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Analytics, News, and Forecasts for CFD Markets: currency news — 17-09-2012.
The euro rose against the dollar to a maximum of the beginning of May, after the September manufacturing activity in the area of the Federal Reserve Bank of New York dropped more than expected by a decline in orders. General economic index of the New York Fed declined to -10.41 versus -5.85 in August, reaching the lowest level since April 2009 values. Economists had expected a drop to -2. Factories slow conveyors weakened exports, limited business investment and lower household spending. Unemployment rate is more than 8% over three years, and the weakening of the economy this year to explain what the Fed policymakers who decided to additional stimulus during a recent meeting.
Earlier, the euro weakened against the yen and the U.S. dollar for the first time in five days amid unrest in Spain, and after the Spanish Prime Minister Mariano Rajoy said that Spain may need financial assistance. As market participants expect the meeting, the Prime Minister of Spain with the Prime Minister of Italy, Mario Monti, to be held in Rome on 21 September. The next day, German Chancellor Angela Merkel will hold talks with French President François Hollande. The single currency fell against most of its 16 major counterparts after European leaders last week in Cyprus to discuss the terms of salvation and the role of the European Central Bank. Euro also declined following the demonstrations in Madrid, which took place two days and were directed against the additional austerity measures.
The dollar rose against the yen on expectations of intervention by the Japanese authorities.
British pound updated four month high against the dollar on optimism about the third round of quantitative easing from the Fed.
EUR/USD $1.3120, $1.3110, $1.3050, $1.3000, $1.2950
USD/JPY Y77.50, Y77.65, Y78.00, Y78.65, Y79.00
AUD/USD $1.0550, $1.0600, $1.0650Data
01:30 Australia New Motor Vehicle Sales (MoM) August -0.8% +3.6%
01:30 Australia New Motor Vehicle Sales (YoY) August +5.0% +6.4%
08:00 Eurozone Current account, adjusted, bln July 12.7 10.9 9.7
09:00 Eurozone Trade Balance s.a. July 10.5 12.3 7.9
Euro weakened against the yen and the dollar for the first time in five days amid unrest in Spain, and after the Spanish Prime Minister Mariano Rajoy said that Spain may need financial assistance. As market participants expect the meeting, the Prime Minister of Spain with the Prime Minister of Italy, Mario Monti, to be held in Rome on 21 September. The next day, German Chancellor Angela Merkel will hold talks with French President François Hollande.
The single currency fell against most of its 16 major counterparts after European leaders last week in Cyprus to discuss the terms of salvation and the role of the European Central Bank. Euro also declined following the demonstrations in Madrid, which took place two days and were directed against the additional austerity measures.
The Australian dollar fell to a six-month maximums against the dollar amid falling demand for higher-yielding assets. As the currency of Australia and New Zealand fell against the yen amid escalating tensions between Japan and China over disputed islands.
The dollar index rose 0.1% to 78.947, after falling last week to the lowest level since February.
EUR/USD: during the European session, the pair is trading slightly lower
GBP/USD: The pair is consolidated in a narrow trading range
USD/JPY: the pair is trading with an increase and have already updated the Friday's high
At 12:30 GMT, Canada will release information on the volume of transactions with foreign securities in July. At the same time, the U.S. manufacturing index will be released Empire Manufacturing for September.
A third round of quantitative easing, the Fed - a "positive step"
Outside the eurozone Greece would face greater challenges
Purchase of bonds - an important tool of monetary policy
The new ECB bond purchase program has supported
I do not see a threat of deflation
Inflation expectations remain subdued
The expected fall in inflation below 2%
The most recent forecasts, the ECB on economic growth could be too pessimistic
In the future, we can reflect on the negative interest rate on deposits
Negative deposit rate is not on the main lines of the agenda at the moment
It is difficult to predict when the economic situation will unfold
We have to be on the fence in regard to the further lowering of the rates
Impact of further lowering of interest rates is "very limited"
Key interest rate is still adequate to the situation
EUR/USD
Offers $1.3250, $1.3220, $1.3200, $1.3180, $1.3150/75
Bids $1.3090/80, $1.3025/20, $1.3000
GBP/USD
Offers $1.6330/35, $1.6300, $1.6280/85, $1.6255
Bids $1.6200, $1.6180/70, $1.6150/40, $1.6120, $1.6085/80
AUD/USD
Offers $1.0670, $1.0625, $1.0585/90
Bids $1.0510/00, $1.0470, $1.0430/20, $1.0405/00
EUR/JPY
Offers Y103.80/4.00, Y103.50/60, Y103.00/20
Bids Y102.50, Y100.80/60
USD/JPY
Offers Y78.50/70, Y78.498
Bids Y78.00/7.90, Y77.30
EUR/GBP
Offers stg0.8200, stg0.8180, stg0.8150
Bids stg0.8060/50, stg0.8010/00, stg0.7970, stg0.7945/40
Eurozone needs a more coordinated policy
Not looking for a grand coalition after the elections of 2013
We can not exclude the formation of the grand coalition after the elections of 2013
I refuse to comment on the criticism of the ECB's Weidmann
ECB's independence is important to us
Fiscal policy in Germany is also aimed at increasing domestic demand
Policies are needed savings and stimulate growth, which would increase the confidence, economic growth
Eurozone clearly should make it clear that the learned from the crisis
Aspire to again was elected center-right coalition with the FDP
Germany can not take steps that would reduce its competitiveness
EUR/USD $1.3120, $1.3110, $1.3050, $1.3000, $1.2950
USD/JPY Y77.50, Y77.65, Y78.00, Y78.65, Y79.00
AUD/USD $1.0550, $1.0600, $1.0650
01:30 Australia New Motor Vehicle Sales (MoM) August -0.8% +3.6%
01:30 Australia New Motor Vehicle Sales (YoY) August +5.0% +6.4%
The yen rose against most of its major peers before the Bank of Japan starts a two-day meeting tomorrow as investors weighed whether it will follow the Federal Reserve in expanding monetary easing. BOJ Governor Masaaki Shirakawa said on Sept. 6 that the yen’s appreciation causes a decline in Japan’s exports and that its negative effect is “dominant.” The U.S. central bank on Sept. 13 decided to expand its balance sheet with open-ended purchases of $40 billion a month of mortgage debt to bolster the labor market, following two rounds of a $2.3 trillion quantitative-easing program from 2008 to 2011.
The euro snapped a four-day advance versus the yen before a German report tomorrow that may show investor confidence remains weak in the region’s biggest economy. The ZEW Center for European Economic Research is forecast to say its German index of investor and analyst expectations, which aims to predict economic developments six months in advance, was minus 20 in September, according to a Bloomberg News survey of economists. The gauge slid to minus 25.5 last month, the lowest this year.
The Australian dollar weakened against 13 of its 16 most- traded counterparts. Demonstrators took to the streets in a dozen cities across China, Australia’s biggest trading partner, calling for Chinese sovereignty over islands that are also claimed by Japan.
Tensions escalated after Japan said last week it would purchase the territory from a private Japanese owner, prompting China to dispatch government vessels near the islands known as Senkaku in Japanese and Diaoyu in Chinese. Japan’s foreign ministry said yesterday that Shinichi Nishimiya died of an unspecified illness, five days after his appointment as an ambassador to China.
EUR/USD: during the Asian session, the pair traded in the range of $1.3100-40.
GBP/USD: during the Asian session, the pair traded in the range of $1.6210-30.
USD/JPY: during the Asian session, the pair traded in the range of Y78.15-45.
Scheduled data for Monday starts at 0800GMT, with the release of the ECB Jul current account data. Further eurozone data is expected at 0900GMT, with the release of the EMU July trade data and Q3 labour costs lso at 0900GMT, German Chancellor Angela Merkel holds a press conference, with the eurozone debt crisis expected to be a major topic of discussion. US data gets underway at 1230GMT, with the release of the September NY Fed Empire State Survey.
On Friday 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 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, 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 that it would continue to support the franc at 1.2 to the euro.
01:30 Australia New Motor Vehicle Sales (MoM) August -0.8% +3.6%
01:30 Australia New Motor Vehicle Sales (YoY) August +5.0% +6.4%
08:00 Eurozone Current account, adjusted, bln July 12.7 10.9
09:00 Eurozone Trade Balance s.a. July 10.5 12.3
12:30 U.S. NY Fed Empire State manufacturing index September -5.85 -1.9
12:30 Canada Foreign investment in Canadian securities July -7.89 11.3
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