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09.05.2012 08:28

Asian session: The euro fell

 

05:00 Japan Leading Economic Index March 96.3 97.0 96.6

05:00 Japan Coincident Index March 95.0 96.2 96.5


The euro fell, extending its longest losing streak in 3 1/2 years, as Greek politicians struggle to form a new government, raising concern that the nation may leave the currency bloc. The 17-nation euro traded 0.2 percent from an almost three- month low versus the yen before Alexis Tsipras of Greece’s Syriza party is due to meet today with leaders of New Democracy and Pasok, the two parties that supported austerity measures. 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.

Australia’s dollar fell after Prime Minister Julia Gillard said returning a budget surplus gives the central bank “maximum room” to move on interest rates.

The greenback and yen gained against most of their major peers today as concern that a recovery in the global economy is losing momentum bolstered demand for safer assets. Exports from Germany, Europe’s biggest economy, probably decreased 0.5 percent in March from the previous month, when they rose 1.5 percent, according to the median forecast of economists in a Bloomberg News survey before the statistics office releases the figures today. U.S. initial jobless claims may have risen by 4,000 to 369,000 in the week ended May 5 from the prior period, another poll showed ahead of tomorrow’s data.


EUR/USD: during the Asian session the pair fell.

GBP/USD: during the Asian session the pair decreased.

USD/JPY: during the Asian session the pair fell to yesterday's low.


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.

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