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Analytics, News, and Forecasts for CFD Markets: currency news — 22-10-2012.
The yen continued a series of declines against the dollar, registering with the 8th-session decline in a row and the longest string of losses in the last seven years in. This trend was due to the release of data that showed that the volume of Japanese exports fell sharply.
The Japanese currency fell against all 16 most-traded currencies after Economy Minister Seiji Maehara said yesterday the introduction of additional incentives.
Today, the yen hit a mark Y79.88, which is the lowest level since July 12.
At the same time, the yen fell against the euro to the level of Y104, 46, which is the minimum in May.
The Australian dollar weakened against most major currencies before a report this week will shed light on the rate of inflation, which is expected to show the slowest pace in 13 years, providing more opportunities to the country's central bank to cut interest rates.
The pound rose for the first time in three days against the dollar after a report showed that the number of bankruptcies in the UK industrial business fell in September, while increasing optimism that the economic recovery continues.
UK currency also fell against the euro and the dollar, in the run-up policy, the Bank of England, which is scheduled for November 8.
The Canadian dollar touched its lowest level against the U.S. dollar for more than 10 weeks, as investors speculated that the Bank of Canada will be at tomorrow's meeting will not pay close attention to interest rates.
Among the banks, which will directly control the ECB will probably include one British bank
The ECB will monitor the activities of only 25-30 banks directly
Banking Association is not a threat to the single market
Summit conclusions regarding the banking supervision "justified"
"It is clear" that the banking supervision in the EU will not be ready by year-end
Regulation of most banks can still take place at the national level
The next strong resistance level is $ 1.3140 (Oct 17 high)
Sold E6.647bln vs target E5.8bln-E7.0bln
- E3.795bln 3-month BTF, avg yield -0.027% (-0.023%), cover 3.18 (3.59)
- E1.760bln 6-month BTF, avg yield -0.011% (-0.007%), cover 3.27 (4.90)
- E1.392bln 12-month BTF, avg yield 0.022% (0.016%), cover 3.13 (3.05)
EUR/USD $1.3000, $1.3050, $1.3125, $1.3200
GBP/USD $1.6000
AUD/USD $1.0250, $1.0375, $1.0400
USD/JPY Y79.00, Y79.15, Y79.20, Y79.30
EUR/JPY Y103.50
EUR/GBP stg0.8100
USD/CHF Chf0.9400
The yen fell for an eighth day against the dollar, the longest streak in seven years, as a report showing Japan’s exports fell the most since the 2011 earthquake fueled bets the central bank will add more stimulus.
Japanese exports slid 10.3 percent in September from a year earlier, leaving a trade deficit of 558.6 billion yen, the Finance Ministry said in Tokyo. The median forecast was for a 9.9 percent decline. The decline was the most since May 2011, two months after a magnitude-9 quake struck northeastern Japan, triggering a tsunami and a nuclear disaster.
Japan’s currency dropped at least 0.6 percent versus all 16 of its major counterparts after Economy Minister Seiji Maehara pressed the Bank of Japan yesterday for more action to boost the economy.
The euro rose after Spanish Prime Minister Mariano Rajoy extended an electoral majority in his home region of Galicia, vindicating the government’s austerity program. Furthermore, little support for common European currency was from the statements made at the weekend the Minister of Finance of Greece. He noted that the country has fulfilled 90% of what was to be done to get the tranche in the amount of E31.5 billion, and if it recognizes the Troika, much needed money Greece will receive.
EUR / USD: during the European session, the pair rose to a new high of $ 1.3076
GBP / USD: during the European session, the pair rose to a new high of $ 1.6052
USD / JPY: during the European session, the pair rose to a new high of Y79.88
At 17:30 GMT a speech FOMC member Sandra Pyanalto. At 23:00 GMT Australia is to publish an index of leading economic indicators from the Conference Board in August.
EUR/USD
Offers $1.3120, $1.3100, $1.3080
Bids $1.3020, $1.3000, $1.2980
AUD/USD
Offers $1.0400, $1.0380/85, $1.0350, $1.0340
Bids $1.0300, $1.0295/90, $1.0280, $1.0250, $1.0220, $1.0200
GBP/USD
Offers $1.6150, $1.6115/20, $1.6095/00, $1.6080
Bids $1.6010/00, $1.5980/75, $1.5950, $1.5920, $1.5905/00
EUR/JPY
Offers Y105.20, Y105.00, Y104.80, Y104.50
Bids Y103.80, Y103.55/50, Y103.00
USD/JPY
Offers Y80.80, Y80.20
Bids Y79.30, Y79.05/00, Y78.85/80
EUR/GBP
Offers stg0.8280, stg0.8250, stg0.8180, stg0.8150
Bids stg0.8120, stg0.8100, stg0.8085/80, stg0.8070, stg0.8050
ECB bond buying program to ease fears the collapse of the eurozone
IMF to participate in the adjustment to the ECB could buy bonds
The ECB will take an independent decision whether to buy his bonds
The ECB will buy bonds from investors only, and not the euro-zone members
Bond purchase program - not financing the public debt
ECB bond purchase program does not carry the threat of inflation
Inflation expectations in the euro area over the next five years is firmly restrained
The budgetary situation in many countries in the eurozone are still unfavorable
EUR/USD $1.2400, $1.2450, $1.2250
USD/JPY Y79.25, Y79.15, Y79.00
EUR/JPY Y98.00
AUD/USD $1.0350, $1.0570
NZD/USD $0.8100, $0.8150
Yesterday the euro declined for a second day against the dollar after Spanish Prime Minister Mariano Rajoy said his nation doesn’t feel under any pressure to ask for a bailout, fueling concern the debt crisis will be prolonged. Rajoy said at an EU summit in Brussels that has made "significant progress" and showed the EU that will meet their obligations. He also said that his government will decide on the assistance based on the interests of Spain.
The 17-nation currency dropped for the first time in seven days versus the yen on speculation this week’s European Union summit in Brussels will fail to provide clarity on potential financial aid for Spain and the allocation of the next tranche of Greece.
At the same time, at the summit, it was decided to create a European system of banking supervision in 2013. Germany managed to convince the EU summit to delay the creation of a European system of banking supervision. The Heads of State and Government decided to implement the plan "for 2013." Previously, several countries insisted on establishing control on January 1 next year. Diplomatic sources say that banking supervision will be operational in early 2014 and spread to all of the 6,000 banks in the euro zone. The European Central Bank (ECB) will always give national regulatory authorities on the audit assignment of individual banks. However, if necessary, the ECB could itself supervise.
The pound gained against the euro after the U.K. budget deficit narrowed. In the UK in September, net debt of the public sector amounted to 10,732 billion pounds compared with an expected 11.0 billion pounds.
Canada’s dollar weakened to an eight-week low against its U.S. counterpart after September consumer prices data trailed forecasts. In September, the annual inflation rate in Canada remained at the previous level of 1.2%, leaving the Bank of Canada is less than the arguments in favor of maintaining the upward sentiment against interest rate decision which will be announced next Tuesday.
00:30 Japan BOJ Governor Shirakawa Speaks -
03:50 Australia RBA Assist Gov Debelle Speaks
The yen traded 0.2 percent from a two-month low after data showed Japan’s exports fell the most since the aftermath of last year’s record earthquake, adding to pressure on the central bank to expand monetary easing. Japan’s shipments slid 10.3 percent in September from a year earlier, leaving a trade deficit of 558.6 billion yen ($7 billion), the Finance Ministry said in Tokyo today. The median forecast in a Bloomberg News survey of analysts was for a 9.9 percent export decline. The drop was the most since May 2011, two months after a magnitude-9 quake struck Japan’s northeast, triggering a tsunami and a nuclear disaster that led to the shuttering of most of the nation’s reactors.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against currencies of six U.S. trading partners, maintained a two-day advance after declines in stocks globally increased the allure of haven assets.
Demand for the euro was limited amid signs the region’s debt crisis is weighing on growth. Data tomorrow will probably show an index of consumer confidence was at minus 25.9 in October, unchanged from the previous month and the lowest since May 2009, according to economists in a Bloomberg poll.
Leaders at a European Union summit in Brussels last week committed to agreeing by year end on legislative framework for single bank supervisory mechanism, a deal that Moody’s Investors Service said is credit negative for weaker nations. Spanish Prime Minister Mariano Rajoy said after the event he’s not facing pressure to seek a bailout, prolonging speculation about whether the nation will tap rescue funds.
EUR/USD: during the Asian session, the pair rose, retreating from Friday's low.
GBP/USD: during the Asian session, the pair rose above $1.6030.
USD/JPY: during the Asian session, the pair rose to a two-month’s high.
There is a fairly limited calendar Monday, with the last of the US Presidential debates the stand out feature, although well after markets close for Monday trade. The only scheduled eurozone data is the release of the EMU 2Q12 govt. debt numbers, due at 0900GMT.
00:30 Japan BOJ Governor Shirakawa Speaks -
03:50 Australia RBA Assist Gov Debelle Speaks -
17:30 U.S. FOMC Member Pianalto Speaks -
23:00 Australia Conference Board Australia Leading Index August 0.0%
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