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23.06.2011 08:08

Forex: Wednesday's review

The dollar was little changed against the euro after the Federal Reserve said it will maintain monetary stimulus after completing a Treasury-purchase program because economic growth remains sluggish.
The greenback was little changed versus the yen as the Fed maintained its vow to keep interest rates low for an “extended period” after a second round of Treasury purchases failed to improve the economy. 
The euro fell earlier versus most major currencies on speculation Greek Prime Minister George Papandreou will struggle to pass austerity measures, even after winning a confidence vote yesterday. 
Papandreou will seek approval next week for a 78 billion-euro ($112 billion) package of budget cuts and asset sales to help ensure more financial aid from the European Union and the International Monetary Fund and stave off the threat of default.
The pound fell for the first time in four days against the greenback as minutes of the latest Bank of England meeting showed some policy makers saw a risk that more bond purchases may be required.
Bernanke says that recovery is slowed dowd somewhat and the phrase on "extended pperiodd" doesn't know the timing, at least two or three FOMC's meetings till ending extended period.
EUR/USD: the pair shown high in $1.4440 area. The rate fallen in $1.4340  area later.
GBP/USD: on results of yesterday's session the pair decreased in $1.6060  area.
USD/JPY: the pair holds on  Y80.00-Y80.40.

US data starts at 1230GMT, when initial jobless claims are expected to rise 1,000 to 415,000 in the June 18 employment survey week. Claims stood at a 414,000 level in the May 14 employment survey week. At 1400GMT new home sales are expected to fall to a 305,000 annual rate, still very low but above the 281,000 rate in May 2010.

Market Focus

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  • 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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