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08:30 United Kingdom PMI Construction (May) 54.0 53.8 53.3
The euro gained versus the dollar and yen as German Chancellor Angela Merkel said the European Union remains committed to its shared currency and the outlook for German growth is “very positive.”
“We don’t have a euro problem in Europe,” Merkel said today. “We have more of a debt problem. Financial markets doubt whether some EU states can manage their debt in the long-term.” Germany is committed to the euro, which is stable, she said.
The euro has gained 2.4% this year, versus a 5.4% drop by the dollar and a 5.5% decline for the yen.
The yen stayed lower against the euro as Japan’s Prime Minister Naoto Kan survived a no-confidence vote after appealing to ruling party dissidents by offering to step down once his work to lead a recovery from March’s earthquake is accomplished.
The Labor Department will release May unemployment figures tomorrow. Goldman Sachs Group Inc. yesterday revised its estimate for an increase in May nonfarm payrolls to 100,000 from 150,000, while Citigroup Inc. trimmed its projection to 100,000 from 170,000. The median estimate is for a gain of 170,000 following a 244,000 April increase.
EUR/USD continues to recover after decline in Asia to $1.4305. Rate printed session high on $1.4490, after triggering some stops and offers. Options are at $1.4500.
GBP/USD was supported by strong statistic and rose to $1.6420. Later rate retreated to $1.6370.
USD/JPYcontinues to weaken from Asian high on Y81.30. Rate printed lows around Y80.66.
US data starts at 1230GMT with the weekly jobless claims and also the release of non-farm productivity and unit labor costs.
US data continues at 1400GMT with US factory new orders that are expected to fall 0.9% in April.
The weekly EIA Natural Gas and Crude Oil Stocks data releases are due from 1430GMT.
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