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18.04.2011 07:55

Forex: Weekly review

On Monday the yen gained, rising from an 11-month low against the euro, after an aftershock of Japan’s March 11 earthquake discouraged demand for higher-yielding assets.

The dollar remained lower versus the yen as Federal Reserve Vice Chairman Janet Yellen said the gain in food and fuel costs doesn’t warrant a reversal of monetary stimulus. 
The euro fell against the dollar on speculation the European Central Bank’s recent interest-rate increase may make it harder for nations including Ireland and Portugal to contain debt. 
On Tuesday the yen and Swiss franc rose against most of their major counterparts after Japan raised the severity rating for the nuclear crisis that began last month and more earthquakes shook buildings in Tokyo, discouraging demand for higher-yielding assets.
The IMF lowered its 2011 forecast for Japanese growth to 1.4 percent from 1.6 percent in its World Economic Outlook report yesterday, citing effects from the disaster. 
Canada’s dollar slid versus the U.S. dollar after the Bank of Canada held its target rate for overnight loans between commercial banks at 1 percent, where it has been since September.
The pound slumped to its weakest against the euro in almost six months as the U.K.’s inflation unexpectedly slowed in March, discouraging the Bank of England from raising interest rates.
On Wednesday the euro edged to a 15-month high against the dollar.
The euro was lifted by reported demand from sovereign names looking to recycle dollar proceeds as the single currency remained supported by the prospect of further rate rises in the euro zone while policy stays loose in the United States and Japan.
On Thursday the euro erased its decline against the dollar on speculation the sovereign-debt crisis in nations including Portugal and Greece will be contained.
The dollar fell to its lowest level this month against the yen as U.S. initial jobless claims unexpectedly rose and producer prices advanced at a slower pace, encouraging the Federal Reserve to keep borrowing costs low. The euro slid earlier as concern Greece will have to restructure its debt pushed its bond yields to record highs.
On Friday the euro fell against the dollar and yen as concern the region’s debt crisis is getting worse pushed the extra yield investors demand to hold Greek 10-year bonds instead of German debt to a record 1,000 basis points.
The yen rallied versus all of its major counterparts on demand for a refuge as China said inflation reached the fastest pace in more than two years, reviving concern the world’s second-largest economy will cool growth. The dollar dropped against the yen as a measure of inflation was lower than economists forecast.
U.S. consumer prices excluding volatile food and fuel costs rose 0.1 percent in March after an increase of 0.2 percent in the previous month, the Labor Department reported. That core figure increased 1.2 percent from a year earlier.

18.04.2011 07:03

Stocks: Weekly review

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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