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02.06.2011 07:54

Forex: Wednesday's review

The dollar dropped to the lowest in three weeks as reports showed slower-than-forecast jobs growth and reduced factory output, adding to concern the U.S. economy is slowing.
The U.S. currency weakened after a private survey showed employment increased by 38,000 last month, the smallest gain since September and a measure of manufacturing output in May declined more than forecast. 
U.S. employment increased last month after a revised 177,000 gain in April, according to figures from ADP Employer Services. The median estimate called for a 175,000 advance for May.
The Labor Department will release May unemployment figures June 3. Goldman Sachs Group Inc. revised its estimate today for an increase in May nonfarm payrolls to 100,000 from 150,000, while Citigroup Inc. trimmed its projection to 100,000 from 170,000.
The Institute for Supply Management’s factory index fell to 53.5 in May from 60.4 the prior month. Economists projected the gauge would drop to 57.1.
The Swiss franc strengthened as retail sales rose in April at the fastest rate in two years, boosting speculation the Swiss National Bank may raise borrowing costs. Retail sales climbed 7.5% in the year after a 0.2% drop in March, the most since April 2009.

EUR/USD: on results of yesterday's session the pair  decreased in around $1.4330.
GBP/USD: on results of yesterday's session the pair  decreased in around $1.6320.
USD/JPY: on results of yesterday's session the pair decreased in around Y80.80.
It is a light calendar for European data on Thursday with the biggest scheduled release probably the UK Construction PMI data at 0828GMT, which is expected to see a pullback to a reading of 52.5. At 0915GMT, ECB President Jean-Claude Trichet is due to speak at the awarding of the Charlemagne Prize in Aachen, Germany. 
US data starts at 1230GMT with the weekly jobless claims and also the release of non-farm productivity and unit labor costs. The level of initial jobless claims is expected to fall 4,000 to 420,000 in the May 28 week after rising unexpectedly in the previous week, while first quarter non-farm productivity is expected to be revised up to +1.7% on a 
modest adjustment to output. As a result, unit labor costs are expected to be revised down to +0.8%. US data continues at 1345GMT with the weekly Bloomberg Comfort Index, while at 1400GMT, US factory new orders are expected to fall 0.9% in April, as durable goods orders were already reported down 3.6%, but nondurables orders are expected to surge further on energy prices. The weekly EIA Natural Gas and Crude Oil Stocks data releases are due from 1430GMT, while later data includes Store Sales as well as the 2030GMT release of M2 Money Supply data.

02.06.2011 08:01

Asian stock close:

02.06.2011 07:14

Stocks: Wednesday'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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