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Analytics, News, and Forecasts for CFD Markets: currency news — 30-08-2012.
Draghi will outline the development of bond-purchase program at a press conference, ECB
Bond buying program is still under development
The ECB will buy bonds only a short term maturity
The ECB will take an independent decision to purchase bonds
Countries must submit a formal application before the ECB intervenes
The ECB will buy bonds only in parallel with the EFSF / ESM
Standard tools of monetary policy are no longer applicable
ECB true mandate to ensure price stability
Eurozone countries must solve their problems
To give Greece more time - then increase spending
Greece has made progress in reforms
Inflation expectations firmly restrained
Monetary policy does not reach the real economy
The euro continued its yesterday's decline against the dollar on negative sentiment in the market, as well as a sharp decline in stock markets at the opening of trading. At the same time, the Spanish Prime Minister Mariano Rajoy said that Spain will wait a formal request for financial assistance, and the International Monetary Fund said that the European Central Bank should take steps to mitigate the policy. Investors are also slow to cover short dollar positions that are open in the expectation that Bernanke will announce the beginning of the third phase of quantitative easing in Jackson Hole on Friday, as the outcome of this speech is unclear. The single currency rose slightly today amid lower borrowing costs in Italy. Italy sold a ten-year treasury bills in the amount of 4.0 billion euros, 3.0-4.0 billion euro target. The ratio of applications to cover was 1.42 versus 1.29 previously.
On stronger dollar also weighed data on consumer spending, which rose in July for the first time in three months, gaining 0.4%. A separate Labor Department report showed that the number of initial claims for unemployment benefits in the U.S. has changed, from a revised upward index last week.
During the first half of the day's pound rose against most currencies after data showed that the number of approved applications for mortgage loans increased in July, thus indicating a recovery from the recession in June. Data from the Bank of England showed that the number of mortgage approvals rose to the level of 47,312 in July. But even these positive data have not helped the pound to hold their positions, and as a result the currency plummeted, updating the yesterday's low. This trend was caused by the Prime Minister of Spain, Mariano Raho.
His speech also contributed to the decline in value the Australian dollar, which lost its position against most major currencies. But the decline began after a government report that the number of approved applications for housing construction fell in July to -17.3%, reaching the minimum values at the same time in the last ten years in the background of the fact that most of the investment now accounts for the mining industry, which is now at its peak. We also learned that the profitability of Australian 10-year bonds continued to decline, fixing the fall for 10 consecutive days, and is on the verge of the long fall, at least since 1990.
Canadian dollar continues to decline relative to the 16 major currencies after yesterday's data showed that the U.S. economy, which is the largest trading partner, increased by more than the initial estimate. Was supported by the fall in output today's U.S. data, which proved positive.
EUR/USD $1.2500, $1.2520, $1.2550
USD/JPY Y78.50, Y78.70
EUR/GBP stg0.7910
USD/CHF Chf0.9600
AUD/USD $1.0400, $1.0350, $1.0250
NZD/USD $0.8100Data
01:00 New Zealand NBNZ Business Confidence July 15.1 19.5%
01:30 Australia Building Permits, m/m July -2.5% -4.7% -17.3%
01:30 Australia Building Permits, y/y July +10.2% +6.0% +4.8%
01:30 Australia Private Capital Expenditure Quarter II +6.1% +3.1% +3.4%
07:55 Germany Unemployment Change August 7 7 9
07:55 Germany Unemployment Rate s.a. August 6.8% 6.8% 6.8%
08:30 United Kingdom Net Lending to Individuals, bln July 0.3 1.1 0.9
08:30 United Kingdom Mortgage Approvals July 44.2 47.0 47.3
09:00 Eurozone Business climate indicator August -1.27 -1.30 -1.21
09:00 Eurozone Industrial confidence August -15.0 -15.5 -15.3
The euro rose against the dollar ahead of the meeting of Spanish and French leaders to be held in Madrid around 12:30 GMT, which will consider the situation in Spain and the possibility of a second European crisis.
Also, the single currency rose against major currencies amid falling borrowing costs in Italy. Italy sold a ten-year treasury bills in the amount of 4.0 billion euros, 3.0-4.0 billion euro target. The ratio of applications to cover was 1.42 versus 1.29 previously. The maximum yield was 5.82%, against 5.96% previously.
The demand for the euro is rising after yesterday's interview with ECB President Draghi German weekly Die Zeit, in which he stated that the ECB will remain independent and to always act within the mandate
The dollar weakened against the euro and the yen, as investors are awaiting speech by Federal Reserve Chairman Ben Bernanke's speech in Jackson Hole tomorrow, where he will give a signal to hold new measures to stimulate the economy.
The pound rose against the dollar after data showed that the number of approved applications for mortgage loans increased in July, thus indicating a recovery from the recession in June. Data from the Bank of England showed that the number of mortgage approvals rose to the level of 47,312 in July
Canadian dollar continues to decline relative to the 16 major currencies after yesterday's data showed that the U.S. economy, which is the largest trading partner, increased by more than the initial estimate.
Revised Department of Commerce data showed that U.S. GDP grew by 1.7% in the year from April to June, compared with the initial estimate of 1.5%.
The Australian dollar fell against most major currencies after a government report that the number of approved applications for housing construction fell in July to -17.3%, reaching the minimum values at the same time in the last ten years in the background of the fact that most of the investment now accounts mining industry, which is now at its peak. We also learned that the profitability of Australian 10-year bonds continued to decline, fixing the fall for 10 consecutive days, and is on the verge of the long fall, at least since 1990. Demand for the currency of the South Pacific is now limited to the release of U.S. data, which is expected to be able to show growth in the number of unemployment benefits and personal expenses.
EUR/USD: during the European session, the pair rose to a high of $ 1.2564, and then fell to the opening level of the day
GBP/USD: pair rose sharply with a minimum value and is now trading in the maximum values of the previous day
USD/JPY: the pair is trading in a narrow range at the level of the minimum values of the day
At 12:30 GMT, Canada will provide the balance of the current account balance of payments for the second quarter. At the same time, the U.S. will report on the number of initial claims for unemployment insurance in August, the number of repeated applications for unemployment benefits in August. Also released the main index for personal consumption expenditures, deflator of personal consumption expenditures in July, and the data on changes in the level of spending for July. At 15:00 GMT the United States will be an economic symposium in Jackson Hole. At 23:01 GMT the UK will publish an indicator of consumer confidence from the GfK for August. At 23:30 GMT, Japan will report on changes in the level of household spending for July, the consumer price index of Tokyo, Tokyo, the consumer price index excluding prices for fresh food, Tokyo CPI excluding prices for food and energy, consumer price index, the consumer price index excluding prices for fresh food and the consumer price index excluding prices for food and energy prices in July. Also during this time will be the preliminary data on industrial production for July.
EUR/USD
Offers $1.2610, $1.2600, $1.2590, $1.2577
Bids $1.2520, $1.2510/00, $1.2490
GBP/USD
Offers $1.5891, $1.5875, $1.5855/60
Bids $1.5825/20, $1.5810/00, $1.5775/65, $1.5750/40, $1.5720, $1.5705/00
AUD/USD
Offers $1.0450, $1.0420, $1.0400, $1.0390, $1.0380/85, $1.0345/50
Bids $1.0300, $1.0280, $1.0250
USD/JPY
Offers Y79.20, Y79.00, Y78.90, Y78.75/80
Bids Y78.50, Y78.30/25, Y77.90
EUR/JPY
Offers Y99.80, Y99.45/50, Y99.20, Y99.00
Bids Y98.55/50, Y98.25/20, Y98.00, Y97.80, Y97.75/70
Italy sold E793mn CCTeu vs target E500mn-E1.0bn. E793mln of June 2017 CCTeu; avg yield 5.33%, cover 2.42
Italy sold E4bn 10Y BTP vs target E3.0bn-E4.0bn. E4.0bln of new 5.50% Nov 2022 BTP; avg yield 5.82% (5.96%), cover 1.42 (1.29)
EUR/USD $1.2500, $1.2520, $1.2550
USD/JPY Y78.50, Y78.70
EUR/GBP stg0.7910
USD/CHF Chf0.9600
AUD/USD $1.0400, $1.0350, $1.0250
NZD/USD $0.8100
01:00 New Zealand NBNZ Business Confidence July 15.1 19.5%
01:30 Australia Building Permits, m/m July -2.5% -4.7% -17.3%
01:30 Australia Building Permits, y/y July +10.2% +6.0% +4.8%
01:30 Australia Private Capital Expenditure Quarter II +6.1% +3.1% +3.4%
The dollar headed for a monthly advance versus the yen before U.S. data forecast to show consumer spending rose the most since February. U.S. consumer spending probably rose 0.5 percent in July from a month earlier, the most since February, according to the median estimate of economists in a Bloomberg News survey. The Commerce Department releases the figure today.
The greenback held a climb against the euro as investors weigh whether Federal Reserve Chairman Ben S. Bernanke will signal a new round of bond buying when he speaks in Jackson Hole, Wyoming tomorrow.
The euro was 0.6 percent from setting an eight-week high versus the yen after European Central Bank President Mario Draghi said it’s in Germany’s interest to consent to extraordinary steps to preserve the single currency. Draghi signaled on Aug. 2 that the central bank intends to join forces with governments to acquire bonds in sufficient quantities to lower borrowing costs, while conceding Germany’s Bundesbank has reservations about the plan. He will give a media briefing on Sept. 6 after a meeting of policy makers.
EUR / USD: during the Asian session, the pair rose, receded from the previous day's low.
GBP / USD: during the Asian session, the pair traded in the range of $1.5820-35.
USD / JPY: during the Asian session the pair fell to Y78.60.
Scheduled European data starts at 0600GMT with the ILO measure of the German employment change. Spain releases flash HICP data at 0700GMT, while the main German unemployment data for August is due at 0755GMT and is expected to see a 7k unemployment change, leaving the unemployment rate at 6.8%. EMU data at 0900GMT sees the August consumer confidence survey and business climate indicator, while at the same time, ECB Governing Council member Ewald Nowtny is due to speak at the European Forum Alpbach, in Aplbach, Austria. UK data for Thursday is limited to Bank of England Bankstats, M4 and Mortgage Approvals at 0830GMT. US data for Thursday sees August Store Sales, although the main releases start at 1230GMT with the weekly jobless claims and also personal income data. Weekly EIA Natural Gas Storage data is due at 1430GMT, followed at 1500GMT by the Kansas City Fed Production data for August. The US also conducts a 7-year note auction Thursday, while late data sees the weekly M2 Money Supply data at 2030GMT.
Yesterday the dollar rose against most major traded currencies after data released showed that the level in the U.S. rose more than expected, and the number of pending home sales reached a two-year high.
The dollar strengthened against the euro and the yen, as investors' doubts that the Federal Reserve Chairman Ben Bernanke will hint at further easing in his speech at the conference on August 31.
The single currency has strengthened slightly after German Chancellor Angela Merkel said that the reforms in Italy will help reduce the interest the central bank.
The single currency has strengthened by 2.5% against the dollar since August 1, after European Central Bank President Mario Draghi said that the central bank can buy Spanish and Italian bonds to limit borrowing costs.
The Canadian dollar traded near a four-month high against the U.S. dollar on positive data from the U.S.. Gross domestic product grew by 1.7% between April and June, compared with the initial estimate of 1.5%. We also learned that the number of pending home sales increased in July by 2.4%, after falling 1.4% in June, and reached its highest level since April 2010. Economists had expected growth of approximately 1.0%. The index also rose by 12.4% compared to the same month last year.
The Australian dollar traded near-month low on concerns that a slowdown in global growth will impact on the economy.
Australian and New Zealand dollars were supported after the president of the European Union, Herman Van Rompuy said that the region's rescue fund ready to help Spanish banks. Strengthening was supported by increased demand for higher-yielding assets, as well as data that showed that the number of construction projects handed down by 0.2% in the second quarter, compared with a revised growth of 7.8% (originally reported increase of 5 5%) in the first three months of this year. Many analysts expect the figure rose 1.1%. Last fall was due to a decline of 1.9% in the private construction and 0.7% in the public construction. construction work completed fell by 0.2 percent in the three months to June, compared with a revised 7.8 percent increase in the first quarter.(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2530 -0,26%
GBP/USD $1,5829 +0,07%
USD/CHF Chf0,9583 +0,27%
USD/JPY Y78,69 +0,19%
EUR/JPY Y98,61 -0,05%
GBP/JPY Y124,55 +0,28%
AUD/USD $1,0343 -0,19%
NZD/USD $0,8003 -0,49%
USD/CAD C$0,9894 +0,15%01:00 New Zealand NBNZ Business Confidence July 15.1 19.5%
01:30 Australia Building Permits, m/m July -2.5% -4.7% -17.3%
01:30 Australia Building Permits, y/y July +10.2% +6.0% +4.8%
01:30 Australia Private Capital Expenditure Quarter II +6.1% +3.1% +3.4%
07:55 Germany Unemployment Change August 7 7
07:55 Germany Unemployment Rate s.a. August 6.8% 6.8%
08:30 United Kingdom Net Lending to Individuals, bln July 0.3 1.1
08:30 United Kingdom Mortgage Approvals July 44.2 47.0
09:00 Eurozone Business climate indicator August -1.27 -1.30
09:00 Eurozone Industrial confidence August -15.0 -15.5
12:30 Canada Current Account, bln Quarter II -10.3 -15.1
12:30 U.S. Initial Jobless Claims - 372 370
12:30 U.S. Personal Income, m/m July +0.5% +0.4%
12:30 U.S. Personal spending July 0.0% +0.4%
12:30 U.S. PCE price index ex food, energy, m/m July +0.2% +0.1%
12:30 U.S. PCE price index ex food, energy, Y/Y July +1.8% +1.7%
15:00 U.S. Jackson Hole Symposium -
23:01 United Kingdom Gfk Consumer Confidence August -29 -26
23:30 Japan Household spending Y/Y July +1.6% +1.3%
23:30 Japan Unemployment Rate July 4.3% 4.3%
23:30 Japan Tokyo Consumer Price Index, y/y August -0.8% -0.7%
23:30 Japan Tokyo CPI ex Fresh Food, y/y August -0.6% -0.6%
23:30 Japan National Consumer Price Index, y/y July -0.2% -0.3%
23:30 Japan National CPI Ex-Fresh Food, y/y July -0.2% -0.3%
23:50 Japan Industrial Production (MoM) (preliminary) July +0.4% +1.8%
23:50 Japan Industrial Production (YoY) (preliminary) July -1.5% +1.8%
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