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19.05.2011 08:14

Asian session: The dollar fell

Data:
04:30 Japan Industrial output final mar  -13,1% Y/Y

The dollar fell against the euro for a fourth day before data forecast to show U.S. existing home sales grew at a slower pace, adding to evidence the Federal Reserve will need to maintain stimulus for longer.
The U.S. currency dropped against 15 of its 16 major counterparts after Goldman Sachs Group Inc. lowered its forecasts for the greenback, citing poor growth prospects for the world’s largest economy. 
New Zealand’s dollar rose after the government said its projected budget surplus in fiscal 2015 will be larger than forecast in December. 
The yen slid against the euro as gains in commodities and Asian stocks sapped demand for the currency as a haven.
U.S. sales of existing homes rose 2 percent to a 5.2 million annual pace in April after gaining 3.7 percent in March, according to the median forecast of economists before today’s report from the National Association of Realtors.

EUR/USD: the pair bargained within the limits of $1,4250-$ 1,4300.
GBP/USD: the pair bargained within the limits of $1,6145-$ 1,6190. 
USD/JPY: the pair bargained within the limits of Y81,50-Y81

UK data again dominates the morning releases in Europe with retail sales for April released at the same time as SMMT Car Production data. The retail sales are expected to post a rise of 0.8% m/m, 2.4% y/y with core retail sales up 0.6% m/m, 2.1% y/y. UK data continues at 1000GMT with the May CBI Industrial Trends data, which is expected to see the orders balance edge up to -10.
US events, including data releases start at 1230GMT when New York Fed President William Dudley delivers a speech on economic conditions and the outlook at SUNY New Paltz, the first of two days of events throughout the Hudson Valley. At the same time, initial jobless claims are expected to fall 9,000 to 425,000 in the May 14 employment survey week, up 21,000 from 404,000 level in the April 16 employment survey week. The weekly Bloomberg Comfort Index is due at 1345GMT, while data continues at 1400GMT with the Philadelphia Fed Survey, Existing Home Sales from the NAR and also the latest Leading Indicator data. The Philadelphia Fed index is expected to rise to a reading of 22.0 in
May after plunging to 18.5 in April, while existing home sales are expected to rise to a 5.2 million annual rate in April from 5.10 million in March and the index of leading indicators is forecast to hold steady in April. 

19.05.2011 08:11

Forex: Wednesday's review

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