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19.04.2011 07:52

Forex: Monday's review

Yen and swiss franc gained as concerns grew that efforts to resolve Europe’s debt crisis may stall after election results in Finland showed gains for a euro-skeptic political group.
Finland’s Justice Ministry said support for the True Finns, whose leader Timo Soini says taxpayers shouldn’t have helped rescue Greece or Ireland, jumped to 19 percent in elections yesterday. A permanent bailout fund for indebted euro-area nations requires approval from all 17 members of the bloc.
Greece may not be able to avoid restructuring its debt before summer’s end, said Otto Fricke, the parliamentary budget spokesman for Chancellor Angela Merkel’s Free Democratic Party coalition partner.
The statement was supported by European Union spokeswoman Chantal Hughes who told reporters in Brussels today that “restructuring is not an option that’s on the table.” 
Later Greek official said restructuring is a matter of time. Greece ultimately will not be able to avoid restructuring its sovereign debt, an unnamed Greek government minister told the German daily Die Welt in an interview to be published Tuesday. 

EUR/USD: on results of yesterday's session the pair  decreased in around $1.4220.
GBP/USD: the pair   shown low in the field of $1.6160 then   returned back above a mark $1.6200.
USD/JPY: on results of yesterday's session the pair  decreased in around Y82.50.

This morning sees the release of the main European state flash PMIs manufacturing and services PMIs for April, including an early start with France at 0558GMT and then Germany at 0628GMT and the main EMU release at 0658GMT. France data is expected to edge lower to 55.0 and 60.0 for manufacturing and services PMIs respectively with Germany edging down to 60.0 and 59.5, while the EMU releases are also expected to edge down to readings of 57.0 and 56.8. Then, at 0800GMT, ECB current account data is due, followed at 0900GMT by EMU construction output, although this data is for February.

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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