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27.05.2011 11:48

EU session review: Dollar falls for second day on signs U.S. growth is slowing

Data released:
06:00     UK     Nationwide house price index (May)    0.3%    0.1%    -0.2%
06:00     UK     Nationwide house price index (May) Y/Y    -1.2%    -1.7%    -1.3%
08:00     EU(17)     M3 money supply (April) adjusted Y/Y    2.0%    2.3%    2.3%
08:00     EU(17)     M3 money supply (3 months to April) adjusted Y/Y    2.1%    2.3%    2.0%
09:00     EU(17)     Economic sentiment index (May)    105.5    105.8    106.2
09:00     EU(17)     Business climate indicator (May)    0.99    1.20    1.28

The dollar weakened for a second day against the euro and the yen before reports that economists said will show U.S. consumer spending slowed in April and pending home sales declined.
The yen declined against the European common currency as Japan had its credit outlook revised down by Fitch Ratings.
“The market is more concerned about the U.S. than it is about Europe,” said Sonja Marten, a currency strategist at DZ Bank AG. “We have weak growth in the U.S. When you look at the debt situation in the euro zone as a whole, it’s much better than in the U.S. More importantly, they’re doing something about it.”
The euro headed for a weekly loss versus the franc and the yen. A European Commission report today showed an index of executive and consumer sentiment in the region slid to 105.5 this month from 106.2 in April. The median estimate of economists was 105.7.
Luxembourg Prime Minister Jean-Claude Juncker said yesterday the International Monetary Fund may not release its share of a 12 billion-euro aid package to Greece next month.

EUR/USD rose to $1.4280 before rate corrected to $1.4230. Next attenpt to gain ground failed to break the session higha and euro weakened to $1.4185. Later rate recovered to $1.4244.

GBP/USD printed session high on $1.6460 before set stable around $1.6400/40.

USD/JPY broke channel support line from May 05 at Y81.20 and showed lows near Y80.80.

US data starts at 1230GMT with the personal income report that is expected to rise 0.4% in April. Growth in U.S. consumer spending slowed to 0.5 percent in April, the smallest gain in three months, according to a survey.
At 1355GMT, the Michigan Sentiment Index is expected to be unrevised at a reading of 72.4 in May.
At 1400GMT release of NAR Pending Home Sales is scheduled.
Pending home sales fell 1% in April, economists predict the National Association of Realtors will say today.
“All things considered, the weak fundamental data should provide a ‘sell dollars’ environment,” Sacha Tihanyi, a senior currency strategist at Scotia Capital.



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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