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Analytics, News, and Forecasts for CFD Markets: currency news — 14-12-2012.
The yen strengthened from an almost nine-month low against the dollar as technical indicators showed the decline was overdone before elections on Dec. 16 where Japan’s opposition leader Shinzo Abe is projected to win. The Japanese currency pared a weekly loss as Abe has called on the Bank of Japan to provide “unlimited easing” and set an inflation target of at least 2 percent.
The euro reached the highest in seven months versus the dollar as preset buy orders were triggered. The euro touched an eight-month high versus the yen after EU finance ministers meeting overnight in Brussels agreed to put the European Central Bank in charge of all euro-area lenders in a deal that paves the way for the currency bloc’s firewall fund to provide direct bailouts to banks.
The dollar weakened against major peers after consumer prices in the U.S. fell more than forecast last month, a sign the Federal Reserve’s bond-buying program hasn’t caused inflation. The 0.3 percent decrease in the consumer-price index was the first drop since May and followed a 0.1 percent gain the prior month, the Labor Department reported today in Washington. The median estimate of 80 economists called for a 0.2 percent drop. The core index, which excludes volatile food and energy costs, climbed less than projected.
The Canadian dollar was lower against the U.S. dollar after the bank downgrades by S&P and the weak data on shipments in the manufacturing sector in Canada. S&P has downgraded the ratings of several banks in Canada. The list of banks whose ratings have come under attack, included ScotiaBank, Banque National and several smaller institutions. In November, shipments in the manufacturing sector of Canada fell 1.4%
The British pound rose in the last few hours of almost a half-figure of 1.6110 - to an intraday high of 1.6162.
USD/CAD updated for a maximum of 0.9862, after it was reported that S & P downgraded the ratings of several banks in Canada. The list of banks whose ratings have come under attack, included ScotiaBank, Banque National and several smaller institutions.
USD/CAD rose by the messages, as well as weak data on shipments in the manufacturing sector in Canada.
Investors use the weak value of the consumer price index (CPI) for the partial closure of the U.S. short positions in the Japanese yen, which made the dollar into negative territory against the Japanese currency.
The market opened an excessive amount of long positions in the pair dollar / yen in Japan before the election, scheduled for Sunday. Expected to come to power a political party, intentional conduct active easing of monetary policy, so there is a partial closing of short positions on the yen.
EUR/USD $1.3080, $1.3060, $1.3050, $1.3000, $1.2950
USD/JPY Y83.75, Y83.50, Y83.10, Y82.95, Y82.75
GBP/USD $1.6115, $1.6160
USD/CHF Chf0.9350
AUD/USD $1.0490, $1.0500, $1.0550, $1.0600
NZD/USD $0.8400Data
01:45 China HSBC Manufacturing PMI (preliminary) December 50.5 50.9
04:30 Japan Industrial Production (MoM) (finally) October +1.8% +1.8% +1.6%
04:30 Japan Industrial Production (YoY) (finally) October -4.3% -4.5%
08:00 France Manufacturing PMI (preliminary) December 44.5 44.9 44.6
08:00 France Services PMI (preliminary) December 45.8 45.8 46
08:30 Germany Manufacturing PMI (preliminary) December 46.8 47.3 46.3
08:30 Germany Services PMI (preliminary) December 49.7 50.0 52.1
09:00 Eurozone Manufacturing PMI (preliminary) December 46.2 46.6 46.3
09:00 Eurozone Services PMI (preliminary) December 46.7 47.0 47.8
09:00 Eurozone EU Economic Summit -
10:00 Eurozone Employment Change Quarter III 0.0% 0.0% -0.2%
10:00 Eurozone Harmonized CPI November +0.2% -0.2% -0.2%
10:00 Eurozone Harmonized CPI, Y/Y (finally) November +2.2% +2.2% +2.2%
10:00 Eurozone Harmonized CPI ex EFAT, Y/Y November +1.5% +1.5% +1.4%
The euro rose today to an eight-month high against the yen, due to the fact that the finance ministers of the EU closer to a bank union to reach an agreement with the single banking supervisors. Against this background, the demand for currency in the region has grown significantly.
The single currency is headed for its weekly gain against the dollar, as EU leaders agreed to start work next year to create a banking union. But, despite this, the pair began to lose its position, which was triggered by the index of business activity in the manufacturing sector in France and later in Germany, which was worse than expected.
The yen fell to the weakest level since March against the dollar after the quarterly business confidence index fell more than economists expected, increasing the probability of the measures of monetary easing by the Bank of Japan.
The data showed that the index of activity in the sector of large manufacturers deteriorated in December to -12, its lowest level since March 2010. Recall that a negative value means that the number of pessimists than optimists.
EUR / USD: during the European session, the pair dropped significantly, reaching $ 1.3067, followed by a correction, which is again passed to the downward movement and almost close to session lows
GBP / USD: during the European session the pair fell from the maximum values, and now goes to the lows of the day at $ 1.6100
USD / JPY: during the European session the pair fell to Y83.60, then recovered slightly and is now trading at Y83.73
At 13:30 GMT the U.S. will release the consumer price index and the core consumer price index. At the same time, Canada will provide data on the supply of the manufacturing sector. At 16:00 GMT the U.S. will release preliminary data on the index of business activity in the manufacturing sector. At 14:15 GMT the United States, there are data on industrial production and the use of production capacity in November.
EUR/USD
Offers $1.3200/10, $1.3170/80, $1.3140/50, $1.3120-30
Bids $1.3070/60, $1.3040, $1.3020, $1.3000, $1.2980/70
GBP/USD
Offers $1.6215/20, $1.6200, $1.6175/85, $1.6150
Bids $1.6100, $1.6070/60, $1.6045/40, $1.6025/20, $1.6000
AUD/USD
Offers $1.0670, $1.0620/25, $1.0600
Bids $1.0525/20, $1.0510/00, $1.0490, $1.0465/60, $1.0445/40
EUR/JPY
Offers Y111.95/2.10, Y111.40/60, Y111.20, Y111.00, Y110.50/65, Y110.00/20
Bids Y109.10/00, Y108.65/50, Y108.00, Y107.50/40
USD/JPY
Offers Y84.50, Y84.18, Y84.00, Y83.96
Bids Y83.60/50, Y83.25, Y83.00/2.80, Y82.60-40
EUR/GBP
Offers stg0.8280, stg0.8220 , stg0.8195/200
Bids stg0.8080, stg0.8065/60, stg0.8045, stg0.8035/30
Common eurozone bonds do not work as an emergency measure
More concerned about private companies access to credit than the state
The worst crisis in the euro zone behind
Proggramme reform requires a "strong political mandate"
Do not expect that Italy will need an EU funding
To stimulate productivity in Italy need lower taxes
The spread between interest rates in Italy and Germany may narrow more
Italy deserves much lower rates for sovereign debt
EUR/USD $1.3080, $1.3060, $1.3050, $1.3000, $1.2950
USD/JPY Y83.75, Y83.50, Y83.10, Y82.95, Y82.75
GBP/USD $1.6115, $1.6160
USD/CHF Chf0.9350
AUD/USD $1.0490, $1.0500, $1.0550, $1.0600
NZD/USD $0.8400
The yen fell to the weakest level in almost nine months versus the dollar amid speculation the party of Japanese opposition leader Shinzo Abe, an advocate of unlimited monetary easing, will win weekend elections. The yen slid against most of its major peers amid speculation the Bank of Japan’s Tankan survey will show manufacturers’ pessimism grew.
The pound slipped after S&P lowered the outlook on Britain’s AAA ratings, citing weak economic growth and a worsening debt profile. The outlook, revised from stable, reflects the view that S&P has a one-in-three chance of lowering the ratings in the next two years, according to a statement from the ratings company.
The euro rose after news that European Union finance ministers closer to a bank union to reach an agreement on a common banking supervisors. The European Central Bank will oversee the largest creditors of the region.
Also support the single currency was a message about that. that the Eurogroup approved the allocation of aid to Greece. In December, Greece will receive 34.3 billion euros, and in the 1st quarter of 2013 - the new installment.
The euro continues to trade at a higher against the dollar, despite the uncertainty of the situation in the U.S., which reminded Boehner last comments on the fiscal cliff.
The Swiss franc strengthened against the euro after the Swiss National Bank left unchanged the target range for the three-month interest rate of LIBOR 0,0% -0,25%. The bank reiterated that it will intervene in the currency markets to prevent the growth of the Swiss franc against the euro and the weakening of the euro / franc below 1.20.
01:45 China HSBC Manufacturing PMI (preliminary) December 50.5 50.9
04:30 Japan Industrial Production (MoM) (finally) October +1.8% +1.8% +1.6%
04:30 Japan Industrial Production (YoY) (finally) October -4.3% -4.5%
The yen fell to the weakest level since March against the dollar on bets that Shinzo Abe’s Liberal Democratic Party will win Japanese elections this weekend and push the central bank to expand monetary easing. Abe, whose opposition LDP leads in opinion polls before the Dec. 16 ballot, has called for a doubling of the central bank’s inflation goal to 2 percent and unlimited easing to revive growth.
The Japanese currency headed for a weekly loss versus all of its 16 major counterparts as the Bank of Japan’s Tankan survey showed large manufacturers were the most pessimistic in almost three years. The BOJ’s Tankan index for large companies fell to minus 12 in December from minus 3 in September, a fifth-straight negative reading and the lowest since March 2010. A negative figure means pessimists outnumber optimists, and the median estimate of 25 economists surveyed by Bloomberg News was for minus 10.
The euro traded near a one-week high after the currency bloc’s finance ministers approved 49.1 billion-euro ($64.2 billion) of rescue payments to Greece yesterday. In Europe, finance ministers at a meeting in Brussels yesterday rubber stamped the next tranches of aid for Greece. Of the funds, 34.3 billion euros will be released within the next few days with the remaining money disbursed in the first quarter.
The Greek government this week said it plans to pay 11.29 billion euros to buy back 31.9 billion euros of bonds to reduce its debt burden and retain the support of the European Union and the International Monetary Fund. The buyback underscores a move away from the austerity-first measures European leaders have embraced since the financial crisis began in 2009.
EUR / USD: during the Asian session, the pair rose to yesterday's high.
GBP / USD: during the Asian session, the pair rose to $ 1.6120.
USD / JPY: during the Asian session, the pair rose to Y83.90.
The week draws to a close with a full calendar Friday, with the flash PMI indicators likely to be the stand out features. Ahead of those
releases, the ACEA November new car registration data and the UK John Lewis weekly store sales data are released at 0700GMT. There is also French data scheduled for release, with the November Bank of France survey due at 0730GMT and French third quarter employment data due at 0745GMT. The main December flash services and manufacturing PMI releases are expected from 0758GMT, when the French numbers cross the wires. German PMI is expected from 0828GMT and the combined eurozone data at 0858GMT. In between, at 0830GMT, Germany's upper house of parliament is set to vote on the 2013 budget bill. Finance Minister Wolfgang Schaeuble will likely speak. At 0900GMT,ECB Governing Council member Ewald Nowotny and ECB Vice-President Vitor Constancio present the Financial Stability Review, in Vienna and Frankfurt respectively. at 1000GMT, EMU November final HICP data and EMU Q3 employment numbers will be released.(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,3076 +0,02%
GBP/USD $1,6110 -0,23%
USD/CHF Chf0,9234 -0,30%
USD/JPY Y83,64 +0,47%
EUR/JPY Y109,40 +0,52%
GBP/JPY Y134,75 +0,25%
AUD/USD $1,0527 -0,25%
NZD/USD $0,8429 -0,06%
USD/CAD C$0,9848 +0,04%
01:45 China HSBC Manufacturing PMI (preliminary) December 50.5 50.9
04:30 Japan Industrial Production (MoM) (finally) October +1.8% +1.8%
04:30 Japan Industrial Production (YoY) (finally) October -4.3%
08:00 France Manufacturing PMI (preliminary) December 44.5 44.9
08:00 France Services PMI (preliminary) December 45.8 45.8
08:30 Germany Manufacturing PMI (preliminary) December 46.8 47.3
08:30 Germany Services PMI (preliminary) December 49.7 50.0
09:00 Eurozone Manufacturing PMI (preliminary) December 46.2 46.6
09:00 Eurozone Services PMI (preliminary) December 46.7 47.0
09:00 Eurozone Employment Change Quarter III 0.0% 0.0%
09:00 Eurozone EU Economic Summit -
10:00 Eurozone Harmonized CPI November +0.2% -0.2%
10:00 Eurozone Harmonized CPI, Y/Y (finally) November +2.2% +2.2%
10:00 Eurozone Harmonized CPI ex EFAT, Y/Y November +1.5% +1.5%
13:30 Canada Manufacturing Shipments (MoM) October +0.4% 0.0%
13:30 U.S. CPI, m/m November +0.1% -0.1%
13:30 U.S. CPI, Y/Y November +2.2% +1.9%
13:30 U.S. CPI excluding food and energy, m/m November +0.2% +0.2%
13:30 U.S. CPI excluding food and energy, Y/Y November +2.0% +2.0%
14:00 U.S. Manufacturing PMI (preliminary) December 52.8 52.6
14:15 U.S. Industrial Production (MoM) December -0.4% +0.3%
14:15 U.S. Capacity Utilization December 77.8% 77.9%
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