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06.07.2011 12:41

European session:

The euro weakened against all but two of its 16 major peers tracked by Bloomberg after Moody’s Investors Service cut Portugal’s credit rating to junk status, stoking speculation the nation will need a second bailout.
The 17-nation common currency slipped for a second day versus the dollar and yen as investors and government officials struggle to devise a role for creditors in a bailout of Greece without triggering a default. The Swiss franc, a traditional haven from financial turmoil, rose against the euro.
“The market doesn’t really know where the euro is going to be in a year’s time because it has no idea how the euro zone is going to navigate its way through the crisis,” said Neil Mellor, a currency strategist at Bank of New York Mellon Corp. in London. “It will be choppy because there’s greater uncertainty now than there has been for a long time.”
Moody’s lowered Portugal’s long-term government bond ratings to Ba2 from Baa1. The reductions stem partly from “the growing risk that Portugal will require a second round of official financing before it can return to the private market,” Moody’s said in a statement yesterday.

EUR/USD printed session high on $1.4464 before slept on semi official sales to $1.4300.
GBP/USD fell back to $1.6000.
USD/JPY
tries to recover, but trades quite tight at Y80.95, above recent lows on Y80.80.

US data start at 14:00 GMT with ISM Non-mfg PMI for June.

06.07.2011 13:30

Before the bell:

06.07.2011 11:53

AUD/USD under pressure

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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