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22.03.2012 08:51

Forex: Wednesday’s review

 

 

Yesterday the dollar rose against most of its major counterparts as concern grew that risk-asset gains have outpaced prospects for economic growth, boosting appetite for the perceived safety of the greenback.

 

The 17-nation euro reached the highest level in almost two weeks against the dollar earlier after Greece won parliamentary approval for a bailout and as Germany and Portugal sold bonds at auctions. The euro was supported after Greece’s Prime Minister Lucas Papademos won approval for a 130-billion-euro ($172 billion) aid package. U.S. Treasury Secretary Timothy F. Geithner said today that “Greece is making progress toward sustainability.”

The yen weakened against most of its major peers as concern increased the Bank of Japan will boost stimulus. Finance Minister Jun Azumi said the Bank of Japan established an inflation target of 1 percent on Feb. 14, replacing earlier wording that the central bank had an “understanding” of where consumer prices should go. It also said it would add 10 trillion yen ($119 billion) yen of stimulus to the economy.

The pound fell against the dollar as Chancellor of the Exchequer George Osborne cut the U.K.’s top 50 percent income- tax rate and slapped a levy on purchases of the most expensive houses in a budget that maintained his drive to eliminate most of the deficit by 2017. Britain’s currency fluctuated against the euro as minutes of the Bank of England’s Monetary Policy Committee’s March 7-8 meeting showed that the policy makers Adam Posen and David Miles wanted to increase the target for bond purchases by 25 billion pounds ($40 billion) to 350 billion pounds. The seven remaining members voted to keep the current 325 billion-pound target.

 

EUR/USD: yesterday in first half of day the pair gain, however has lost the positions, lowered in the moment below $1.3200 later.

GBP/USD: yesterday in first half of day the pair rose to $1.5900, however fell to a figure later.

USD/JPY: yesterday in first half of day the pair gain, however has lost the positions, lowered in the moment below Y83.30 later.

 

Thursday morning in Europe sees the release of the flash manufacturing and Services PMIs for March for the core-European countries, including France at 0658GMT, Germany at 0728GMT and then the main EMU data later in the morning at 0758GMT. UK data sees retail sales at 0930GMT. More EMU data follows at 1000GMT with the release of industrial orders data. At 1400GMT, the Belgian BNB Business Confidence data is due, which is expected to improve slightly, to a reading of -6.5. US data starts at 1230GMT when initial jobless claims are expected to rise only slightly to 355,000 in the March 17 employment survey week after falling 14,000 in the March 10 week. US data continues at 1400GMT with the FHFA Home Price Index and also the latest Leading Indicator data. At 2000GMT, Chicago Fed President Charles Evans presents a paper, "Effects of FOMC Forward Guidance," at the Brookings Institution where he will be on a panel. Late US data sees the 2030GMT release of money supply data. Finally, at 2330GMT, New York Fed President William Dudley speaks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century.

 

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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