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24.05.2012 12:54

European session: the euro fell after data

 

Data:

06:00 Switzerland Trade Balance April 1.69 1.95 1.33

06:00 Germany GDP (QoQ) (finally) Quarter I -0.2% +0.5% +0.5%

06:00 Germany GDP (wda) (YoY) (finally) Quarter I +1.5% +1.7% +1.2%

07:00 France Manufacturing PMI (preliminary) May 46.9 47.1 44.4

07:00 France Services PMI (preliminary) May 45.2 45.8 45.2

07:30 Germany Manufacturing PMI (preliminary) May 46.2 47.1 45.0

07:30 Germany Services PMI (preliminary) March 52.2 51.9 52.2

08:00 Germany IFO - Business Climate May 109.9 109.5 106.9

08:00 Germany IFO - Current Assessment May 117.5 117.1 113.3

08:00 Germany IFO - Expectations May 102.7 102.0 100.9

08:00 Eurozone Manufacturing PMI (preliminary) May 45.9 46.1 45.0

08:00 Eurozone Services PMI (preliminary) May 46.9 47.0 46.5

08:30 United Kingdom GDP, q/q (revised) Quarter I -0.3% -0.2% -0.3%

08:30 United Kingdom GDP, y/y (revised) Quarter I +0.5% 0.0% -0.1%

08:30 United Kingdom BBA Mortgage Approvals April 31.9 32.3 32.4

08:30 United Kingdom Business Investment, q/q Quarter I -3.3% +3.3% +3.6%

08:30 United Kingdom Business Investment, y/y Quarter I +1.6% +9.2% +14.2%


The euro fell  as German business confidence slid and manufacturing shrank, stoking concern fallout from the debt crisis is spreading.

Europe’s currency dropped as European leaders clashed over joint bond sales at a summit and offered no immediate relief for recession-wracked Spain.

A German index based on a survey of purchasing managers in the manufacturing industry declined to 45 this month from 46.2 in April, Markit Economics said today. Economists forecast a reading of 47. The Munich- based Ifo institute said its German business climate index dropped to 106.9 in May from 109.9 a month earlier. Economists predicted 109.4.


EUR/USD: the pair was limited of $1,2515-$ 1,2600.


GBP/USD: the pair showed low in $1,5640 area. Later the rate restored in $1,5680 area.


USD/JPY: the pair was limited Y79.30-Y79.60.


24.05.2012 13:18

Company news:

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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