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02.09.2011 08:27

FOREX: Thursday's review

The US dollar soared versus the currencies of major trade partners as stronger-than-forecast factory data damped speculation the Federal Reserve may take further steps to stimulate growth, debasing the currency. The ISM manufacturing index dropped to 50.6 in August vs previous figure of 50.9 and expected decline to 48.0.
Earlier the currency rose as U.S. initial claims shaed to 409K for the week ending on August 27 and U.S. construction projects fell 1.3% in July.
The euro plummeted down amid intensified concerns about EU debt crisis.
Those fears increased as yesterday the Expert Committee on the Greek Parliament said that debt situation of Greece is out of control and its budget deficit would widen even if all planned measures taken in time.
A disappointing sale of new Spanish five-year benchmark government bonds put further pressure on the euro in European trading. Spanish bonds fell today as the nation sold 3.62 billion euros ($5.2 billion) of five-year securities. European Central Bank began buying Spanish and Italian debt
Earlier additional pressure on the currency was EU statistics, which showed that Q2 GDP growth of Germany, the largest economy in the eurozone, added only 0.1% compared with rising 1.5% in the previous period.
A European manufacturing gauge based on a survey of purchasing managers in the 17-nation euro region fell to 49 in August from 50.4 in the prior month. It was the weakest reading in two years and below an initial estimate of 49.7 published Aug. 23. A reading below 50 indicates contraction.
Economic growth in Germany, the euro region’s largest economy, slowed in the second quarter as household spending decreased. Germany’s gross domestic product expanded 0.1 percent in the second quarter, down from 1.3 percent in the first three months of the year, the nation’s Federal Statistics Office said today, confirming its initial Aug. 16 estimate.
The franc advanced against all of its 16 most-traded counterparts on signs European economies are slowing.
The loonie rose toward its strongest level in four weeks after the manufacturing report. The U.S. is Canada’s biggest trading partner.
UK data at 0830GMT includes Q2 Construction Orders data as well as the August Construction PMI.
At 1230GMT, US non-farm payrolls are forecast to rise only 70,000 for August after the 117,000 increase in July, while the  unemployment rate is expected to stay at 9.1%. The strike at Verizon should have a large impact on payrolls this month. Hourly earnings are seen rising 0.2% after see-sawing sharply in the last three months. The average workweek is expected to hold steady at 34.3 hours for another month.

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