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Analytics, News, and Forecasts for CFD Markets: currency news — 31-07-2012.
The euro rose against most of its major counterparts on speculation the European Central Bank will take steps at a meeting this week to stem the rise of the region’s sovereign-bond yields.
French President Francois Hollande buoyed the shared currency earlier, saying all will be done to defend and preserve it. He and Italian President Mario Monti issued a joint statement after meeting in Paris today.
Draghi has a proposal that involves the European Financial Stability Facility buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity. Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said
The shared currency pared gains after the German Finance Ministry said in an emailed statement it sees no need to give Europe’s rescue fund a banking license.
The pound tumbled for the first time in four days against the euro after Moody’s Investors Service lowered its forecast for U.K. economic growth.
Currently the pair is trading at $ 1.2320. The nearest strong resistance level of $ 1.2390 (Jul 27 high)
EUR/USD $1.2150, $1.2200, $1.2235, $1.2380, $1.2400
USD/JPY Y78.25
GBP/USD $1.5660, $1.5460
AUD/USD $1.0470
Data
01:00 New Zealand NBNZ Business Confidence June 12.6 15.1
01:30 Australia Private Sector Credit, m/m June +0.5% +0.4% +0.3%
01:30 Australia Private Sector Credit, y/y June +4.0% +4.4%
01:30 Australia Building Permits, m/m June +27.3% -15.0% -2.5%
01:30 Australia Building Permits, y/y June +9.3% +10.2%
01:30 Japan Labor Cash Earnings, YoY June -0.8% +0.1% -0.6%
05:00 Japan Housing Starts, y/y June +9.3% +9.5% -0.2%
06:00 Germany Retail sales, real adjusted June -0.3% +0.6% -0.1%
06:00 Germany Retail sales, real unadjusted, y/y June -1.1% +0.4% 2.9%
06:00 Switzerland UBS Consumption Indicator June 1.05 1.6
06:45 France Consumer spending June +0.4% +0.2% +0.1%
06:45 France Consumer spending, y/y June +0.6% +0.2%
07:55 Germany Unemployment Change July 7 8 7
07:55 Germany Unemployment Rate s.a. July 6.8% 6.8% 6.8%
09:00 Eurozone Unemployment Rate June 11.1% 11.2% 11.2%
09:00 Eurozone Harmonized CPI, Y/Y (preliminary) July +2.4% +2.4% +2.4%
The euro rose against the yen and the pound, after yesterday's decline against the backdrop of optimism that the European Central Bank will hint to take decisive measures to stimulate the regional economy in its monthly circulation, which will take place on Thursday.
The single currency fluctuated against the dollar on the eve of a two-day meeting of Federal Reserve policy, which will be held today. U.S. Treasury Secretary Timothy Geithner and German Finance Minister Wolfgang Schaeuble yesterday supported the commitment of European leaders to protect the euro. The Australian dollar hit a four-month high against the dollar after a report showed that the number of building permits fell less than expected by many economists.
The pound fell for the first time in four days against the euro after the rating agency Investors Service Moody 's downgraded the outlook for UK economic growth. The pound fell against all but one of the 16 major currencies as well as a report showed consumer confidence in the UK industry has stalled this month due to the fact that the recession is getting worse. UK government bonds rose as investors sought safer assets.
EUR/USD: within a couple of sessions increased by setting the maximum level of $ 1.2203, followed by a decline to $ 1.2276
GBP/USD: a pair of substantially reduced by updating with a minimum of 27 July, and is now trading in the minimum values
USD/JPY: the pair is trading within a narrow range after yesterday's decline
At 12:30 GMT, Canada will announce the change in GDP in May, and will provide an index of commodity prices in June. At the same time, the U.S. will publish data for June on the main index of personal consumption expenditure, the index-deflator for personal consumption expenditures and changes in the level of spending. There will also be given an index of labor costs for the second quarter. At 13:00 GMT the U.S. will house price index in 20 major cities and national composite house price index from S & P in May. At 13:45 GMT the U.S. will publish information on the Chicago PMI index for July. At 14:00 GMT U.S. consumer confidence indicator will be released in July. Finished the day in 20:30 GMT U.S. data on the change in volume of crude oil, according to the AP in July.
EUR/USD
Offers $1.2440/50, $1.2420, $1.2390/400, $1.2375/80, $1.2325/30
Bids $1.2225/20, $1.2180/70
AUD/USD
Offers $1.0635/40, $1.0560
Bids $1.0490/85, $1.0450, $1.0400, $1.0385/80
GBP/USD
Offers $1.5800/10, $1.5780, $1.5750, $1.5700
Bids $1.5655/50, $1.5620, $1.5560/50
EUR/JPY
Offers Y97.30/35, Y97.00, Y96.80/85, Y96.50, Y96.40
Bids Y95.80, Y95.65/60, Y95.50, Y95.20
USD/JPY
Offers Y79.00, Y78.80, Y78.65/70, Y78.50
Bids Y78.10, Y77.50
EUR/USD $1.2150, $1.2200, $1.2235, $1.2380, $1.2400
USD/JPY Y78.25
GBP/USD $1.5660, $1.5460
AUD/USD $1.0470
01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%
The dollar fell against most of its major peers amid speculation Federal Reserve policy makers will signal additional stimulus when they conclude a two-day meeting that starts today. Fed Chairman Ben S. Bernanke said this month 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.”
The greenback fell to a four-month low against the so- called Aussie dollar as Asian shares gained for a fourth day and a report showed Australia’s building permits decreased by less than economists expected. In Australia, the number of permits granted to build or renovate houses and apartments fell 2.5 percent in June from the previous month, when they gained a revised 27 percent, the Bureau of Statistics said in Sydney today. The decline was smaller than the 15 percent drop predicted by economists in a Bloomberg News survey.
The euro rose against the yen and the dollar before the European Central Bank meets on Aug. 2. Demand for the euro was supported after ECB President Mario Draghi pledged last week to do whatever it takes to preserve the the common currency, suggesting policy makers may intervene in bond markets.
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.
The PPI is expected to come in at -0.2% m/m, 2.1% y/y. Spain retail sales are expected to provide another weak outcome at 0700GMT.The main measure of Germany unemployment is due at 0755GMT and is expected to see a 7k change in the jobless numbers, holding the unemployment rate at 6.8%. Later on, at 0900GMT, German Labour Minister Ursula von der Leyen gives a press conference on the data. EMU data at 0900GMT sees flash HICP for July and unemployment data for June. The flash HICP is seen coming in at 2.4% y/y with the unemployment rate at 11.2%. Italy also releases flash HICP for July at 0900GMT.US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data. Data at 1230GMT sees the Q2 Employment Cost Index as well as June Personal Income and Expenditures data. . Data then continues at 1255GMT with the weekly Redbook Average and at 1300GMT by the S&P/Case-Shiller Home Price index. The main measure of Germany unemployment is due at 0755GMT and is expected to see a 7k change in the jobless numbers, holding the unemployment rate at 6.8%. Later on, at 0900GMT, German Labour Minister Ursula von der Leyen gives a press conference on the data. EMU data at 0900GMT sees flash HICP for July and unemployment data for June. The flash HICP is seen coming in at 2.4% y/y with the unemployment rate at 11.2%. Italy also releases flash HICP for July at 0900GMT. At 1345GMT, the MNI Chicago report's business barometer is forecast to fall slightly to a reading of 52.5 in July after the modest increase in June. Other regional data already released suggested modest improvement, but with the data still suggesting contraction in some regions. At 1400GMT, the Conference Board's index of consumer confidence is expected to hold steady at a reading of 62.0 in July after the dip in June. Other confidence indicators already released point to a decline. The Dallas Fed Services Outlook Survey for July follows at 1430GMT, while late data sees Agriculture Prices at 1900GMT. Later, at 2000GMT,
US Treasury Secretary Tim Geithner participates in a "moderated conversation" with Los Angeles World Affairs Council President Terry
Yesterday, 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.
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2254 -0,53%
GBP/USD $1,5702 -0,29%
USD/CHF Chf0,9799 +0,52%
USD/JPY Y78,16 -0,38%
EUR/JPY Y95,78 -0,90%
GBP/JPY Y123,54 + 0,66%
AUD/USD $1,0491 +0,10%
NZD/USD $0,8077 -0,17%
USD/CAD C$1,0020 -0,10%
01:00 New Zealand NBNZ Business Confidence June 12.6 15.1
01:30 Australia Private Sector Credit, m/m June +0.5% +0.4% +0.3%
01:30 Australia Private Sector Credit, y/y June +4.0% +4.4%
01:30 Australia Building Permits, m/m June +27.3% -15.0% -2.5%
01:30 Australia Building Permits, y/y June +9.3% +10.2%
01:30 Japan Labor Cash Earnings, YoY June -0.8% +0.1% -0.6%
05:00 Japan Housing Starts, y/y June +9.3% +9.5%
06:00 Germany Retail sales, real adjusted June -0.3% +0.6%
06:00 Germany Retail sales, real unadjusted, y/y June -1.1% +0.4%
06:00 Switzerland UBS Consumption Indicator June 1.05
06:45 France Consumer spending June +0.4% +0.2%
06:45 France Consumer spending, y/y June +0.6%
07:55 Germany Unemployment Change July 7 8
07:55 Germany Unemployment Rate s.a. July 6.8% 6.8%
09:00 Eurozone Unemployment Rate June 11.1% 11.2%
12:30 Canada GDP (m/m) May +0.3% +0.2%
12:30 Canada Raw Material Price Index June -1.0% +1.7%
12:30 Canada Industrial product prices, m/m June 0.0% +0.6%
12:30 U.S. Personal Income, m/m June +0.2% +0.5%
12:30 U.S. Personal spending June 0.0% +0.1%
12:30 U.S. PCE price index ex food, energy, m/m June +0.1% +0.2%
12:30 U.S. PCE price index ex food, energy, Y/Y June +1.8% +1.8%
12:30 U.S. Employment Cost Index Quarter II +0.4% +0.6%
13:00 U.S. S&P/Case-Shiller Home Price Indices, y/y May -1.9% -1.5%
13:45 U.S. Chicago Purchasing Managers' Index July 52.9 52.6
14:00 U.S. Consumer confidence July 62.0 61.5
19:00 U.S. Treasury Sec Geithner Speaks -
23:01 United Kingdom BRC Retail Sales Monitor y/y July +1.1%
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