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26.05.2011 07:41

Forex: Wednesday's review

The Swiss franc climbed against all of its 16 most-traded peers, reaching a record versus the euro, on concern Greece’s debt crisis threatens the region’s economic recovery as European leaders struggle to resolve it.
The euro erased losses against the dollar as stocks rallied. The pound advanced after the U.K.’s gross domestic product rose in the first quarter. The franc climbed versus Europe’s shared currency for a fourth day, the longest winning streak in a month. 
The franc also strengthened as investors speculated the record exchange rate against the euro won’t prevent Switzerland’s central bank from raising interest rates as the economy expands. Jan-Egbert Sturm, head of the KOF Swiss Economic Institute, told state television the central bank may increase borrowing costs from near zero as soon as next month.
The Organization for Economic Cooperation and Development said in a report today the Swiss central bank should start raising borrowing costs this year to counter emerging inflationary pressures. 
U.S. durable goods orders decreased 3.6 percent following a 4.1 percent jump in March, dropping the most in six months, Commerce Department data showed today. 
The euro fell against the franc as European officials disagreed over how to resolve the debt crisis.
European Union Economic and Monetary Affairs Commissioner Olli Rehn told the French newspaper Les Echos in an interview Greek debt maturities could be extended on a voluntary basis.
European Central Bank Executive Board Member Juergen Stark said Greece, Ireland and Portugal need a “drastic change” in economic policy. Restructuring Greece’s debt “cannot, must not be the solution,” Stark said in a speech in Berlin. Euro-area leaders should “please consider the consequences” of a debt restructuring, Stark said. 

EUR/USD: the pair shown low in the field of $1.4000 then restored and finished session in around $1.4080.
GBP/USD: on results of yesterday's session the pair become stronger in around $1.6270.
JPY/USD: the pair bargained within the limits of Y81.80-Y82.20.

At 0920GMT, ECB President Jean-Claude Trichet delivers a speech at the WDR Europaforum.
US data starts at 1230GMT with the wekly jobless claims also the second release of Q1 GDP data. The level of initial jobless claims is expected to fall 4,000 to 405,000 in the May 21 week, continuing to retrace from its sharp April gains. The pace of GDP growth is expected to be revised up to +2.1% for the first quarter on upward adjustments to PCE, nonresidential fixed investment, and inventory building. Residential building is expected to be a larger drag on GDP than previously estimated. The chain price index is expected to be unrevised at +1.9%.

26.05.2011 06:58

Stocks: Wednesda'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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