Analytics, News, and Forecasts for CFD Markets: currency news — 28-09-2012.

Data:
05:30 France GDP, q/q (finally) Quarter II 0.0% 0.0% 0.0%
05:30 France GDP, Y/Y (finally) Quarter II +0.3% +0.3% +0.3%
06:00 Germany Retail sales, real adjusted August -0.9% +0.5% +0.3%
06:00 Germany Retail sales, real unadjusted, y/y August -1.0% -0.9% -0.8%
06:45 France Consumer spending August -0.4% -0.8%
06:45 France Consumer spending, y/y August -0.7% -0.5%
07:00 Switzerland KOF Leading Indicator September 1.57 1.54 1.67
09:00 Eurozone Harmonized CPI, Y/Y September +2.6% +2.4% +2.7%

Euro fluctuates against the dollar on expectations of the results of stress tests of Spanish banks, as well as a possible downgrade by Moody's rating of Spain.
At the beginning of the European session, the euro has grown in the wake of news from Spain. On the eve of the Spanish government approved the draft budget for 2013, which provides for the reduction of GDP by 0.5%. However, according to international financial institutions and major banks, reducing the GDP of Spain in the next year will be at least 1%.
According to Finance Minister Cristobal Montoro, Spain to fulfill the task of achieving the planned target budget deficit of 6.3% in 2012, and next year the deficit was reduced to 4.5%. These indicators will be achieved by reducing government spending, tax increases and structural reforms that will save up to 40 billion euros.
Today, the players' attention is focused on the results of stress tests of Spanish banks, the Agency Oliver Wyman. According to previous estimates, banks may need E60-70 billion of capital against the results of the June stress testing agency Roland Berger, reveal the lack of funds in the E51-62 billion Others believe that these figures do not have anything to do with reality, because it does not take into account the volume performing loans on the balance sheets of institutions (the index is close to E170 billion).
With regard to regional statistics, consumer price inflation in the euro area September unexpectedly accelerated despite the recession, helped by higher prices of energy. Preliminary index HICP recorded an increase of 2.7% y / y vs. 2.6% August, as reported today in Luxembourg office statistics. Analysts surveyed before the release, expect the index to fall 2.4%. The main driver was the increase in energy prices (+9.2% from +8.9% in August), in the index HICP excluding energy registered a rise of only 0.8%. For 2 years in a row the rate of inflation in the euro area held above the ECB target of 2% threshold. As reported this week, the central bank Ewald Nowotny and Benoit Cair, Monetary Policy Committee at the meeting on October 4, is likely to leave rates unchanged value.
The British pound fell against the U.S. dollar. The index of activity in the service sector in Britain rose by only 0.1% against expectations of a 1.5%. Negative sentiment is partly returned to the market, as the budget of Spain caused some skepticism. Spanish bond yield rose above 6%.

EUR / USD: pair rose to $ 1.2959 and then fell to $ 1.2914
GBP / USD: pair dropped to $ 1.6185
USD / JPY: pair updated week low Y77.42 and then rose to an intraday high of Y77.70

The day ended block of statistics from the U.S.: 12:30 GMT - the main index for personal consumption expenditures, deflator for personal consumption expenditures, the change in spending for August, at 13:00 GMT - an index of housing prices in 20 cities S & P / CaseShiller, national composite house price index S & P / CaseShiller for July, at 13:45 GMT - Chicago PMI index for September and 13:55 GMT - an indicator of consumer confidence from the University of Michigan in September.

EUR/USD 

Offers     $1.3020, $1.2990/300, $1.2975

Bids    $1.2925/20, $1.2910/00, $1.2885/80, $1.2800

UK Treasury Bills placed at $ 2.5 billion pounds

One-month Treasury Bills amounting to 0.5 mlrd pounds, the average yield 0.237%, the coverage ratio 5.26;

3-month Treasury Bills in the amount of 0.5 billion pounds, the average yield of 0.264%, the coverage ratio 3.94;

6-month Treasury Bills in the amount of 1.5 billion pounds, the average yield of 0.303%, the coverage ratio 2.95.

EUR/USD $1.2750, $1.2800, $1.2875, $1.2890, $1.2910, $1.3000

USD/JPY Y77.25, Y77.50, Y78.00

EUR/JPY Y102.00

GBP/USD $1.6150, $1.6235

EUR/GBP stg0.7900

USD/CHF Chf0.9375

AUD/USD $1.0400, $1.0420, $1.0470

01:30 Australia Private Sector Credit, m/m August +0.2% +0.3% +0.2%

01:30 Australia Private Sector Credit, y/y August +4.2% +4.3% +4.1%

05:00 Japan Housing Starts, y/y August -9.6% -7.4% -5.5%

Yesterday the euro strengthened against the dollar after Spain announced its fifth austerity package, stating that it will comply with the requirements of the European financial rescue to contain the debt crisis.

The single currency rose after it reached a two-week low against the dollar as European Commissioner for Economic and Monetary Affairs Olli Rehn said that the budget plan Spain "meets country-specific recommendations and even goes beyond them in some areas. " The dollar weakened against most currencies after the published data, which showed that the number of applications for unemployment benefits in the U.S. fell much more than expected. At the same time, for the first time in six days rose stocks pulling the rise in oil prices.

Finally, we note that an element that is now viewed as a positive, increases the likelihood that Spain will get its financial assistance.

The pound rose for the first time in four days against the dollar after a government report showed that the economy shrank less than previously estimated in the second quarter, adding optimism that the recession is waning.

Sterling rose to a three-week high against the euro after the Spanish protests were held in Madrid for an end to austerity measures. General strike in Greece attracted 35,000 protesters in central Athens. It is learned that the UK's gross domestic product fell by 0.4% in the second quarter, not 0.5% reported last month.

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,2914 +0,32%

GBP/USD $1,6234 +0,41%

USD/CHF Chf0,9370 -0,23%

USD/JPY Y77,62 -0,13%

EUR/JPY Y100,24 +0,18%

GBP/JPY Y126,00 +0,28%

AUD/USD $1,0445 +0,70%

NZD/USD $0,8314 +0,87%

USD/CAD C$0,9801 -0,47%

01:00 New Zealand NBNZ Business Confidence August 19.5

06:00 United Kingdom Nationwide house price index September +1.3% +0.2%

06:00 United Kingdom Nationwide house price index, y/y September -0.7% -0.6%

06:00 Germany Import prices August +0.7% +0.9%

06:00 Germany Import prices Y/Y August +1.2% +2.7%

07:55 Germany Unemployment Change September 9 10

07:55 Germany Unemployment Rate s.a. September 6.8% 6.8%

08:00 Eurozone M3 money supply, adjusted y/y August +3.8% +3.3%

08:30 United Kingdom Current account, bln Quarter II -11.2 -12.2

08:30 United Kingdom GDP, q/q (finally) Quarter II -0.5% -0.5%

08:30 United Kingdom GDP, y/y (finally) Quarter II -0.5% -0.5%

09:00 Eurozone Business climate indicator September -1.21 -1.20

09:00 Eurozone Industrial confidence September -15.3 -15.0

12:30 U.S. Durable Goods Orders August +4.2% -4.3%

12:30 U.S. Durable Goods Orders ex Transportation August -0.4% +0.2%

12:30 U.S. Durable goods orders ex defense August -3.4% +0.7%

12:30 U.S. Initial Jobless Claims - 382 378

12:30 U.S. GDP, q/q (finally) Quarter II +1.7% +1.7%

12:30 U.S. PCE price index ex food, energy, q/q Quarter II +1.7% +1.7%

14:00 U.S. Pending Home Sales (MoM) August +2.4% -0.7%

22:45 New Zealand Building Permits, m/m August +2.0% +3.0%

23:01 United Kingdom Gfk Consumer Confidence September -29 -27

23:15 Japan Manufacturing PMI September 47.7

23:30 Japan Household spending Y/Y August +1.7% +1.1%

23:30 Japan Unemployment Rate August 4.3% 4.3%

23:30 Japan National Consumer Price Index, y/y August -0.4% -0.5%

23:30 Japan National CPI Ex-Fresh Food, y/y August -0.3% -0.3%

23:30 Japan Tokyo Consumer Price Index, y/y September -0.7% -0.6%

23:30 Japan Tokyo CPI ex Fresh Food, y/y September -0.5% -0.3%

23:50 Japan Industrial Production (MoM) (preliminary) August -1.0% -0.4%