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Yesterday main news related to the emerging information on the decisions of the European leaders of the agreement to extend the fund EFSF. The euro rose on speculations of reaching agreement between France and Germany on the expansion ESFS to 2 trillion euros. Then the Financial Times Deutschland published a statement by the Minister of Finance of Germany Schäuble that ESFS size can be increased to a maximum of one trillion euros, and Chancellor Merkel said that there is “no magic wand” to solve the region’s fiscal crisis. Euro down when lawmakers rejected direct guarantees to fund EFSF.
Sterling rose for the first time in three days, advancing to $1.5845 on speculation a resolution to Europe’s debt crisis will help boost Britain’s economy. Bank of England policy makers voted unanimously to expand the size of their asset-purchase stimulus this month, according to minutes of their Oct. 6 meeting released yesterday. Strains related to Europe’s debt crisis created a “compelling” case to add to the program, according to the minutes.
EUR/USD: yesterday the pair rose, but lost later.
GBP/USD: yesterday the pair advanced.
USD/JPY: yesterday the pair holds in range Y76.65-Y76.85.
On Thursday President Sarkozy to fly to Frankfut for an meet with German Chancellor Merkel. UK data at 0830GMT includes SMMT Car Production and BOE Trends in Lending data as well as Retail Sales. At 0800GMT, German Finance Minister Wolfgang Schaeuble delivers a speech at an export industry conference, in Berlin. US data starts at 1230GMT when initial jobless claims are expected to rise 1,000 to 405,000 in the October 15 employment survey week after declining only 1,000 in the previous week. This is followed at 1345GMT by the weekly Bloomberg Comfort Index, while data at 1400GMT includes the Philadelphia Fed Survey, Existing Home Sales and also the Sep Leading Indicator.
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