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25.10.2011 08:01

Forex: Monday’s review

 

The dollar dropped against all of its major counterparts as equities rallied on better than expected corporate earnings and commodities advanced, sapping demand for a refuge. Raw materials rallied after a report showing China’s manufacturing may expand in October for the first time in four months, snapping the longest contraction since 2009.

The 17-nation euro erased its drop versus the dollar and yen as European politicians attempted to craft an effective response to the region’s sovereign debt crisis. European leaders meeting in Brussels yesterday outlined plans to assist banks, heading toward a revamped strategy to resolve the debt crisis. The 13th summit in 21 months excluded a forced restructuring of Greece’s debt, keeping with the policy of encouraging bondholders to accept “voluntary” losses to help restore the country’s finances. Leaders will meet again Oct. 26.

The yen rose versus the dollar as Japan’s exports increased 2.4 percent in September from a year earlier as demand for cars and auto parts advanced. Japanese Finance Minister Jun Azumi and Chief Cabinet Secretary Osamu Fujimura signaled today Japan is ready to intervene in the currency market to stop a yen appreciation to post-World War II highs that may stunt shipments as overseas demand slows.

 

EUR/USD: yesterday the pair gain and showed new week’s high. 

GBP/USD: yesterday the pair gain and showed new week’s high. 

USD/JPY: yesterday the pair fell.

 

On Tuesday UK data at 0830GMT is expected to see the BBA measure of Mortgage Approvals come in at 36k, while at the same time the UK Q2 Current Account Balance is expected to slip to -stg8.5 billion. Shortly after, at 0845GMT, Bank of England Governor Mervyn King and Deputy Governor Charles Bean Give Evidence on QE to the Treasury Committee. At 1300GMT with the S&P/Case-Shiller Home Price Index. US data at 1400GMT includes Consumer Confidence. At 1300GMT, the Bank of Canada delivers it's interest rate announcement.

 

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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