Forex: Monday’s review
Yesterday the euro fell to more than a decade low against the yen as European finance ministers weighed the threat of a default in Greece, which is making fresh budget cuts to secure an international bailout.The yen rose against all its major counterparts as Japan’s biggest manufacturers remained below levels seen before a record earthquake in March. The yen climbed against the dollar after the Bank of Japan said today its quarterly Tankan index of sentiment increased to 2 in September from minus 9 in June. The pound fell against all its major counterparts excluding the South Korean won as traders judged a surprise increase in U.K. manufacturing as insufficient to keep the Bank of England from providing further stimulus for the economy.EUR/USD: the pair decreased on Monday's session and showed new low.GBP/USD: the pair decreased on Monday's session.USD/JPY: during Monday's session the pair dropped.
Tuesday's European data calendar kicks off at 0700GMT, with the release of Spanish September unemployment. This is followed at 0800GMT, with the release of Spain's September consumer confidence and German August VDMA new machinery orders. Further European data is expected at 0900GMT, with the release of the EMU August PPI data.