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08.07.2011 07:37

Forex: Thursday's review

The euro stemmed a two-day drop versus the dollar as European Central Bank President Jean-Claude Trichet signaled more interest-rate increases after raising the benchmark to 1.5 percent.
The 17-member currency gained after Trichet said policy makers loosened collateral rules for Portuguese bonds to support local banks. 
ECB policy makers increased the target lending rate by a quarter-percentage point.
The ECB waived some of its collateral rules to provide a lifeline to Greek banks a year ago. While banks can currently obtain as much money as they need from the ECB for up to three months against eligible assets, including government bonds, policy makers had said they may no longer accept Greek debt as collateral if the country defaults.
Suspending the collateral rules for Portugal “does show that the ECB is willing to maintain liquidity in the market, yet it does expose the ECB to risks should we see haircuts” on defaulted bonds, said Jeremy Stretch, head of currency strategy at Canadian Imperial Bank of Commerce in London. “They are trying to be ahead of the game if Portugal’s bonds receive a default rating.”
The dollar dropped against most of its major counterparts as U.S. companies added more workers in June than economists forecast, damping demand for haven assets before the government’s payrolls report tomorrow.
Companies added 157,000 workers last month, ADP Employer Services reported today, surpassing the 70,000 forecast by 36 economists in a Bloomberg News survey. Initial jobless claims fell by 14,000 to 418,000 in the week ended July 2, the Labor Department said today.
Nonfarm payrolls increased by 105,000 in June after an advance of 54,000 in the prior month, according to the median estimate of 83 economists in a Bloomberg News survey before tomorrow’s payrolls report from the Labor Department. The unemployment rate probably stayed at 9.1 percent. 

The yen and Swiss franc were the biggest losers among major currencies as stocks and commodities rallied on U.S. employment reports, boosting demand for Brazil’s real and the Canadian dollar. 

EUR/USD: the pair shown low at $1,4220 area then grown and finished session in $1,4360  area.
GBP/USD: on results of yesterday's session the pair decreased in $1,5970  area.
USD/JPY: on results of yesterday's session the pair grown in Y81,20  area.
UK data includes the Producer Price Index for June as well as the May Construction Output data released at 0830GMT. 
At 1230GMT, non-farm payrolls are expected to rise to 105,000 in June after a very modest 54,000 rise in May. Private payrolls are seen up 125,000. The unemployment rate is forecasted to fall a tenth to 9.0%. Hourly earnings are expected to dip to 0.2 % following a 0.3% jump in May, while the average workweek is forecast to hold steady at 34.4. US data continues at 1400GMT with Wholesale Inventories data. US data sees the 1900GMT release of both Consumer Credit for May and Treasury Allotments By Class for June. Consumer credit usage is expected to fall to $4.0 billion in May after increases in each of the last seven months. Retail sales fell 0.2% in the month, while non-auto retail sales rose 0.3%.

08.07.2011 08:02

Asian stocks close:

08.07.2011 07:09

Stocks: Thursday'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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