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16.06.2011 07:56

Forex: Wednesday's review

The single currency suffered after rating agency Moody’s warned it could downgrade three French banks. Moody’s said it would review the ratings of BNP Paribas, France’s largest bank, and peers Société Générale and Crédit Agricole, focusing on their holdings of Greek public and private debt.
The move came amid continued wrangling between eurozone finance minister and central bankers over who should bear the cost of a fresh rescue package for Greece.
German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet on June 17 in Berlin, with pressure mounting for the leaders to resolve their differences over a rescue for Greece.
The euro remained weaker after strong US CPI report for May and a measure of manufacturing in the New York region unexpectedly shrank in June. 
The consumer-price index increased 0.2 percent, compared with the 0.1 percent median forecast of economists. The core measure, which excludes more volatile food and energy costs, climbed 0.3 percent, the biggest increase since July 2008.
The Federal Reserve Bank of New York’s general economic index dropped to minus 7.8, the lowest level since November, from 11.9 in May. The median forecast was 12. 
Sterling fell versus the dollar after a report showed Britain’s jobless claims rose in May at its fastest pace in almost two years in May.
So, U.K.’s jobless claims rose by 19,600 in May after a revised 16,900 increase in the prior month. The median forecast was for an increase of 6,500.

EUR/USD: yesterday pair decreased in $1.4160  area

GBP/USD: on results of yesterday's session the pair  decreased in  $1.6180 area.

USD/JPY: yesterday the pair become stronger in Y81.00  area.

UK data at 0830GMT includes SMMT Car Production as well as Retail Sales for May. 

EMU data at 0900GMT includes the final reading of HICP as well as Q1 employment data. 
US data starts at 1230GMT with the weekly Jobless Claims as well as current account and Housing Starts, Building Permits data. Initial  jobless claims are expected to fall 7,000 to 420,000 in the June 11 week, while the pace of housing starts is expected to rise to 547,000 after falling 10.6% in April. Home building remains very weak as homes
sales are still below year ago levels. This is followed at 1400GMT the Philadelphia Fed index is expected to rise to a reading of 9.0 in June  sharp declines in April and May. 

16.06.2011 08:04

Asia Pacific stocks close:

Market Focus

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