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11.05.2012 13:07

European session: The euro rose from a three-month low against the dollar

 

Data:

06:00 Germany CPI, m/m (finally) April +0.4% +0.1% +0.1%

06:00 Germany CPI, y/y (finally) April +2.3% +2.0% +2.2%

08:30 United Kingdom Producer Price Index - Input (MoM) April +1.9% -0.8% -1.5%

08:30 United Kingdom Producer Price Index - Input (YoY) April +5.8% +2.1% +1.2%

08:30 United Kingdom Producer Price Index - Output (MoM) April +0.6% +0.4% +0.7%

08:30 United Kingdom Producer Price Index - Output (YoY) April +3.6% +2.9% +3.3%

The euro rose from a three-month low against the dollar on optimism Greek political leaders will reach an agreement to form a new government that keeps the country in the single currency union. The 17-nation currency erased losses against the yen as Antonis Samaras, leader of Greece’s New Democracy Party, said four political parties have accepted term of no exit from the euro region.

Gross domestic product in the euro area will drop 0.3 percent this year, the European Commission said, reiterating a February forecast. Greece will have the deepest contraction, with GDP shrinking 4.7 percent, while the economies of Spain and Italy are seen contracting 1.8 percent and 1.4 percent.

The dollar and yen rose against most of their major counterparts after JPMorgan Chase & Co. said it made a surprise $2 billion trading loss, boosting demand for safer assets.

 

EUR/USD: in the European session the pair gain, updated a day time high at $1,2955.

GBP/USD: the pair fell to yesterday's low at $1,6085.

USD/JPY: the pair rose, updated day time high at Y80,00.


US data starts at 1230GMT with producer prices, which are expected to hold steady again in April after the flat reading in March. Energy prices are expected to decline further after falling 1.0% in March. The core PPI is forecast to rise 0.2% in the month after the 0.3% increase in March. At 1315GMT, Dallas Fed President Richard Fisher speaks to the  Texas Bankers Association 128th Annual Convention. US data continues at 1355GMT, when the Michigan Sentiment Index is expected to hold steady at a reading of 76.4 in early-May after rising slightly in April.

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