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Analytics, News, and Forecasts for CFD Markets: currency news — 30-07-2012.
During the American session, the euro has stabilized in a narrow range after reaching a two-day minimum. After the speech, Draghi last week, the players remain cautious, as the ECB may disappoint investors hoping for a more active anti-crisis measures. Market participants are preparing for possibly making a key week, central banks with respect to monetary policy on both sides of the Atlantic.
Earlier, the euro fell slightly after reaching on Friday the 3-week high against the U.S. dollar, despite the promise of a joint German Chancellor Angela Merkel and Italian Prime Minister Mario Monti to do everything to protect the euro area, given by them on Saturday and despite the decline in yields of Spanish government bonds.
Also negative for the single currency have data showing that economic sentiment in the euro zone have deteriorated more than expected in July due to declining confidence in all sectors. Reducing fixed for the fourth consecutive month. The survey data from the European Commission showed that the index of economic sentiment fell to 87.9 in July from 89.9 a month earlier. The index of economic confidence in the industry continued its downward trend that began in March. Industrial confidence fell to -15 in July from -12.8 the previous month.
The pound fell after the Bank of England data showed that the number of approved applications for mortgages fell in June, reflecting economic weakness in the month due to the extra holidays and a very wet weather. Consumer lending on credit cards has increased, but the mortgage lending for house purchase fell to its lowest level over the past year and a half. Recall that last week, official data showed that the economic indicators in the second quarter of 2012 recorded the biggest fall since the beginning of 2009.
EUR/USD $1.2190, $1.2150
USD/JPY Y77.90, Y78.00, Y78.20, Y79.0
EUR/JPY Y96.000
GBP/USD $1.5650
USD/CHF Chf0.9700
AUD/USD $1.0310
AUD/NZD NZ$1.2975
Data
01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%
08:30 United Kingdom Net Lending to Individuals, bln June 1.3 0.8 0.3
08:30 United Kingdom Mortgage Approvals June 51.1 47.3 44
09:00 Eurozone Business climate indicator July -0.94 -1.27
09:00 Eurozone Industrial confidence July -12.7 -13.5 +15.0
10:00 United Kingdom CBI retail sales volume balance July 42 18 11
The euro fell for the first time in four days against the dollar and the yen after it became known that the recession in Spain is compounded, and the fourth largest economy in the region will struggle to reduce debt. The single currency has dropped from nearly two-week high against the yen after a report showed that European debt crisis affected consumer sentiment. Also there were rumors that the European Central Bank President Mario Draghi will announce at the next meeting to be held on August 2 decision on additional measures to ease the debt crisis.
The Australian dollar rose against the dollar to its highest level in four months ahead of the publication of data on business optimism index, which came out far above expectations, indicating a possible improvement in fighting the debt crisis. But it also weakened against the yen on expectations of data on unemployment.
The pound weakened for the first time in three days against the dollar, reaching a five-week high after data from the UK showed that the number of approved applications for mortgages fell to 44,192 units, compared with a revised figure for May at 50,544 units, reaching a with the lowest level since December 2010. The average forecast in a survey of analysts had been at the level of 48,000 units. A separate report also showed that house prices fell for the first time this year and probably will decline further as the recession hampers demand for homes.
EUR/USD: steam during the session was gradually reduced, while setting a new low at $ 1.2232
GBP/USD: pair fell to $ 1.5670, but then recovered and is now trading at $ 1.5705
USD/JPY: a pair of fallen by almost half of the figure, and is now trading in the minimum values
At 23:01 GMT the UK to publish an indicator of the GfK consumer confidence for July. Finished the day in Japan 23:30 GMT data on changes in the level of household expenditures in June and the unemployment rate for June.
EUR/USD
Offers $1.2440/50, $1.2420, $1.2390/400, $1.2375, $1.2320/25
Bids $1.2240, $1.2225/20, $1.2180/70
GBP/USD
Offers $1.5800/10, $1.5780, $1.5750
Bids $1.5655/50, $1.5620, $1.5560/50
AUD/USD
Offers $1.0520
Bids $1.0400, $1.0385/80, $1.0350, $1.0320
EUR/GBP
Offers stg0.7920/30, stg0.7895/900, stg0.7880/85
Bids stg0.7800, stg0.7780/75, stg0.7755/50
EUR/JPY
Offers Y97.30/35, Y97.00, Y96.80/85, Y96.60
Bids Y95.65/60, Y95.50, Y95.20, Y95.00
USD/JPY
Offers Y79.00, Y78.80, Y78.65/70
Bids Y78.10, Y77.50
Sold E750mln vs target E250mln-E750mln 2015 BTP; avg yield 4.49%, cover 1.89
Sold E2.485bln vs target E1.5bln-E2.5bln 2022 BTP;avg yield 5.96% (6.19%), cover 1.29 (1.28)
Sold E2.244bln vs target E1.25bln-E2.25bln 2017 BTP;avg yield 5.29% (5.84%), cover 1.34
EUR/USD $1.2190, $1.2150
USD/JPY Y77.90, Y78.00, Y78.20, Y79.0
EUR/JPY Y96.000
GBP/USD $1.5650
USD/CHF Chf0.9700
AUD/USD $1.0310
AUD/NZD NZ$1.2975
01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%
The euro fell against most major peers, retreating from near a two-week high against the yen, before a report today that may add to signs the region’s debt crisis is weighing on consumer sentiment. Today’s report from the European Commission in Brussels will probably confirm its index of household sentiment in the euro area declined to an almost three-year low of minus 21.6 in July, according to economists in a Bloomberg News survey.
The 17-nation currency trimmed gains from last week before data tomorrow that may show the euro area’s unemployment rose to a record last month. The jobless rate in the area probably rose to 11.2 percent in June from an all-time high of 11.1 percent in May, economists in a separate poll predicted before the statistics office releases data tomorrow.
European Central Bank President Mario Draghi meets U.S. Treasury Secretary Timothy Geithner today as he attempts to win over Bundesbank President Jens Weidmann on measures to ease the region’s debt woes. The ECB can’t resolve the debt crisis alone, Moody’s Investors Service said before ECB officials gather for a policy decision on Aug. 2
Demand for the dollar was limited before the Federal Reserve starts a two-day meeting tomorrow amid speculation the central bank may signal additional stimulus which debases the greenback.
Fed Chairman Ben S. Bernanke said this month that policy makers are “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.” While they refrained from introducing a third round of asset purchases at their session last month, Bernanke indicated it’s an option.
EUR / USD: during the Asian session the pair fell below $1.2300.
GBP / USD: during the Asian session the pair fell, approaching $1.5700.
USD / JPY: during the Asian session the pair dropped slightly after Friday's growth.
European data for Monday starts at 0600GMT with wholesale sales data from Germany. EMU data at 0900GMT sees the July economic sentiment survey and business climate indicator. At 1130GMT, the German Finance Minister and US Treasury Secretary are due to hold a
joint news conference on the North Sea island of Sylt. This is where Schaeuble traditionally spends his summer holidays. UK data starts at 0830GMT with Bank of England lending data with their measure of mortgage approvals seen slipping to 48.5k and consumer credit at stg 0.5 billion.
On Friday the euro rose to a three-week high against the dollar after German Chancellor Angela Merkel and French President Francois Hollande said that they will do everything necessary to protect the single currency. The single currency showed its first weekly gain against the dollar since June.
The dollar rose against the yen to its highest level for the week after, as U.S. growth slowed in the second quarter, less than economists forecast. U.S. gross domestic product grew by 1.5 percent per year, after a revised growth of 2% in the previous quarter. The average forecast was at + 1.4%. Japan's currency weakened against the U.S. dollar after the GDP data, which caused a decrease in the yield on two-year bonds at levels up to 0.25%. The yen fell against major currencies after government data showed a decrease in the consumer price index in Japan, which is evidence that people are struggling with deflation.
The Canadian dollar rose to a 10-week high against the U.S. dollar, as stock prices and oil prices rose on a background of demand for riskier assets.
Currency closer to parity with the dollar after a report showed the U.S. economy, which is the largest trading partner, Canada, has expanded at a slower pace in the second quarter.
01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%
08:30 United Kingdom Net Lending to Individuals, bln June 1.3 0.8
08:30 United Kingdom Mortgage Approvals June 51.1 47.3
09:00 Eurozone Business climate indicator July -0.94
09:00 Eurozone Industrial confidence July -12.7 -13.5
10:00 United Kingdom CBI retail sales volume balance July 42 18
23:01 United Kingdom Gfk Consumer Confidence July -29 -28
23:15 Japan Manufacturing PMI July 49.9
23:30 Japan Household spending Y/Y June +4.0% +3.1%
23:30 Japan Unemployment Rate June 4.4% 4.4%
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