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17.04.2012 07:23

Forex: Monday’s review

 


Yesterday the
euro touched the lowest level against the yen since February as Spanish bond yields touched a 2012 high after a minister called on the European Central Bank to do more to stem debt-market turmoil. The euro slid against the yen after the cost of insuring Spain’s debt reached a record and Jaime Garcia-Legaz, the nation’s deputy economy minister, said in an interview on April 13 that the ECB should “step up purchases of bonds.”

The dollar rose earlier versus most major counterparts as data showed U.S. consumer purchases rose last month, damping speculation the Federal Reserve will add to monetary easing. Retail sales increased 0.8 percent, following a revised 1 percent advance in February, Commerce Department figures showed today in Washington.

China’s yuan tumbled against the dollar as the central bank doubled the daily trading band, reflecting declines in emerging- market currencies. Effective today the People’s Bank of China is allowing 1 percent moves from its daily fixing, after keeping the limit at 0.5 percent since May 2007.


EUR/USD: yesterday the pair gain, fixed above $1.3100.

GBP/USD: yesterday the pair rose, restored after Friday’s decrease.

USD/JPY: yesterday the pair fell, closed day below Y80.50.


Today the European Commission President Jose Manuel Barroso meets German President Joachim Gauck, in Brussels. European data starts at 0600GMT with the release of ACEA new car registrations data. The main core-European releases come at 0900GMT with the German ZEW survey and final EMU HICP data. UK data at 0830GMT sees inflation data. In its February Inflation Report the Bank of England forecast CPI would average 3.35% in Q1. In Europe at 1230GMT, ECB President Mario Draghi is due to give an introductory speech at the Sixth ECB Statistics Conference, in Frankfurt. US data starts at 1230GMT, Housing Starts and Building Permits data are due. Weekly Johnson Redbook chain store sales data is due at 1255GMT. The IMF World Economic Outlook is also due at 1300GMT. At 1315GMT, US industrial production is expected to rise 0.2% in March after holding steady in Feb.

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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