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24.05.2011 07:56

Forex: Monday's review

The euro slumped to a record low against the Swiss franc amid deepening concern Europe’s sovereign-debt crisis will worsen, damping the appeal of the region’s assets.
The European Central Bank will accept Greece’s government bonds as collateral in its refinancing operations as long as the country’s consolidation program stays on track, Ewald Nowotny, an ECB Governing Council member, told reporters today. Officials said last week it may not be able to take Greek sovereign debt as collateral if bond maturities are extended.
Australia’s dollar was among the worst performers against the greenback after a Chinese manufacturing gauge fell to a 10-month low amid concern the global economic recovery will falter.
The preliminary purchasing managers’ index for China compiled by HSBC Holdings Plc and Markit Economics fell to 51.1 in May. It was 51.8 in April. 
China is the nation’s biggest trading partner. 

EUR/USD: on results of yesterday's session the pair decreased in around $1.4050.
GBP/USD: on results of yesterday's session the pair decreased in around $1.6120.
USD/JPY: the pair shown low in the field of Y81.30.  Later restored and finished session in around Y81.90.
The European data calendar for Tuesday starts at 0600GMT with the details of German Q1 GDP. The main European release for Tuesday is likely to be the German Ifo business survey for May, where the business climate index is expected to slip back to a reading of 113.8 from 114.2, while the current assessment is expected to remain 
at 121.0 and the expectations index slipping to a reading of 106.5 from 107.7. EMU industrial orders data is due at 0900GMT, although the data is for March and is expected to post a decline at -1.8% m/m. 
UK data includes the April Public Sector Finances data at 0830GMT. April, the first month of the new fiscal year, should only see modest borrowing requirements. Public Sector Net Borrowing in April last year was stg5.176 billion, and stg6.917 bln in 2009 and it is expected to shrink to stg4.4 bln this time. Also in the UK today, the Bank of 
England's Paul Fisher speaks at 1100GMT, while at 1130GMT, the CBI Distributive Trades data for May is expected to see the reported sales balance post a decline to 12 from a reading of 21.
US data - at 1400GMT new home sales. 

24.05.2011 07:04

Stocks: Monday's review

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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