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23.12.2011 08:22

Forex: Thursday’s review


The
euro fell against the U.S. dollar after the release of macroeconomic data on applications for unemployment insurance in the United States. The dollar has grown, despite the negative data on GDP for the third quarter, where the value was 1.8% versus 2.0%. Significant impact on the market have data on the labor market, where the value was 364 thousand vs. 376 thousand in government in Italy, Mario Monti won a confidence vote in the Senate on measures of austerity.

The British pound rose against the U.S. dollar after the published statistics showed that UK GDP has exceeded the preliminary estimate. GDP grew in the third quarter of 2011 by 0.6% over the previous three months. Bank of England, King said that the prospects for growth and market conditions have deteriorated, and he is concerned about the threat posed by the debt crisis. In this case, the dependence on central bank has increased.King believes that banks need to raise capital without reducing the volume of lending.


EUR/USD: yesterday the pair has grown, but then decreased.

GBP/USD: yesterday the pair has grown, however lost the positions later.

USD/JPY: yesterday the pair advanced.


European data for Friday starts at 0630GMT with the detail of France Q3 GDP data, which is followed by France PPI for November at

0745GMT. UK data at 0930GMT includes BBA Banking Data, Mortgage Approvals as well as the latest Index of Services data. At 0830GMT, the Swiss National Bank is due to publish it's Q4 Quarterly Bulletin. US data starts at 1300GMT with the latest Building Permits Revision,

while data at 1330GMT includes durable goods orders and also Personal Income data. Then, at 1500GMT, US New home sales are forecast to rise to a 313,000 annual rate from the 307,000 rate in October. Late US data sees the 2115GMT release of Commercial & Industrial Loans.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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