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03.03.2011 08:59

Forex: Wednesday's review

The dollar fell against most of its major counterparts, reaching the weakest level versus the euro in almost three months, as oil rose above $100 a barrel for a second day amid unrest in North Africa and the Middle East.
Crude oil for April delivery climbed as much as 2.8 percent to $102.37 a barrel in New York as turmoil in North Africa and the Mideast spread, fueling concern supplies will be disrupted.
Libyan forces loyal to Muammar Qaddafi counterattacked rebels in the east coast, where much of the country’s crude is refined or shipped abroad.

The euro gained versus most major currencies after a report showed European producer-price inflation accelerated more than forecast in January, adding to speculation the central bank will signal tightening monetary policy at its meeting tomorrow. 
The euro erased early losses after factory-gate prices in the euro region jumped 6.1 percent from a year earlier, following a 5.3 percent rise in December, the European Union’s statistics office in Luxembourg said today. That’s the fastest since September 2008. 
New Zealand’s dollar was the worst major performer after the prime minister said he expected an interest-rate cut. The Swiss franc rose to a record versus the greenback.

EUR/USD: on results of yesterday's session the pair grown in around $1,3860.
GBP/USD: on results of yesterday's session the pair grown above a mark $1,6300.
USD/JPY: the pair shown low in the field of Y81,60 then grown.  

EMU data also includes the 1000GMT release of retail trade as well as the second release of Q4 GDP data. The retail trade is expected to rise by 0.5% m/m. The main event of Thursday is set to be the European Central Bank meeting where the announcement is due at 1245GMT. No change in rates is expected but all eyes will be on ECB President Trichet for the usual press conference at 1330GMT.The European Central Bank will likely step up its inflation warning at
the press conference, but it will stop short of signaling rate hikes in the very near term as the Council seeks to apprehend the impact of global commodity price pressures on Eurozone inflation amid ongoing market tensions. The ECB may still offer some action by resuming its exit from non-standard liquidity supply or announcing measures to limit the use of those operations by so-called persistent bidders. ECB  President Jean-Claude Trichet will likely confirm that interests rates are "still appropriate."
UK releases PMI Services data for February, at 0928GMT. 

03.03.2011 08:59

EUROZONE: Feb svcs PMI 56.8

03.03.2011 08:54

GERMANY: Feb svcs PMI 58.6

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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