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12.05.2011 12:03

EU session review: Dollar advances as commodities, stock markets decline

Data released:
08:30     UK     Industrial production (March)    0.3%    0.7%    -1.2%
08:30     UK     Industrial production (March) Y/Y    0.7%    1.2%    2.4%
08:30     UK     Manufacturing output (March)    0.2%    0.3%    0.0%
08:30     UK     Manufacturing output (March) Y/Y    2.7%    2.8%    4.9%
09:00     EU(17)     Industrial production (March)    -0.2%    0.4%    0.6 (0.4)%
09:00     EU(17)     Industrial production (March) Y/Y     5.3%    6.3%    7.7 (7.3)%

The dollar strengthened against the majority of its most actively traded peers as commodity prices and stocks slumped.
The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, climbed to the highest in three weeks as the Stoxx Europe 600 slid 1.1%, following a decline in U.S. and Asian equities.
The euro fluctuated between gains and losses versus the dollar amid speculation Greece may have to restructure debt.
The pound fell against the dollar after a report showed manufacturing rose less than estimated, giving the Bank of England leeway to hold its main interest rate at a record low for longer to spur growth.
Sterling also declined against the Japanese yen and retreated from a seven-week high against the euro. Manufacturing output rose 0.2% in March from the month before, the Office for National Statistics said today, below the 0.3% median estimate. A separate release showed industrial production rose 0.3% from February, less than the 0.8% survey forecast.

EUR/USD failed to hold around daily highs on $1.4230 and retreated to $1.4177. Attemps  to go back to highs were short-lived and euro fell to $1.4120. Currently rate recovers, holding around $1.4177.

GBP/USD fell sfter the weak UK data from $1.6380 to the lows around $1.6250. Rate currently trades at $1.6277.

USD/JPY weakened from Y81.30 to Y80.70. Currently rate holds around Y81.00 - at Y80.95.

Retail sales probably climbed in April, showing growing employment is enabling Americans to withstand higher costs for groceries and gasoline, economists said before a report today. The projected 0.6% gain in purchases would follow a 0.4% March increase, according to the median forecast of economists.
The Commerce Department’s sales figures are due at 12:30 GMT. Economists’ estimates ranged from gains of 0.2% to 1.2%.
The Labor Department will also issue two reports at 12:30 GMT. One may show jobless claims fell by 44,000 to 430,000 last week.
The other may show producer prices rose 0.6% in April after increasing 0.7% the prior month.

12.05.2011 12:30

US: Apr retail sales +0.5%

12.05.2011 11:52

Oil weakens

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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