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07:50 France Manufacturing PMI (finally) April 46.7 47.3 46.9
07:55 Germany Manufacturing PMI (finally) March 48.4 46.3 46.2
07:55 Germany Unemployment Change April -18 -9 +19
07:55 Germany Unemployment Rate s.a. April 6.7% 6.7% 6.8%
08:00 Eurozone Manufacturing PMI (finally) April 47.7 46.0 45.9
08:30 United Kingdom PMI Construction April 56.7 54.2 55.8
08:30 United Kingdom Net Lending to Individuals, bln March 1.6 1.7 0.9
08:30 United Kingdom Mortgage Approvals March 49.0 48.0 49.9
09:00 Eurozone Unemployment Rate March 10.8% 10.9% 10.9%
The euro weakened against the dollar after reports showed European manufacturing shrank for a ninth month and unemployment rose in Germany, adding to concern slowing growth will worsen the debt crisis.
The common currency dropped on speculation European policy makers meeting tomorrow will signal they are moving closer to cutting interest rates to spur growth.
The number of people out of work in Germany increased a seasonally adjusted 19,000 last month to 2.87 million, the Nuremberg-based Federal Labor Agency said. Economists forecast a decline of 10,000. Yields on Germany’s two-, five-, 10-, and 30-year bonds dropped to record lows.
The ECB will keep its benchmark interest rate at a record- low 1 percent at tomorrow’s meeting in Barcelona, according to all of the economists surveyed.
EUR/USD: the pair continued to decrease, reached $1,3130 area.
GBP/USD: the pair decreased in $1,6170 area.
USD/JPY: the pair showed high in Y80,60 area, but returned to area of session low Y80,10 later.
At 1400GMT, factory new orders are forecast to fall 1.6% in March after rising in February. Durable goods orders were already reported down 4.2% in March, while nondurables orders are expected to rise slightly on higher food and energy prices. At 1430GMT, the EIA eekly crude oil stocks data is due. Then, at 1630GMT, Richmond Fed President Jeffrey Lacker speaks to the Economics Club of Hampton Roads Economic Conference sponsored by Old Dominion University's College of Business and Public Administration on the "Economic Outlook, May 2012', in Richmond.
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