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22.02.2011 08:04

Forex: Monday's review

 

The yen and the dollar strengthened against most of their major counterparts as concern that unrest in the Middle East will spread boosted demand for safer assets.

Japan’s currency rose from a three-month low against the euro as stocks fell in Europe and Asia. Libyan leader Muammar Qaddafi’s son Saif said the country may have a civil war. 
The euro dropped after German Chancellor Angela Merkel’s Christian Democratic Union suffered an election defeat in the country’s richest state, fuelling concern that European Union attempts to deal with the sovereign debt crisis will be derailed. 
Europe’s common currency pared losses after a report showed German business confidence unexpectedly rose to a record in February. The Munich-based Ifo institute said its business climate index increased to 111.2 from 110.3 in January. That’s the highest since records for a reunified Germany began in 1991. 
New Zealand’s dollar climbed on speculation Fonterra Cooperative Group Ltd. will raise its forecast for payouts to farmers.
The board of Auckland-based Fonterra, the world’s largest dairy exporter, meets tomorrow after whole milk powder prices climbed to a 31-month high. The dairy exporter raised its forecast payment to farmers by 4.5% on Dec. 10, citing higher international prices.

EUR/USD: the pair bargained within the limits of $1.3650-$ 1.3715.
GBP/USD: the pair bargained within the limits of $1.6200-$ 1.6260.
USD/JPY: the pair bargained within the limits of Y83.00-Y84.00.

 

US data starts at 1400GMT with the latest S&P/Case-Shiller Home Price Index. This is followed at 1430GMT by the weekly MNI Capital Goods Index, which was delayed from the usual Monday release by the Presidents Day holiday. US data continues at 1500GMT with the February Richmond Fed Manufacturing Index as well as consumer confidence, which is expected to
fall to a reading of 65.0 in February after jumping in January. The Michigan Sentiment index rose in the month, based on the preliminary estimate. 

 

22.02.2011 07:39

Stocks: Monday's review

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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