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26.05.2011 12:15

European session:

The euro rose against the dollar as European Central Bank President Jean-Claude Trichet said policy makers are “carefully” monitoring inflation, fueling bets the economy is strong enough to withstand higher interest rates.
The ECB needs “to avoid commodity-price increases becoming entrenched in longer-term inflation expectations, which could have second-round effects on wages and prices,” Trichet said at a conference in Berlin today, according to a text provided by the Frankfurt-based ECB. “We are carefully monitoring the situation and we stand ready to do whatever is necessary to fulfill our mandate.”
The single currency snapped four days of losses against the Swiss franc, climbing from a record low. The Financial Times reported that European Financial Stability Facility Chief Executive Officer Klaus Regling said Asian investors, including China, may buy Portuguese bailout bonds when the EFSF sells them in June, easing concern that the region’s sovereign-debt crisis will spread.
“China’s interest is definitely a short-term positive,” said Imre Speizer, a strategist in Auckland at Westpac Banking Corp. “The longer-term issue of a restructuring of some sort for Greece remains in the background and may be an obstacle to a longer-term rally in the euro.”


EUR/USD: gained up to $1.4190.
GBP/USD: the pair posted high at $1.6330 then stabelized near  $1.6300.
JPY/USD: the pair found the base at Y81.70 before bounced back to Y82.00.


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 11:49

Orders desk:

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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