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11.02.2011 13:11

EU session review: Dollar strengthens as Egypt's turmoil, stock losses spur demand for haven

Data released
07:00     Germany     CPI (January) final    -0.4%    -0.5%    1.0%
07:00     Germany     CPI (January) final Y/Y    2.0%    1.9%    1.7%
07:00     Germany     HICP (January) final Y/Y    2.0%    2.0%    1.9%
07:00     Germany     Wholesale prices (January)    1.2%    1.0%    1.8%
07:00     Germany     Wholesale prices (January) Y/Y    9.4%    9.0%    9.5%
09:30     UK     PPI (Output) (January) unadjusted    1.0%    0.5%    0.5%
09:30     UK     PPI (Output) (January) unadjusted Y/Y    4.8%    4.4%    4.2%
09:30     UK     PPI Output ex FDT (January) adjusted    0.7%    0.3%    0.2%
09:30     UK     PPI Output ex FDT (January) unadjusted Y/Y    3.2%    -    2.9%
09:30     UK     PPI (Input) (January) adjusted    1.7%    0.9%    3.4%
09:30     UK     PPI (Input) (January) unadjusted Y/Y    13.4%    12.0%    12.5%

The dollar rose as speculation turmoil in Egypt will get worse and a decline in global equities boosted demand for the safety of U.S. assets.
The greenback headed for a third weekly gain versus the euro after Egyptian President Hosni Mubarak defied calls for his immediate resignation, agreeing only to delegate powers until an election in September.
Mubarak said during a broadcast interview that he intended to stay on as president until the elections, while handing day- to-day powers to Vice President Omar Suleiman.
The MSCI Asia Pacific Index of shares fell 0.7%, the Stoxx Europe 600 Index slipped 0.7% and futures on the Standard & Poor’s 500 Index dropped 0.5%.
Dollar Versus Yen
Australia’s dollar weakened for a third day versus the greenback as Reserve Bank Governor Glenn Stevens said that there was no urgency to boost borrowing costs in the first half of the year, leading traders to cut bets on the amount of rate increases over the next 12 months.

EUR/USD weakened to the lows around $1.3504 and set stable within the $1.3504/30 range.

GBP/USD fell from $1.6070 to $1.5960 before recovered to $1.5995.

USD/JPY tested year's high on Y83.70 before retreated to current Y83.55.

The dollar was poised for a 1.7% weekly gain versus the yen, its biggest since Jan. 7, before a U.S. report economists said will show consumer confidence improved.
The Thomson Reuters/University of Michigan’s preliminary index of consumer sentiment rose to 75, the highest level since June, from 74.2 in January, according to the median forecast of economists.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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