Forex: Tuesday’s review
The euro rose from a eight-month low versus the dollar after Federal Reserve Chairman Ben S. Bernanke said he’s ready to take additional steps to boost the economy, increasing bets the central bank may introduce further easing.
The 17-nation currency rose for the first time in three days against the greenback on speculation that the U.S. central bank may implement a third round of quantitative easing, which would debase its currency. The euro extended its gains and higher-yielding currencies rose as U.S. stocks erased losses.
The Australian dollar declined to the least in more than a year versus the greenback after the Reserve Bank of Australia held its key rate at 4.75 percent.
The franc fell against the euro amid speculation that the Swiss National Bank may adjust the cap set last month to further weaken the currency.
EUR/USD: the pair is restored after falling.
GBP/USD: the pair is restored after three-day falling
USD/JPY: yesterday the pair is grown
During Wednesday the release of the final services PMIs from the main European states, leading up to the EMU data at 0758GMT. These
are expected to remain unrevised, although some analysts talk of upside risks following the recent manufacturing releases. This is shortly
followed at 0830GMT by the third estimate of Q2 GDP data, which is expected to remain unrevised. The third estimate of EMU Q2 GDP is also expected, at 0900GMT.