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23.11.2011 08:20

Forex: Tuesday’s review

Yesterday the
euro gained versus the yen as appetite for safety declined amid speculation officials were tackling Europe’s sovereign-debt crisis. The 17-nation currency rose against the dollar after the International Monetary Fund revamped its credit-line program to help countries facing outside shocks. It fluctuated earlier as the U.S. economy grew less than estimated and ratings companies affirmed U.S. credit grades. The dollar remained lower after the Federal Reserve released minutes of its last meeting. Canada’s dollar climbed on a rise in oil, the nation’s biggest export.

Europe’s shared currency gained as European Commission President Jose Barroso said he expected the Italian government under Prime Minister Mario Monti to succeed in narrowing its budget deficit and bolstering the economy. Michel Barnier, the European Union’s financial-services chief, said he was putting finishing touches on a draft law on creditor writedowns at failing banks.

The Washington-based IMF said its new Precautionary and Liquidity Line can be tapped by countries with strong economies currently facing short-term liquidity needs. Countries with potential needs can also apply, it said.

The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, retreated 0.3 percent to 78.170. The gauge, which is weighted 57.6 percent to movements in the euro.

U.S. gross domestic product grew at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate, Commerce Department figures showed in Washington.

EUR/USD: yesterday the pair advanced.

GBP/USD: yesterday the pair showed new week’s low.

USD/JPY: yesterday the pair grown.

A full calendar Wednesday, with a slew of US data ahead of the Thanksgiving break. European data gets under way at 0700GMT, with the release of the German Sept construction orders data. A host of French data is released at 0745GMT, with the release of Oct manufacturing, services and construction sentiment. At 0750GMT, French November flash PMI data is released. At 0800GMT, German Chancellor Angela Merkel gives a budget speech in the German parliament. More flash PMI data from 0820GMT, with the release of German data, with EMU flash data expected at 0850GMT. Further EMU data is up from 1000GMT, with the release of the EMU Sep industrial orders data. European speakers are up from 1100GMT, with the ECB Vice President Vitor Constancio lecturing on the International Monetary System, in London. At 1130GMT, the European Commission adopts new economic governance proposals, presents a green paper on Eurobonds, and presents 2012 Annual Growth Survey. UK data starts at 0930GMT, with the release of the October BBA banking data and the UK BOE minutes. The BOE voted for unchanged policy at this month's meet and the vote was likely to have been unanimous, However, many members are appearing to up their calls for further QE and many will be looking from hints in the minutes of any future timing.

Market Focus

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  • 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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