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17.11.2011 08:21

Forex: Wednesday’s review

The euro against the dollar shows a high volatility. Yesterday, the euro reached a five-week low against the dollar and the yen amid growing fears of investors about the ability of European countries to cope with the debt crisis. Yields on ten-year gosbondam Italy at auction on Wednesday fell by 29 basis points - to 6.79%, the papers in Spain - 9 points - to 6.25%. According to the sources to Bloomberg, most of these papers concern the European countries became the ECB. The pressure on the single currency has also information that a representative of the EU Juncker called the "high" and "an alarming" levels of debt in Germany. A new Greek Prime Papademos said that the crisis has spread from the periphery to the core of the regional economy, and said that the need for a more radical intervention, since the existing EU mechanisms are not adequate.

Over time, the euro rebounded against the dollar, along with an increase in major U.S. stock indices, influenced by favorable macro data and the sharp increase in oil prices. Published in the U.S. statistics reported to investors that consumer prices fell in October by 0.1%, while industrial growth was 0.7%. Net investments of nonresidents in U.S. assets in September was higher than analysts' expectations.

The British pound fell against the dollar after the Bank of England lowered forecasts for economic growth and inflation, as expected, signaling the introduction of a new fiscal stimulus in coming months. As the market was ready for such statements, the pound was able to hold their positions. At the same time in the UK in October, the number of complaints of employment increased by 5.3 million with the expected 21.0 thousand, as a percentage of the number of jobseekers was 5.0%, forecast 5.1%.

EUR/USD: yesterday the pair closed day falling on a floor of figure.

GBP/USD: yesterday the pair decrease.

USD/JPY: yesterday the pair traded nearby Y77.00.

A fairly thin calendar of scheduled events in Europe starts at 0800GMT when German Finance Minister Wolfgang Schaeuble delivers a

speech at a insurance industry conference, in Berlin. At 1000GMT, German Chancellor Angela Merkel delivers a speech at the Sueddeutsche Zeitung conference in Berlin. EMU data at 1000GMT sees just EMU construction output for September. US data starts at 1330GMT with the weekly Jobless Claims as well as October's Housing Starts & Building Permits. Initial jobless claims are expected to rise 5,000 to 395,000 in the November 12 employment survey week after falling to 390,000 in the previous week. At 1730GMT, Cleveland Fed President Sandra Pianalto is due to deliver a speech on the economic outlook to Rotary Club of Lexington, while at 1750GMT, New York Fed President William Dudley delivers a speech on the economic outlook at policy at West Point.

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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