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10.12.2010 08:40

Forex: Thursday's review

The euro declined after a downgrade to Ireland’s credit rating added to concern Europe’s debt crisis may spread.
The 16-nation currency fell against 13 of its 16 most- traded counterparts as Fitch Ratings reduced Ireland’s rating by three notches and the nation’s government planned a vote on an 85 billion-euro ($114 billion) aid package. The Dollar Index rose for a fourth day after the number of workers filing first- time claims for unemployment insurance payments fell more than forecast.
Fitch cut Ireland’s credit rating to BBB+ from A+, three steps above non-investment grade, citing the mounting cost to rescue the nation’s banking system. “The downgrade reflects the additional fiscal costs of restructuring and supporting the banking system,” Fitch said in the statement. “Ireland’s sovereign credit profile is no longer consistent with a high investment grade rating.”
Applications for U.S. jobless benefits decreased to 421,000, from a revised 438,000 the prior week, Labor Department figures showed. Economists forecast claims would fall to 425,000.
The Australian dollar strengthened against all its major counterparts after a government report showed employers added more than twice as many jobs as economists forecast.
Australia’s currency gained for the first time in four days against the greenback as the extra yield the South Pacific nation’s bonds offer over Treasuries widened and traders added to bets the central bank will boost interest rates.
Australia’s currency rallied after the statistics bureau said employers added 54,600 workers in November, reducing the unemployment rate to 5.2 percent from 5.4 percent in October. Economists forecast 20,000 extra jobs, according to a survey.

EUR/USD: the pair shown low in the field of $1,3170.

GBP/USD: on results of yesterday's session the pair decreased in around $1.5770.

USD/JPY: the pair bargained within the limits of Y83,50-Y84,15.

UK data sees Producer Prices for November at 0930GMT. Input PPI is  seen at 0.5% m/m and 8.3% higher on year. Output is seen at 0.3% m/m and 4.0% y/y.
The IEA monthly oil market report is then due, at  0900GMT.
US data starts at 1330GMT with Trade and the Import, Export Price Index. The international trade gap is expected to hold steady at $44.0b billion in October after narrowing in September. Import prices rose 0.9% in October on a 3.3% rise in petroleum prices and a 0.4% combined gain in the other import categories. Boeing reported 108 orders in October, down slightly from 117 in September. At 1455GMT, the Michigan Sentiment index is expected to rise slightly to a reading of 72.2 in early-December from 71.6 in November. Late US data at 1900GMT sees the Treasury Statement, where Treasury is expected to post a $130.0 billion budget gap in November. The Treasury posted a $120.3 billion gap in November 2009.

10.12.2010 08:31

Stocks: Thursday's review

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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