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29.05.2012 08:00

Forex: Monday’s review

 

Yesterday euro retreated from highs against the dollar amid weak trading in the absence of any publication statisticsi because bank holidays in Europe and the United States.

Earlier, investor optimism was associated with the news that, according to opinion polls, the majority of the population of Greece supports the center-right party "New Democracy", which stands for the continuation of the country's obligations to international lenders and observance of austerity measures. According to Greek analytical agency Kapa Research SA, for the party "New Democracy" may vote by 5.7% more voters than in the radical left SYRIZA block, which calls for the immediate rejection of the agreements with creditors. In addition, investors pleased with reports that the National Development and Reform Commission of China approved three major construction project, which is an implementation of government's intention to support the growth of Chinese economy.

The British pound traded cautiously against the dollar due to the fact that the inflation report, indicating a greater propensity for soft policies than expected, low inflation and low retail sales data suggest that the obstacles to further monetary easing in the UK may be lower than previously thought.


EUR/USD: yesterday the pair fell, come nearer to the last week’s low.

GBP/USD: yesterday the pair traded in a range $1.5670-$1.5710.

USD/JPY: yesterday the pair fell, however was restored later.


UK data at 1000GMT sees the CBI Quarterly Distributive Trades data. Early in the day, BOE Chief Economist is expected to make regional media appearances. US markets return Tuesday and data starts at 1300GMT with the S&P/Case-Shiller Home Price Index. Then at 1400GMT by Consumer Confidence and then at 1430GMT by the weekly Retail Trade Index and also the Dallas Fed Manufacturing Outlook Survey.

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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