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18.10.2012 12:15

European session: the euro is trading without a trend

Data

00:30 Australia NAB Quarterly Business Confidence Quarter III -3 -2

02:00 China GDP y/y Quarter III +7.6% +7.4% +7.4%

02:00 China Industrial Production y/y September +8.9% +9.0% +9.2%

06:00 Switzerland Trade Balance September 1.61 2.42 2.02

08:00 Eurozone EU Economic Summit -

08:30 United Kingdom Retail Sales (MoM) September -0.1% +0.5% +0.6%

08:30 United Kingdom Retail Sales (MoM) September +2.7% +2.2% +2.5%

 

The yen fell to its lowest level in almost two months against the dollar on speculation the Bank of Japan will carry out a set of measures to stimulate the economy, undermining demand for assets in the country as a refuge.

The Japanese currency has recorded its longest decline against the dollar since March 2011 after the U.S. Treasury yields reached the highest values ​​for the month compared to the Japanese counterparts. At the end of the month, members of the Board of the Bank of Japan will consider the draft budget for 2012-2013 and forecasts for the year starting April 2014. These are likely to reflect the retail prices, excluding fresh food, which rose by less than 1%, according to official sources on condition of anonymity because the discussions are private. The situation would mean the failure of the monetary policy of the Bank of Japan on the inflation target of 1 percent.

The euro broke its two-day rise against the dollar, as German Chancellor Angela Merkel said that the region's debt crisis will not be solved in one go.

Also today, French President Francois Hollande called for the EU to move forward on the formation of the banking union, to provide economic assistance to countries that are trying to rein in the budget deficit, and show investors that Greece will be able to stay in the monetary union, if it is to fulfill its obligations.

Pound rose sharply during the session, which was caused by the publication of data on the level of retail sales, which rose significantly, surpassing with expectations of many analysts. But, in spite of the significant strengthening of the pound was unable to hold their positions, and almost fell to the lowest level of the day against the dollar.

Australian dollar during the first half of the day has strengthened against the U.S. dollar against the publication of data on China's GDP, which fell in line with analysts' forecasts. But after the currency reached a high of $ 1.0410 the situation has changed, and began a significant decline, in which the Australian dollar is gradually approaching the minimum values ​​of the day.


EUR/USD: during the session, the pair is trading without a trend and now fluctuates near the opening level of the day

GBP/USD: pair rose sharply, setting the maximum at $ 1.6170, followed by a significant drop.

USD/JPY: currency in today's trading shows rapid growth and is now close to the maximum values


At 12:30 GMT in Canada, there are data on changes in the volume of wholesale trade for August. At the same time, the U.S. will know the number of initial claims for unemployment insurance, the number of repeated applications for unemployment benefits in October. Finish the day at 14:00 GMT U.S. manufacturing output index for the Philadelphia Fed October


18.10.2012 12:00

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