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09.05.2012 08:00

Forex: Tuesday’s review

 


Yesterday the
euro weakened for a seventh day against the dollar as Greek politicians struggled to form a new government after elections on the weekend raised the prospect of the country withdrawing from the currency bloc. The 17-nation euro extended its longest run of declines against the greenback since September 2008 as German Chancellor Angela Merkel rejected government stimulus as the way to spur economic growth, setting up a clash with French president-elect Francois Hollande. Alexis Tsipras, whose Syriza party placed second in Greek elections on May 6, said he would forge ahead with plans to form a coalition government of left-wing parties after he was handed the mandate by President Karolos Papoulias. Tsipras said he wouldn’t agree to join forces with New Democracy and Pasok, the two Greek parties that have supported austerity measures in return for international funds. He called on the leaders of both parties to withdraw their pledges to impose the terms in writing by when he is to meet with both of them to discuss forming a government.

The pound dropped against the dollar as a report showed U.K. house prices fell in April.  The pound declined from within two U.S. cents of an eight- month high against the dollar after an industry report showed a gauge of house prices declined. The Royal Institution of Chartered Surveyors said its index dropped to minus 19 from minus 11 in March. A reading below zero means more surveyors saw price declines than increases.


EUR/USD: yesterday the pair fell below $1.3000.

GBP/USD: yesterday the pair was on pressure.

USD/JPY: yesterday the pair traded nearby Y79.80.


European data for Wednesday starts at 0600GMT with Germany trade data, while France foreign trade data is due at 0645GMT. US data starts at 1100GMT with the weekly MBA mortgage applications data. At 1115GMT, German Chancellor Angela Merkel and Slovenian Prime Minister Janez Jansa give a joint press conference after their meeting in Berlin. US data continues at 1400GMT with wholesale inventories data and then at 1430GMT with the weekly EIA crude oil stocks data. At 1600GMT, Philadelphia Fed President Charles Plosser speaks at the Bank's conference on "Reinventing Older Communities." The US also sells new 10-year notes on Wednesday.

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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