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Analytics, News, and Forecasts for CFD Markets: currency news — 14-09-2012.
The dollar fell to a four-month low against the euro after the Federal Reserve Chairman Ben Bernanke said to hold a third round of quantitative easing, which is aimed at reducing the cost of the U.S. currency.
The U.S. currency may show the largest weekly decline against the euro since October 2010, amid a new round of monetary stimulus.
The yen fell against all 16 most-traded currencies, after Finance Minister Jun Azumi said he was prepared to intervene in the market to weaken the currency.
The dollar fell 1.1% to $ 1.3137, while reaching the lowest level since May 4.
The yen fell by 1% to 78.23, after falling to 77.13 yesterday, showed the lowest reading since February 9. The euro rose 2.1% to 102.77 yen, after reaching 103.02, which was a maximum of 14 May.
The euro is growing a fourth day against the dollar as the background of the fact that Europe's finance ministers and central bankers gathered in Cyprus for a two-day meeting to discuss the next steps in solving the region's debt crisis.
Also today, Morgan Stanley raised its forecast for the euro at the end of the year to $ 1.34 from $ 1.19, while Credit Suisse Group AG (CSGN) increased its three-month forecast to $ 1.23 from $ 1.17. According to the median forecast, the single currency will end the year at $ 1.23.
The Swiss franc continued its three-day decline in a row against the euro. Value of the options, which give the right to buy the single currency against the yen, higher selling prices rose for the first time since April 4. The Swiss National Bank also announced yesterday that it would continue to support the franc at 1.2 to the euro.
The dollar index, which is used to track the value of the dollar against six major currencies, was down by 0.6% to 78.760, after touching a level of 78.601, which is a minimum of 29 February.
EUR/USD $1.3050, $1.3000, $1.2900, $1.2800, $1.2750
USD/JPY Y77.50, Y77.75, Y77.80, Y77.90, Y78.00, Y78.20, Y78.50
GBP/USD $1.6060
USD/CHF Chf0.9370, Chf0.9420
EUR/CHF Chf1.2125
AUD/USD $1.0550, $1.0425, $1.0400
USD/CAD C$0.9730
Data
09:00 Eurozone Harmonized CPI August -0.5% +0.4% +0.4%
09:00 Eurozone Harmonized CPI, Y/Y (finally) August +2.6% +2.6% +2.6%
09:00 Eurozone Harmonized CPI ex EFAT, Y/Y August +1.7% +1.7% +1.5%
09:00 Eurozone ECOFIN Meetings -
The dollar slid to a four-month low against the euro on Federal Reserve Chairman Ben S. Bernanke’s plan to conduct open-ended monetary easing, a process that tends to debase the U.S. currency.
The Fed said it will expand its holdings of long-term securities with open-ended purchases of $40 billion a month of mortgage debt in a third round of quantitative easing. The U.S. central bank will continue buying assets, undertake additional purchases and employ other policy tools as appropriate “if the outlook for the labor market does not improve substantially,” the Federal Open Market Committee said yesterday in a statement.
The euro was set for the longest stretch of weekly gains against the yen since 2009 after comments by Finance Minister Jun Azumi signaled he’s ready to intervene to weaken the currency.
The Australian dollar rose to a month high against the U.S. dollar.
EUR / USD: during the European session, the pair rose to $ 1.3122
GBP / USD: the pair grown, reaching a high of $ 1.6250
USD / JPY: the pair rose to the level of 78.23
At 12:30 GMT in Canada will change in the volume of production deliveries in July. Data on inflation and retail sales in the United States will at 12:30 GMT. At 13:15 GMT the U.S. will capacity utilization rate and the change in industrial production for August, at 13:55 GMT - the index of consumer sentiment from the University of Michigan in September, at 14:00 GMT - the change in stocks in commercial warehouses in July.
EUR/USD
Offers $1.3200, $1.3180, $1.3100
Bids $1.3025/20, $1.3000, $1.2950, $1.2935/30, $1.2900, $1.2855/50
GBP/USD
Offers $1.6300, $1.6280/85, $1.6250
Bids $1.6200, $1.6185/80, $1.6120
AUD/USD
Offers $1.0600, $1.0580, $1.0540/50
Bids $1.0400
EUR/JPY
Offers Y102.90/3.00, Y102.70/75, Y102.40/50
Bids Y100.80/60, Y100.20, Y98.75/70
USD/JPY
Offers Y79.50, Y78.50
Bids Y77.30, Y77.00
EUR/GBP
Offers stg0.8080
Bids stg0.8000, stg0.7990, stg0.7970
Data
00:30 AU Gross mortgage lending in August +2.4% -2.1% -3.9%
1:30 China's Producer Price Index y / y in September -1.6% -1.4% -1.3%
1:30 China Consumer Price Index y / y in September +2.6% +2.8% +3.1%
7:15 Index Switzerland Producer and Import Prices m / m in September +0.2% +0.3% +0.1%
7:15 Index Switzerland Producer and Import Prices y / y in September 0.2% 0.0% 0.0%
09:00 EU Industrial Production m / m in August -1.5% +0.8% +1.0%
09:00 EU Industrial Production y / y in August -2.1% -2.5% -2.1%
09:00 EU Eurogroup meeting
The euro rose against the dollar , recovering with a minimum values of the session , which helped the published data on industrial production in the Eurozone.
The report showed that the seasonally adjusted August industrial output increased by 1 percent , thus offsetting the decline in the level of 1 percent, which was recorded in July. It is worth noting that many economists had forecast a modest rise in August, and it was at 0.8 percent, compared with a fall of 1.5 percent, which was originally reported last month . We also recall that in June , industrial production increased by 0.7 percent.
Meanwhile, it was reported that the production of capital goods increased by 2.4 percent, while the production of intermediate goods increased by 0.9 percent. We also add that the volume of consumer goods were up 0.8 percent compared to July , and the output from the energy sector increased by 0.4 percent.
At Statistics also reported that on an annualized basis , industrial output fell in August by 2.1 percent, which was slightly slower than the decline of 2.5 percent , which many economists had forecast . Note that this deterioration followed a decline of 1.9 percent in July , which was revised from -2.1 percent.
We also add that the pressure on the U.S. currency is inconclusive talks between President Barack Obama and Republicans in the Senate. On Friday, the Republican members of the House of Representatives of the United States appealed to President Barack Obama to offer " short-term " to raise the U.S. debt ceiling and pass a budget for 2014 in exchange for a reduction in government spending. But the White House rejected the project.
The pound strengthened against the U.S. currency, but in spite of this, continues to trade near four-week low , as many market participants are waiting for release of an important report on the UK this week. Note that the most anticipated event will be the publication of the report on the unemployment rate . Experts estimate the value of this indicator will remain unchanged - at 7.7 percent.
Pound is also rising against the background of the negotiations to raise the U.S. debt ceiling again deadlocked.
EUR / USD: during the European session, the pair fell from $ 1.3570 to $ 1.3543 , but later recovered to $ 1.3567
GBP / USD: during the European session, the pair fell to $ 1.5952 , according to then rose to $ 1.5995
USD / JPY: during the European session, the pair fell to Y98.16.
EUR/USD $1.3050, $1.3000, $1.2900, $1.2800, $1.2750
USD/JPY Y77.50, Y77.75, Y77.80, Y77.90, Y78.00, Y78.20, Y78.50
GBP/USD $1.6060
USD/CHF Chf0.9370, Chf0.9420
EUR/CHF Chf1.2125
AUD/USD $1.0550, $1.0425, $1.0400
USD/CAD C$0.9730
04:30 Japan Industrial Production (MoM) (finally) July -1.2% -1.2% -1.0%
04:30 Japan Industrial Production (YoY) (finally) July -1.0% -1.0%
The dollar slid to a four-month low against the euro on Federal Reserve Chairman Ben S. Bernanke’s plan to conduct open-ended monetary easing, a process that tends to debase the U.S. currency. The Fed said it will expand its holdings of long-term securities with open-ended purchases of $40 billion a month of mortgage debt in a third round of quantitative easing. The U.S. central bank will continue buying assets, undertake additional purchases and employ other policy tools as appropriate “if the outlook for the labor market does not improve substantially,” the Federal Open Market Committee said yesterday in a statement. The FOMC said it would probably hold the federal funds rate near zero “at least through mid-2015.
The euro was set for the longest stretch of weekly gains against the yen in three years as Asian stocks climbed to the highest level since May, boosting demand for riskier assets.
The yen retreated from a seven-month high against the greenback after comments by Japan’s Finance Minister Jun Azumi signaled he’s ready to intervene to weaken the currency. Japan’s Azumi told reporters today that he’ll take “decisive action” if necessary. Azumi ordered the Bank of Japan to sell yen in markets on Oct. 31 after the yen strengthened to a post-war record of 75.35 per dollar.
EUR/USD: during the Asian session, the pair rose on the floor of a figure to $1.3040.
GBP/USD: during the Asian session, the pair rose on the floor of a figure above the $1.6200.
USD/JPY: during the Asian session, the pair traded in the range of Y77.50-65.
In the US at 1230GMT, two session highlights are scheduled for release, with the August Consumer Price Index and August Retail & Food Sales numbers. At 1315GMT, the U.S. August Industrial Production and Capacity Utilization numbers are released. At 1355GMT, the University of Michigan U.S. September Consumer Sentiment index hits screens. At 1500GMT, the U.S. July Business Inventories numbers are expected to rise 0.4% in July. At 1700GMT, Atlanta Federal Reserve Bank Pres. Dennis Lockhart delivers the welcoming remarks to the Bank's Center for Human Capital Studies conference on "employment Consequences of the Great Recession.
Yesterday 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.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2985 +0,67%
GBP/USD $1,6150 +0,27%
USD/CHF Chf0,9353 -0,22%
USD/JPY Y77,49 -0,44%
EUR/JPY Y100,62 +0,22%
GBP/JPY Y125,14 -0,18%
AUD/USD $1,0543 +0,78%
NZD/USD $0,8308 +1,31%
USD/CAD C$0,9688 -0,71%
04:30 Japan Industrial Production (MoM) (finally) July -1.2% -1.2%
04:30 Japan Industrial Production (YoY) (finally) July -1.0%
09:00 Eurozone Harmonized CPI August -0.5% +0.4%
09:00 Eurozone Harmonized CPI, Y/Y (finally) August +2.6% +2.6%
09:00 Eurozone Harmonized CPI ex EFAT, Y/Y August +1.7% +1.7%
09:00 Eurozone ECOFIN Meetings -
12:30 Canada Manufacturing Shipments (MoM) July -0.4% +0.5%
12:30 U.S. CPI, m/m August 0.0% +0.5%
12:30 U.S. CPI, Y/Y August +1.4% +1.6%
12:30 U.S. CPI excluding food and energy, m/m August +0.1% +0.2%
12:30 U.S. CPI excluding food and energy, Y/Y August +2.1% +2.0%
12:30 U.S. Retail sales August +0.8% +0.7%
12:30 U.S. Retail sales excluding auto August +0.8% +0.6%
13:15 U.S. Industrial Production (MoM) August +0.6% +0.2%
13:15 U.S. Capacity Utilization August 79.3% 79.4%
13:55 U.S. Reuters/Michigan Consumer Sentiment Index (preliminary) September 74.3 74.1
14:00 U.S. Business inventories September +0.1% +0.3%
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