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21.06.2012 09:10

Asian session: The euro fell


01:30 Australia RBA Bulletin Quarter II

02:30 China HSBC Manufacturing PMI (preliminary) June 48.4 48.1


The euro fell as Spain prepared to auction bonds today amid signs Europe’s debt crisis is blunting economic growth in the region. Spain is scheduled to auction notes today maturing 2014, 2015 and 2017. Earlier this week, in its first debt sale since becoming the fourth euro member to seek a bailout, Spain auctioned 12-month bills at an average yield of 5.074 percent, a record high in Bloomberg data going back to 2004.

The 17-nation currency snapped a two-day gain against the dollar and yen before a preliminary report today that may show European services and manufacturing contracted this month at the fastest pace in three years.

Demand for the dollar was limited after the Federal Reserve said it stands ready to implement further stimulus after announcing an extension of its program to replace short-term bonds with longer-term debt. The Fed said yesterday it will expand its so-called Operation Twist program, which seeks to lower borrowing costs by extending the average maturity of the securities in the central bank’s portfolio, by $267 billion through the end of the year. Central bank officials also cut their estimates for 2012 growth after last month’s slowdown in hiring and see little progress on unemployment during the rest of the year.

New Zealand’s dollar rose initially after a report showed the nation’s economy grew at the fastest pace in five years last quarter. Gross domestic product rose 1.1 percent in the three months ended March 31 from the previous quarter, when it expanded a revised 0.4 percent, Statistics New Zealand said.  It pared gains after preliminary data showed China’s manufacturing may shrink for an eighth month in June. The 48.1 advance reading for a purchasing managers’ index for China released by HSBC Holdings Plc and Markit Economics today compares with a final 48.4 for May. A reading above 50 indicates expansion. China is New Zealand’s second-largest export destination.

EUR/USD: during the Asian session the pair fell.

GBP/USD: during the Asian session the pair fell below $1.5700.

USD/JPY: during the Asian session the pair rose to yesterday's highs.

In Europe Thursday, the Eurogroup meets in Luxembourg, while European data sees the flash manufacturing and services PMIs for June. European data also sees the 0800GMT release of EMU current account data. UK data at 0830GMT sees retail sales and CML Gross Mortgage Lending, which are followed at 1000GMT by the CBI Monthly Industrial Trends Survey. US data starts at 1230GMT when the weekly initial jobless claims are expected to fall 1,000 to 385,000 in the June 16 employment survey week.

Market Focus

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  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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