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02.08.2013 06:22

Asian session: The dollar headed

01:30 Australia Producer price index, q / q Quarter II +0.3% +0.5% +0.1%

01:30 Australia Producer price index, y/y Quarter II +1.6% +1.6% +1.2%


The dollar headed for weekly gains against all its major peers as improvements in the U.S. economy added to the case for the Federal Reserve to slow the pace of bond purchases which tend to debase the currency.

The greenback rebounded from the lowest in six weeks versus the euro before the Labor Department releases employment data for July, following U.S. reports showing claims for jobless benefits fell to a five-year low and manufacturing expanded faster than analysts estimated. U.S. employers probably added 185,000 jobs in July, following a 195,000 gain in June, according to the median forecast of economists in a Bloomberg News poll ahead of the Labor Department’s figures today. The jobless rate probably declined to 7.5 percent from 7.6 percent.

Data yesterday showed initial claims for jobless benefits unexpectedly fell by 19,000 to 326,000 in the week ended July 27, the fewest since January 2008. The Institute for Supply Management’s U.S. factory index increased to 55.4, the strongest since June 2011 and exceeding the highest projection from economists. Readings above 50 indicate expansion.

Australia’s dollar dropped to the lowest in almost three years before a meeting next week when Reserve Bank policy maker are expected to cut interest rates to a record low. Traders agree, seeing a 95 percent chance of a reduction, according to interest-rate swaps data compiled by Bloomberg.

Demand for the shared currency was limited after European Central Bank President Mario Draghi said yesterday policy makers expect interest rates in the region to stay low for an extended period.


EUR / USD: during the Asian session the pair traded in a range of $ 1.3185-25

GBP / USD: during the Asian session the pair traded in a range of $ 1.5100-30

USD / JPY: during the Asian session the pair traded in a range of Y99.20-70


French July car registrations are expected to be released at 0700GMT, with Spain's July unemployment numbers expected at the same time. Spanish unemployment is seen down 75,000 on the month. At 0702GMT, the EMU June PPI numbers will be published, with analysts looking for an unchanged number on month and a rise of 0.3% on year. With the week's central bank meetings behind us, the focus turns to the main data release of the week - possibly the month - the US employment reports. However, ahead of the jobs numbers crossing the wires, there is some limited data in Europe. At 0600GMT, the August Nationwide House Price Index will be released and is expected to underline the continued pick up in UK house prices as the latest government schemes to underpin the housing sector continue. Economists are expecting a rise of 0.4% on month and 3.1% on year. The UK July CIPS/Markit Construction PMI data will cross the wires at 0830GMT, with expectations for a reading of 51.5 against 51.0 in June. At 1400GMT, the US June Factory Orders numbers will be released. At 1615GMT, the St Louis Federal Reserve Bank President James Bullard will give a speech on the economy, followed by a press briefing, in Boston. Across the Atlantic, there is a raft of US data expected at 1230GMT, including June Personal Income numbers, June PCE Price Index and the July Non-farm Payrolls numbers.

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