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03.11.2011 08:19

Forex: Wednesday’s review

The U.S. dollar offset the losses against the euro after the Federal Reserve raised its assessment of the economy. The Central Bank said here that "significant risks" remain, but, still, refrained from taking additional measures to ease monetary policy. The published statistics on the market yesterday, employment has also supported the dollar. As reported today, an independent U.S. recruiting and analytical agency ADP (Automatic Data Processing) in the private sector appeared 110 000 new jobs during the month of October. Data for September were revised up to 25 thousand items in a big way in the final count recorded 116 000 new employees of private firms and companies, not 91 thousand, as previously thought. In October, the vast majority of new positions, namely 114 000 was created in the service sector, while industrial workers, by contrast, have reduced staff by 4000 workers.

Earlier, the euro rose in the first time at this week after the cabinet of Greece supported the call of Prime Minister George Papandreou on the referendum on the plan of salvation of Greece. Greek Prime Minister George Papandreou secured the support of ministers on the issue submitted to referendum, the country assistance plan worth 130 billion euros, but he has to convince the leaders of the eurozone whether the referendum, did not expect such a decision.

EUR/USD: yesterday the pair rose.

GBP/USD: the pair gain in first half of yesterday but lost later.

USD/JPY: yesterday the pair decreased to Y78.00.

Thursday sees the start of the G20 Summit, taking place in Cannes. France new car registrations data starts the European data at  0830GMT. The ECB policy decision at 1245GMT will be the main European focus for Thursday and is followed at 1330GMT by Mario Draghi's first press conference as ECB president following a rate decision meeting. US events start at 1230GMT, including Atlanta Fed President
Dennis Lockhart making opening remarks at a conference on "What Should We Really Expect from Monetary Policy," in Atlanta. US data also starts at 1230GMT with the weekly Jobless Claims, 3Q Non-farm Productivity and  Unit Labor Costs. Initial jobless claims are expected to fall 2,000 to 400,000 in the October 29 week after small declines in the previous two weeks.US data continues with the 1345GMT weekly Bloomberg Comfort Index and then at 1400GMT by the ISM Non-Manufacturing Index (NMI) and Factory Orders.

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