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20.12.2011 08:47

Asian session:

00:01 United Kingdom Nationwide Consumer Confidence November 36 34 40
00:30 Australia Australia RBA Meeting's Minutes
04:30 Japan All Industry Activity Index, m/m October -0.9% 1.2% 0.8%

The euro traded 0.5 percent from an 11-month low before Spain sells securities and the release of a German report forecast to show deteriorating business confidence in Europe’s largest economy. The 17-nation euro maintained yesterday’s drop versus the dollar amid signs Europe may have difficulty attracting outside funds to address its debt crisis. Spain is due to auction three- and six-month securities today. Fitch Ratings lowered its outlook on France to “negative” on Dec. 16 and also put Spain and Italy on review for a reduction.

Euro-region governments have to repay more than 1.1 trillion euros ($1.4 trillion) of long- and short-term debt in 2012, according to Bloomberg data. Italy and Spain have about 146 billion euros of bonds and bills maturing in the first quarter, the data show.

European finance ministers yesterday said they will boost their anti-crisis efforts by pledging 150 billion euros to the International Monetary Fund. Four countries not using the single currency also agreed to add to the IMF war chest while Britain refused to commit funds, a sign of the difficulty of attracting outside cash to ease the euro area’s debt burdens

Australia’s dollar rose after the Reserve Bank said in minutes of its Dec. 6 meeting that investment in the domestic economy and “solid growth” among trading partners had tempered the need for lower rates. New Zealand’s currency climbed before a report this week forecast to show an acceleration of economic growth in the third quarter.


EUR/USD: on Asian session the pair holds in range $1.2990-1.3015.

GBP/USD: on Asian session the pair gain.

USD/JPY: on Asian session the pair fell.


On Tuesday European data starts at 0700GMT with German PPI data for November, closely followed by the German GfK consumer sentiment data at 0710GMT. Also today, MEPs are due to discuss the new fiscal compact. The exact time and location is to be confirmed, but this will likely take place late in the European morning. Core-European data is due at 0900GMT, when the German IFO business survey is due and is expected to show slight deteriorations in the Business Climate index to 106, in the Current Assessment to 116 and in Expectations to 97. At 1500GMT, the pace of us housing starts is expected to rise slightly to a 630,000 annual rate in November, offsetting the decline in the previous month. At 1530GMT, the weekly EIA crude oil stocks data is due.

20.12.2011 08:38

Forex: Monday’s review

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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