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29.03.2012 08:51

Forex: Wednesday’s review


Yesterday the dollar gained against the majority of its 16 most-traded peers amid concern the rate of global growth is slowing spurred demand for the haven of the U.S. currency. The greenback strengthened after a report showed U.S. factory orders trailed forecasts and the United Kingdom revised first-quarter growth downward. Bookings for U.S. durable goods, meant to last at least three years, advanced 2.2 percent, less than projected, after a revised 3.6 percent decline the prior month, data from the Commerce Department showed today in Washington. Economists forecast a 3 percent gain, according to the median forecast.

The 17-nation euro pared losses after a draft statement from European finance ministers showed governments are preparing to increase rescue funds. The euro was bolstered by a draft statement showing that European governments are preparing for a one-year increase in the ceiling on rescue aid to 940 billion euros ($1.3 trillion) to keep the debt crisis at bay. German Chancellor Angela Merkel said two days ago her country may back plans for the European Financial Stability Facility and the European Stability Mechnismto run in parallel. Italian, Portuguese and Spanish 10- year government bonds rose.

The yen strengthened amid speculation Japanese companies will repatriate overseas earnings before the end of the fiscal year on March 31.

Britain’s pound fell after a report showed the economy shrank more than first estimated in the fourth quarter, strengthening the case for the central bank to maintain asset purchases. U.K. gross domestic product dropped 0.3 percent from the previous three months, compared with an earlier estimate of 0.2 percent, data showed today. Bank of England Governor Mervyn King said yesterday he has an open mind on whether more monetary stimulus, or quantitative easing, is needed.

EUR/USD: yesterday the pair decreased, fallen in the moment below $1.3300.

GBP/USD: yesterday the pair fell to a figure, closed day below $1.5900.

USD/JPY: yesterday the pair traded in range Y82.60-Y83.20.

UK Nationwide House Prices data is due at 0600GMT Thursday and are expected to post a rise of 0.2% m/m, 1.0% y/y. At 0810GMT, Bank of England Executive Director Markets Paul Fisher will speak at a National Asset Liability Management Conference. US data starts at 1230GMT with the weekly jobless claims and Q4 GDP data. At 1615GMT, Atlanta Federal Reserve Bank President Dennis Lockhart participates in a panel discussion at The Commerce Club on the subject, "The European economic crisis and how it affects you," in Atlanta. At 1645GMT, Federal Reserve Chairman Ben Bernanke delivers the final of four lectures at the George Washington School of Business. Then at 1700GMT, Philadelphia Federal Reserve Bank President Charles Plosser speaks to the Rotary Club of Wilmington. Later US data includes the 1900GMT release of agriculture prices and 2030GMT release of money supply data.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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