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Analytics, News, and Forecasts for CFD Markets: currency news — 21-11-2012.
The euro rose against most of the 16 most traded currencies on speculation that European finance ministers are close to finalizing a bailout package for Greece.
The yen fell to a six-month low against the euro after the volume of Japanese exports recorded a fifth monthly fall, undermining demand for assets in the country. According to data from the Ministry of Finance, the level of exports fell by 6.5% in October, compared with the previous year, resulting in a trade deficit amounted to 549 billion yen. Note that many analysts had expected a deficit of 360 billion yen.
The single currency rose to its highest level in almost two weeks against the dollar after falling earlier in deficiency of Ministers to complete the transaction on the Greek question. But later the currency regained its losses as the finance ministers said that the next meeting to discuss the aid package for Greece will be held on November 26.
At the same time, German Chancellor Angela Merkel told lawmakers this morning that there is a chance for a deal on the Greek question at a meeting next week.
Note that the dollar index rose this morning after Federal Reserve Chairman Ben Bernanke said yesterday that the U.S. economy is at risk of falling into a recession, if lawmakers can not escape the so-called "financial cliff", stimulating demand for safe U.S. currency.
The pound rose to its highest level in a week against the euro after European finance ministers failed to agree on debt reduction for Greece and, in light of the fact that the policy of the Bank of England signaled that it will not cut interest rates.
Sterling captures fourth session rise against the dollar, as the Bank of England minutes showed that policymakers voted (8 in favor, 1 against), to leave a program of quantitative easing this month at the same level. Most politicians have said that the uncertainty among consumers and companies could adversely affect the economy.
Also published data showed that the UK's budget deficit widened unexpectedly in October, and was 8.6 billion pounds, compared with 5.9 billion pounds a year earlier.
The euro rose to a new high of $ 1.2833 after the release of U.S. data on applications for unemployment benefits, and an index of business activity in the manufacturing sector.
U.S. employment report was better than expected and reflected the decline of initial applications for benefits to 410 million in line with expectations. Continuing claims also fell to 3.337 million more than expected. However, the Labor Department said that the figures may be distorted because of Hurricane Sandy.
- ECB profit estim at E4.2 bn from bond purchase
- EMU states may get individual choices on Greek aid
- expect eurogroup to agree w/IMF on Greek aid
EUR/USD $1.2700, $1.2725, $1.2750, $1.2775, $1.2800, $1.2875, $1.2895, $1.2900
GBP/USD $1.5925
AUD/USD $1.0300, $1.0355, $1.0430
USD/JPY Y81.00, Y81.25, Y81.75
EUR/JPY Y103.45, Y103.50
GBP/JPY Y127.85
EUR/SEK Sek8.6100
09:30 United Kingdom Bank of England Minutes -
09:30 United Kingdom PSNB, bln October 9.9 4.1 6.5
The yen weakened beyond 82.40 per dollar for the first time since April after Japan’s exports decreased for a fifth straight month, undermining demand for the nation’s assets.
The Japanese currency fell to a six-month low versus the euro amid speculation the winner of next month’s election will pressure the central bank to boost stimulus.
The yen has fallen against all but one of its major peers this month as Shinzo Abe, leader of the Liberal Democratic Party and favorite to topple Japan’s prime minister in Dec. 16 elections, advocated more aggressive measures to weaken it.
Europe’s shared currency fell from the highest level in almost two weeks versus the greenback after European finance ministers failed to agree on a debt-reduction package for Greece.
Europe’s shared currency snapped two days of gains against the greenback after finance ministers said a further meeting on Greece had been arranged for Nov. 26 and an aid payment for the nation that’s been held up since June remains frozen.
German Chancellor Angela Merkel told lawmakers this morning that there’s a chance for a deal on Greek aid at next week’s meeting. Schaeuble said the issue of the nation’s funding gap was solvable and possible solutions include reducing interest payments on its initial bailout loans, suspending payouts through 2020 on its second rescue package, or having the European Central Bank buy 9 billion euros of the country’s Treasury bills, according to four people who attended the briefing.
The Dollar Index approached an 11-week high amid stronger demand for the safest assets.
The pound rose after publication of the minutes of the Bank of England and the data on state finances Britain. As shown by the protocol of the Bank of England, voted 9-0 to leave rates at 0.5%, and 1.8 for that leave unchanged QE. Only Miles spoke in favor of expanding the program by £ 25 billion in November.
EUR / USD: during the European session, the pair set a low at $ 1.2735 and then rose to $ 1.2816
GBP / USD: during the European session, the pair set a high at $ 1.5941
USD / JPY: during the European session, the pair rose to a high of Y82.44
In the U.S. at 13:30 GMT will the number of initial claims for unemployment insurance, the number of repeated applications for unemployment benefits, at 14:00 GMT - the index of business activity in the manufacturing sector in November, in the 14:55 GMT - an indicator of consumer confidence from University of Michigan in November, in the 15:30 GMT - data on stocks of crude oil from the Department of Energy. At 16:35 GMT a speech the deputy head of the Bank of Canada, Timothy Lane. At 17:00 GMT a speech board member of the Swiss National Bank Fritz Zurbrugg.
EUR/USD
Offers $1.2850, $1.2800
Bids $1.2740/35, $1.2720, $1.2705/00, $1.2680
GBP/USD
Offers $1.6000, $1.5980/85, $1.5940/50
Bids $1.5855/50, $1.5830/25, $1.5810/00, $1.5780
AUD/USD
Offers $1.0450, $1.0390/00
Bids $1.0320, $1.0305/00, $1.0280
EUR/JPY
Offers Y107.00, Y106.50, Y106.00, Y105.50
Bids Y105.05/00, Y104.65/60, Y104.20, Y104.00, Y103.80
USD/JPY
Offers Y83.50, Y83.00, Y82.75, Y82.50
Bids Y82.00, Y81.50, Y81.20, Y81.00
EUR/GBP
Offers stg0.8150, stg0.8120, stg0.8100, stg0.8075/80, stg0.8050
Bids stg0.8020, stg0.8005/00, stg0.7965/60, stg0.7945/40, stg0.7900
IGCP sold E2.0bn vs target E1.75-E2.0bn
- E300mln 3-month T-bill; avg yield 1.936% (1.366%), cover 5.09 (8.1)
- E500mln 6-month T-bill; avg yield 2.169% (1.839%), cover 4.49 (2.8)
- E1.2bln 18-month T-bill; avg yield 2.99% (2.967%), cover 1.91 (2.4)
Germany alloted E3.253bln of 10-year benchmark 1.50% Sep 2022 Bund Wednesday at average yield of 1.40% (1.56%), cover 1.5 (1.5)
EUR/USD $1.2700, $1.2725, $1.2750, $1.2775, $1.2800, $1.2875, $1.2895, $1.2900
GBP/USD $1.5925
AUD/USD $1.0300, $1.0355, $1.0430
USD/JPY Y81.00, Y81.25, Y81.75
EUR/JPY Y103.45, Y103.50
GBP/JPY Y127.85
EUR/SEK Sek8.6100
The euro traded near a course nearly two-week high against the U.S. dollar amid the region's finance ministers meeting in Brussels, the purpose of which is to discuss the provision of 15 billion euros for Greece.
The yen fell for a fifth day against the dollar even after a representative of the opposition party, the Bank of Japan Governor Masaaki Shirakawa said that the proposals for currency depreciation are unrealistic.
The dollar rose against most of the 16 most traded currencies as Federal Reserve Chairman Ben Bernanke warned that the U.S. economy could fall into recession, in case, if lawmakers can not escape the so-called "financial failure." Note also that his comments match what he said in the past, namely that unemployment is still high, the housing market is gradually recovering, and one only, monetary policy can not solve the problems in the U.S. economy. This is yet another signal of the U.S. Congress that it has reached an agreement on long-term debt. Meanwhile, he has not commented on the situation with Operation Twist, whose term comes to an end this year.
At the same time, these currencies like the New Zealand dollar, Australian dollar and South African rand depreciated, which was caused by the fall in commodity markets.
Note also that the earlier the euro fell as ratings agency downgraded France by one notch to Aa1 from Aaa, saying at the same time that the country's prospects remain negative.
The Canadian dollar fell against most currencies as speculation regarding the cease-fire the Middle East has caused oil prices decline, which departing month high. But currency losses were limited, because the International Monetary Fund said it is considering classifying the Canadian and Australian dollar as a reserve currency. Well as the depreciation of the currency affected the published data, which showed that the volume of wholesale sales fell in September, registering with the fastest rate of decline over the past 19 months. According to the report, wholesale sales fell by 1.4% to 48.8 billion Canadian dollars.
02:00 China Leading Index October +0.2% +1.5%
02:00 New Zealand Credit Card Spending October +0.9% +0.3%
05:00 Japan BoJ monthly economic report November
The euro fell against the dollar, snapping a two-day gain, after European finance ministers failed to agree on a debt-reduction package for Greece during more than 11 hours of talks in Brussels. More work is needed to come up with an agreement on the Greek debt package, International Monetary Fund Managing Director Christine Lagarde said. “We made some good work and we’re closing the gap, but we’re not quite there yet, so it’s progress but we have to do a bit more,” Lagarde said. The shared currency declined against all of its 16 major peers after Luxembourg Finance Minister Luc Frieden said euro- area finance ministers will continue discussions on Nov. 26.
The yen touched a seven-month low after Japan’s exports decreased for a fifth straight month. Japanese exports fell 6.5 percent in October from a year earlier, leaving a trade deficit of 549 billion yen ($6.7 billion), the Ministry of Finance said in Tokyo today. The median estimate of economists surveyed by Bloomberg News was for a 360 billion yen shortfall.
New Zealand’s dollar remained lower after whole-milk powder prices fell, cutting revenue from a key export.
EUR / USD: during the Asian session the pair fell to $ 1.2735.
GBP / USD: during the Asian session the pair fell to $ 1.5900.
USD / JPY: during the Asian session, the pair rose by updating the monthly high.(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2816 +0,03%
GBP/USD $1,5924 +0,11%
USD/CHF Chf0,9398 0,00%
USD/JPY Y80,23 -1,46%
EUR/JPY Y104,69 +0,36%
GBP/JPY Y130,05 +0,44%
AUD/USD $1,0387 -0,24%
NZD/USD $0,8171 -0,33%
USD/CAD C$0,9967 +0,06%
02:00 China Leading Index October +0.2% +1.5%
02:00 New Zealand Credit Card Spending October +0.9% +0.3%
05:00 Japan BoJ monthly economic report November
09:30 United Kingdom Bank of England Minutes -
09:30 United Kingdom PSNB, bln October 10.7 4.1
13:30 U.S. Initial Jobless Claims November 439 397
14:00 U.S. Manufacturing PMI (preliminary) November 51.0 51.2
14:55 U.S. Reuters/Michigan Consumer Sentiment Index (finally) November 84.9 84.9
15:00 U.S. Leading Indicators October +0.6% +0.1%
15:30 U.S. Crude Oil Inventories - +1.1
16:35 Canada Gov Council Member Lane Speaks -
17:00 Switzerland Gov Board Member Fritz Zurbrugg Speaks -
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