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27.07.2011 12:20

EU session review: Dollar falls to record versus Aussie and Kiwi on debt talks

Data released:
06:00     Germany     Import prices (June)    -0.6%    0.0%    -0.6%
06:00     Germany     Import prices (June) Y/Y    6.5%    7.7%    8.1%
06:00     Germany     Import prices excluding oil (June) Y/Y    4.0%    -    5.1%
08:00     EU(17)     M3 money supply (June) adjusted Y/Y    2.1%    2.4%    2.4%
08:00     EU(17)     M3 money supply (3 months to June) adjusted Y/Y    2.2%    2.3%    2.2%
08:00     Italy     Business confidence (June)    98.5    99.0    100.5
10:00     UK     CBI industrial order books balance (July)    -10%    -3%    1%
10:00     UK     CBI industrial output balance (July)    6%    -    13%

The dollar collapced to record lows against the Australian and New Zealand currencies as President Barack Obama and lawmakers struggled to prevent a default.
The Obama administration threatened a veto of House Speaker John Boehner’s two-step plan to raise the $14.3 trillion debt ceiling and cut $3 trillion in expenditure. A vote on the measure had been scheduled for today and was postponed until tomorrow.
Standard & Poor’s reiterated on July 21 that the chance of a downgrade is 50 percent in the next three months and said it may cut the nation as soon as August.
“Looking for catalysts to sell the dollar is no problem at all,” said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co.. “If politicians fail to reach an agreement, dollar selling will accelerate. Even if they do agree, spending cuts will slow the U.S. economy.”

EUR/USD remains under pressure, falling from overnight highs on $1.4530 initially to support at $1.4470 and then - to $1.4440.

GBP/USD fell after the dissapopinting CBI report to below $1.6400. Rate posed lows on $1.6355.


USD/JPY continues to recover after it fell to Y77.60. Rate printed session highs on Y77.91.

US data starts at 1230GMT by Durable Goods Orders data. Durable goods orders are expected to rise 0.5% in June after the surge in May. The weekly EIA Crude Oil Stocks data is then due, at 1430GMT. 
At 1800GMT, the Fed's Beige Book will provide anecdotal evidence of conditions in the US economy for June through mid-July.

 

 

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