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15.04.2011 08:14

Forex: Thursday's review

The euro erased its decline against the dollar on speculation the sovereign-debt crisis in nations including Portugal and Greece will be contained.
The euro erased its drop as European Union Economic and Monetary Affairs Commissioner Olli Rehn said he’s “quite confident” the financial-aid package being negotiated for Portugal will result in the debt crisis being contained. 
The dollar fell to its lowest level this month against the yen as U.S. initial jobless claims unexpectedly rose and producer prices advanced at a slower pace, encouraging the Federal Reserve to keep borrowing costs low. The euro slid earlier as concern Greece will have to restructure its debt pushed its bond yields to record highs.

EUR/USD: the pair become stronger in around $1.4480.
GBP/USD: on results of yesterday's session the pair become stronger in around $1.6350. 
USD/JPY: the pair shown low in the field of Y82.90, later become stronger in around Y83.50.

The G20 finance ministers and central bankers meeting takes place in Washington from 1430GMT today. Main European data is sparse, with just the 0900GMT release of the February EMU trade balance and also 
March final HICP. 
US data start at 1230GMT with the Consumer Price Index and also the NY Fed Empire State Survey. Consumer prices are expected to reflect the continued price pressures from food and energy, though to a lesser extent than in at the wholesale level. Overall CPI is forecast to rise 0.5%, while core CPI is expected to rise 0.2%. The NY Fed Empire State Index is forecast to hold steady at a reading of 17.5 in April after rising in each of the last four months. 
The Treasury International Capital System (TICS) data follows at 1300GMT. US data continues at 1315GMT, when industrial production is  expected to rise 0.6% in March. Factory payrolls rose 17,000 in the 
month, while auto production jobs rose 3,000. The factory workweek fell 0.1 to 40.5 hours. The ISM production index rose to 69.0 in March. Capacity utilization is forecast to rise to 77.4%.
 1355GMT, The Michigan Sentiment index is expected to rise to a reading of 69.0 in early-April. 

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  • Australian unemployment rate stable at 5.6% in June
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