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08.06.2012 07:59

Forex: Thursday’s review

 

Yesterday the yen fell against all its major counterparts after China cut its key interest rates for the first time since 2008, damping appetite for refuge assets. China’s benchmark one-year deposit rate will drop by 0.25 percentage point effective tomorrow, the People’s Bank of China said on its website. The one-year lending rate will also be cut by 0.25 percentage point, it said.

The Dollar Index pared losses as Federal Reserve Chairman Ben S. Bernanke refrained from signaling additional steps the central bank might take to spur growth, during congressional testimony. Bernanke said the economy is at risk from Europe’s debt crisis and the prospect of fiscal tightening in the U.S., while not signaling additional monetary easing.

The euro earlier touched to a two-week high versus the dollar earlier as German Chancellor Angela Merkel said the nation is ready to back euro-area financial instruments.

The pound strengthened to a one-week high against the dollar and gilts fell after the Bank of England kept its stimulus program unchanged and China cut borrowing costs to boost growth. Sterling rose versus all except one of its 16 major counterparts after a report showed U.K. services grew more in May than analysts forecast. Policy makers held the bond-purchase program at 325 billion pounds ($505 billion) and their benchmark rate at a record-low 0.5 percent.


EUR/USD: yesterday the pair showed a week’s high, however decreased later.

GBP/USD: yesterday the pair gain, touched $1.5600.

USD/JPY: yesterday the pair gain, updated a monthly high.


German data is expected at 0600GMT, with the releasae of the Apr trade balance (nsa/sa and first quarter labour costs. At 0830GMT with the release of May Producer Price Index. French data kicks off at 0630GMT, with the release of the May Bank of France business survey. At 0645GMT, the French April government deficit data, along with French trade data, are released.

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