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11.05.2011 07:58

Forex: Tuesday's review

The yen and the Swiss franc slid versus most major counterparts, with Japan’s currency dropping against the euro for the first time in six days, as stocks and commodities advanced, damping demand for safer assets.
The euro fluctuated versus the dollar after a spokesman for German Chancellor Angela Merkel said a restructuring of Greece’s debt isn’t being considered, while a European Union official said the nation’s fiscal progress is being studied.
French Finance Minister Christine Lagarde said in Zurich today the EU will keep up its efforts to aid Greece after bailing out the country a year ago.
The German newspaper Handelsblatt reported Euro-area countries are readying a further “two-digit” billion-euro loan for Greece, the newspaper reported, citing unidentified “euro- zone sources” in Brussels. The exact figure is still to be decided, the newspaper said, adding that a figure of some 60 billion euros is being discussed in Brussels.
The Athens newspaper Kathimerini said, without citing its sources, that the IMF also is arranging new aid for Greece, an 80 billion-euro ($115 billion) to 100 billion-euro plan
Speculation about new financial assistance from Europe and the IMF came after S&P yesterday downgraded Greece’s credit rating for the fourth time since April 2010, rekindling concern that the region’s debt crisis is escalating.  The Swiss franc dropped after data showed inflation slowed in April.

EUR/USD: on results of yesterday's session the pair grown in around $1,4400.
GBP/USD: on results of yesterday's session the pair decreased in around $1,6370.
USD/JPY: on results of yesterday's session the pair become stronger in around Y80,90.

UK data includes BoE quoted rates data and also March trade data, at 0830GMT. The February visible trade deficit was the narrowest since the same month a year ago, and exports hit a record high, although it is far too early to declare success in the hoped for rebalancing of the UK economy, whereby improvements in net trade would offset weaker domestic demand. With the February figures boosted by erratics, analysts' median forecast is for a widening across the range of March deficits - visible to stg7.5 billion, total to stg3.3 billion and non-EU to stg3.4 billion. The UK then releases the Bank of England inflation report at 0930GMT, while also in the UK today, UK Chancellor George 
Osborne Speaks at an IoD event at the 02 Arena.
US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while at 1230GMT, the international trade gap is expected to widen to $47.7 billion in March. Import prices surged in the month, though petroleum prices were again a large part of that gain. At the same time, Boeing reported 98 aircraft orders in March, up sharply from 21 in February. This is followed by the weekly EIA Crude Oil Stocks data  at 1430GMT. 
Later on, at 1800GMT, the U.S. Treasury is expected to post a $65.0 billion budget gap in the April tax month, smaller than the$82.7 billion gap in April 2010.

11.05.2011 08:02

Asian session:

11.05.2011 07:03

Stocks: Tuesday's 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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