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24.10.2011 08:34

Asian session: the euro gain

 

00:30 Australia Producer price index, q / q Quarter III +0.6%

00:30 Australia Producer price index, y/y  Quarter III +2.7%

02:30 China HSBC Manufacturing PMI October 51.1

 

The dollar and the yen fell as stocks rallied after Europe’s leaders inched toward a revamped strategy to contain the region’s debt crisis, sapping demand for the safest assets. The euro reached a six-week high against the dollar after French Finance Minister Francois Baroin said he’s “convinced” policy makers will reach a deal by Wednesday. For all the concern that European officials led by German Chancellor Angela Merkel and French President Nicolas Sarkozy may not be able to fix the region’s sovereign debt crisis, the $4 trillion-a-day currency market is signaling that the worst may be over for the euro. Leaders meeting yesterday outlined plans to aid banks and ruled out tapping the European Central Bank’s balance sheet to boost its rescue fund.

The yen jumped to a post-World War II high last week on speculation the Federal Reserve may seek further monetary easing while Japan’s government will struggle to stem its currency’s gains.

 

EUR/USD: on Asian session the pair gain. 

GBP/USD: on Asian session the pair advanced. 

USD/JPY: on Asian session the pair fell. 

 

On  Monday  European data includes the flash readings of manufacturing and services PMI data with France at 0558GMT, Germany at 0628GMT and the main EMU numbers at 0658GMT. European data then rounds off with the 0900GMT release of EMU industrial new orders. at 1300GMT, Dallas Fed President Richard Fisher delivers a speech on challenges to economic growth to the Toronto Forum for Global Cities in Toronto.

 

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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