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05.09.2011 08:11

Asian session review: Dollar advances on Merkel’s home-state election defeat

The dollar rose after an election loss for Germany’s ruling party stoked concern that support will fade for bailouts of the euro area’s indebted states, supporting demand for refuge currencies.
The euro slid to a three-week low versus the yen after German Chancellor Angela Merkel failed to sway voters in her home state.
“The U.S. economy is sluggish, the European debt concern is not going away in a hurry, so market sentiment is not going to improve for a very long time,” said Alex Sinton, a senior dealer at ANZ National Bank Ltd..
European Central Bank President Jean-Claude Trichet is scheduled to speak in Paris today before the ECB’s policy meeting on Sept. 8.
“If the ECB takes away the tightening bias, it’s going to take away some support out of the euro,” ANZ’s Sinton said. “You would see the euro moving down to the $1.4010 area.”

EUR/USD failed to break above $1.4200 and weakened to $1.4109.
GBP/USD was between $1.6170/90 before fell to $1.6110.
USD/JPY held within the range, limited by Y76.70/80, before declining to Y76.85.


At 08:30 GMT EU Sentix Investor Confidence is due to comes for September.
UK releases its PMI services index at 08:30 GMT too.
EU Retail sales data will come at 09:00 GMT.
There are no any economic data from US and Canada as those countries' financial markets are closed in observance of Labor Day.

05.09.2011 08:00

EMU: Aug svcs PMI 51.5

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