP/USD $1.6000, $1.5920, $1.5800
EUR/GBP stg0.7950
EUR/CHF Chf1.2070
AUD/USD $1.0400, $1.0450, $1.0460, $1.0500, $1.0515
01:00 Australia Consumer Inflation Expectation September +2.4% +2.4%
01:10 New Zealand RBNZ Governor Bollard Speaks -
01:30 Australia RBA Bulletin Quarter III
The dollar dropped to the lowest in seven months versus the yen amid speculation the Federal Reserve will announce it will buy bonds under a program of quantitative easing that tends to debase the currency. The Fed is projected to announce a third round of quantitative easing, or QE, today at the end of a two-day meeting, according economists in a Bloomberg News survey. The central bank is also predicted to extend the duration of its zero-interest-rate policy into 2015. Two previous series of bond purchases totaling $2.3 trillion have failed to revive the labor market, which Fed Chairman Ben S. Bernanke said last month is a “grave concern.”
Gains in the common European currency were limited after Greece’s Prime Minister Antonis Samaras received the second refusal in four days from coalition partners over plans to reduce spending that are key to receiving international aid. The 17-nation euro rose yesterday after Germany’s constitutional court said the country can ratify the European Stability Mechanism, a 500 billion-euro ($646 billion) rescue fund. The court also ruled Germany’s 190 billion-euro contribution can’t be increased without legislative approval.
Italy will auction today as much as 6.5 billion euros of government securities maturing in 2015, 2017 and 2026.
The New Zealand dollar remained higher following two days of gains after the country’s Reserve Bank left its benchmark interest rate unchanged at 2.5 percent today, in line with expectations of all 16 economists surveyed by Bloomberg. Governor Alan Bollard, who will step down later this month, signaled rates would remain unchanged through mid-2013.
EUR / USD: during the Asian session, the pair rose to yesterday's high.
GBP / USD: during the Asian session, the pair traded in the range of $1.6100-25.
USD / JPY: during the Asian session the pair fell by updating the seven-month low.
At 0780GMT, the SNB announces monetary policy decision. No outright policy action is expected, although further comments underlining the forex floor are likely. At 0800GMT, the ECB is to publish the Sep Monthly Bulletin. At 0900GMT, Italian Aug final HICP data is released. US data also starts at 1230GMT, with the September 8th week Jobless Claims data and the August Producer Price Index. The day's main event is set for 1630GMT, when the FOMC issues its policy decision after a two-day meeting, followed by updated quarterly economic projections at 1800GMT and Chairman Ben Bernanke's quarterly news conference at 1815GMT.
Yesterday 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.
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.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2898 +0,36%
GBP/USD $1,6107 +0,25%
USD/CHF Chf0,9374 -0,17%
USD/JPY Y77,83 +0,05%
EUR/JPY Y100,40 +0,43%
GBP/JPY Y125,37 +0,31%
AUD/USD $1,0461 +0,32%
NZD/USD $0,8199 +0,33%
USD/CAD C$0,9757 +0,27%01:00 Australia Consumer Inflation Expectation September +2.4% +2.4%
01:10 New Zealand RBNZ Governor Bollard Speaks -
01:30 Australia RBA Bulletin Quarter III
07:15 Switzerland Producer & Import Prices, m/m August -0.3% -0.2%
07:15 Switzerland Producer & Import Prices, y/y August -1.8% -0.7%
07:30 Switzerland SNB Interest Rate Decision - 0.25% 0.25%
07:30 Switzerland SNB Monetary Policy Assessment -
08:00 Eurozone ECB Monthly Report -
12:30 Canada New Housing Price Index July +0.2% +0.3%
12:30 U.S. PPI, m/m August +0.3% +1.2%
12:30 U.S. PPI, y/y August +0.5% +1.5%
12:30 U.S. PPI excluding food and energy, m/m August +0.4% +0.2%
12:30 U.S. PPI excluding food and energy, Y/Y August +2.5% +2.6%
12:30 U.S. Initial Jobless Claims - 365 370
16:30 U.S. Fed Interest Rate Decision - 0.25% 0.25%
16:30 U.S. FOMC Statement -
18:00 U.S. Federal budget August -69.6 -157.1
18:00 U.S. FOMC Economic Projections -
18:15 U.S. Federal Reserve Press Conference -
22:45 New Zealand Food Prices Index, m/m August +0.2%
22:45 New Zealand Food Prices Index, y/y August -1.8%
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