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27.03.2012 08:24

Asian session: The dollar traded 0.2 percent from its lowest this month against the euro

 

00:00 G7 G7 Meetings

06:00 Switzerland UBS Consumption Indicator February 0.92 0.87

06:00 Germany Gfk Consumer Confidence Survey April 6.0 6.2 5.9


The dollar traded 0.2 percent from its lowest this month against the euro amid speculation the Federal Reserve will maintain easy monetary policy to sustain growth in the world’s biggest economy. The greenback, which has weakened against 15 of 16 major peers this year, remained lower as comments by Federal Reserve Chairman Ben S. Bernanke yesterday added to signs the central bank will embark on a third round of quantitative easing, or QE3. Bernanke is scheduled to give a lecture today at George Washington University. Yesterday in a speech in Arlington, Virginia, he said that “further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies.”

Demand for the euro was supported amid prospects European finance ministers will agree to bolster the region’s debt-crisis firewall this week. German Chancellor Angela Merkel said yesterday that her country may back plans for Europe’s temporary and permanent rescue funds to run in parallel. Finance ministers will meet in Copenhagen this week to discuss the prospect of combining the temporary European Financial Stability Facility and its permanent successor from July, the European Stability Mechanism.


EUR/USD: during the Asian session the pair traded in a range $1.3345-$1.3365.

GBP/USD: during the Asian session the pair traded in a range $1.5955-$1.5970.

USD/JPY: during the Asian session the pair traded in a range Y82.80-Y83.05.


Core-European data all comes early on Tuesday, starting at 0600GMT with German import prices and followed at 0610GMT by German GfK

consumer confidence. At 1300GMT, German parliamentary groups are likely to discuss drafts of ESM and the fiscal compact bills once again, in Berlin. Tuesday is a marathon day for UK policy commentary. UK Chancellor of the Exchequer George Osborne will kick off at 1315GMT with a Treasury Select Committee hearing into his 2012/13 Budget. Back in the UK, Bank of England Governor Mervyn King gives a testimony to the House of Lords Economic Affairs Committee at 1430GMT. US data starts at 1145GMT with the weekly ICSC-Goldman Sachs Mall Sales data. The weekly Johnson Redbook chain store sales data us due at 1255GMT. This is followed at 1300GMT by the

S&P/Case-Shiller Home Price Index.

27.03.2012 07:59

Forex: Monday’s review

Market Focus

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  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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