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01.08.2011 08:45

Asian session: Yen and Franc weaken after Obama says debt deal agreed

Data released:
01:00    China Manufacturing PMI (Jul)     50.7    50.2    50.9    3    
02:30    China HSBC Manufacturing PMI (Jul)     49.3        48.9

The yen slid after U.S. President Barack Obama said leaders from the two parties reached an agreement to reduce the deficit, cutting demand for refuge currencies.
Obama said from the White House that leaders of both parties in the U.S. House and Senate had approved an agreement to raise the nation’s debt ceiling by $2.1 trillion and cut the federal deficit by as much as $2.5 trillion over a decade.
Shortly before Obama spoke, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell took to the Senate floor to endorse the accord.
Treasury Secretary Timothy F. Geithner has said the U.S. will run out of options to prevent a default by tomorrow if the debt limit isn’t increased.
Standard & Poor’s said on July 14 that the chance of a downgrade is 50 percent in the next three months and it may cut the rating as soon as this month if there isn’t a “credible” plan to reduce the nation’s deficit.
The Swiss franc weakened from a record high against the greenback as gains in stocks boosted investor appetite for higher-yielding assets.
The New Zealand dollar reached its strongest ever on improved prospects for the nation’s exports after data showed faster-than-estimated manufacturing in China.
The Purchasing Managers’ Index for China’s manufacturing was at 50.7 in July, compared with 50.9 in June, accordong to the statement released today. That was more than median forecast.

EUR/USD initially rose from $1.4345 to the highs on $1.4420. Offers capped the rally and euro retreated to $1.4382.

GBP/USD fell from $1.6470 to the lows under $1.6400 following the weak UK CIPS report. Later rate was back to the figure.

USD/JPY rallied from Y76.90 to Y78.05 before corrected to Y7740. Later rate was at Y77.80.

EMU unemployment fogure is due to come at 09:00 GMT with the median forecast is for the rate at 9.9%.
US construction specding and ISM manuf index are in schedule at 14:00 GMT.



Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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