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24.08.2011 12:23

European session: The Swiss franc gained

Data:

08:00 Germany IFO business climate index (August)   112.9
09:00 EU(17) Industrial orders (June)   3.6%
09:00 EU(17) Industrial orders (June) Y/Y  15.5%


The Swiss franc gained versus all of its most-traded counterparts as concern the U.S. economy may be faltering and the euro-area debt crisis is getting worse boosted demand for a refuge.
The euro fell against the franc as German business confidence fell to the lowest level in more than a year. 
The yen rose toward a postwar high against the dollar as Finance Minister Yoshihiko Noda announced a $100 billion effort to help businesses cope with gains in the currency, reducing speculation Japan will intervene to curb gains. 
The dollar fell versus the currencies of major trading partners on speculation Federal Reserve Chairman Ben S. Bernanke may signal additional steps this week that may debase the currency.
German business confidence fell to the lowest level in more than a year as a global slowdown and Europe’s debt crisis damped the outlook for economic growth.
The Ifo institute in Munich said its business climate index, a measure of German business confidence based on a survey of 7,000 executives, dropped to 108.7 in August from 112.9 in the prior month. The median estimate of economists in a survey was for a decrease to 111.


EUR/USD: the pair shown high on $1.4475 then decreased.

GBP/USD: the pair updated a session low, reached a mark $1.6464.

USD/JPY: the pair decreased in area Y76.50.


US data include Durable goods orders at 12:30 GMT, followed by US Housing Price Index at 14:00 GMT.

Later investors will be looking for an oil stocks data from EIA at 14:30 GMT.


 

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