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02.12.2011 08:34

Forex: Thursday’s review

The euro strengthened after Spain sold its maximum target of debt today and French yields dropped at an auction.

Spain sold 3.75 billion euros of bonds, the central bank said, meeting the maximum target. The average yield on the five- year notes was 5.544 percent, compared with 4.848 percent when similar-maturity debt were auctioned on Nov. 3. France sold 1.57 billion euros of 10-year bonds at an average yield of 3.18 percent, down from 3.22 percent at the prior offering on Nov. 3.

The Dollar Index fell for a fourth day before U.S. reports forecast to show manufacturing and employment improved, damping demand for safer assets.

The Institute for Supply Management’s factory index, a gauge of U.S. manufacturing, climbed to 51.8 in November from 50.8 the previous month, according to a survey before report. Employers added 125,000 workers last month after hiring 80,000 in October, a separate survey showed before the Labor Department data.

Frank dramatically weakened on all fronts, falling against the euro and the dollar amid reports that Switzerland is considering the introduction of negative interest rates in order to weaken the currency.


EUR/USD: yesterday the pair has grown.

GBP/USD: yesterday the pair traded nearby $1.5700.

USD/JPY: yesterday the pair rose.                                


On Friday UK - European events start at 0800GMT when ECB Governing Council member Ewald Nowotny attends a Kurt Rothschild Memoriam, in Vienna. UK data includes the 0930GMT release of both the Markit/CIPS Construction PMI nd also UK Q3 Construction New Orders. EMU data sees October PPI at 1000GMT. The data calendar is dominated by US non-farm payrolls at 1330GMT, which are forecast to rise 112,000 in November, continuing a trend of modest payrolls gain that are just treading water rather than making any real headway into knocking down unemployment. The unemployment rate is forecast to hold steady at 9.0%. Later, at 1830GMT, Boston Fed President Eric Rosengren gives a presentation on the economic outlook to the Massachusetts Investor Conference, in Boston.

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