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05.06.2012 08:24

Asian session: The euro rose for a third day


00:00 United Kingdom Bank holiday -

01:30 Australia Current Account, bln Quarter I -8.4 -14.1 -14.9

04:30 Australia Announcement of the RBA decision on the discount rate - 3.75% 3.75% 3.50%

04:30 Australia RBA Rate Statement

The euro rose for a third day before finance ministers and central bank governors from the Group of Seven nations hold a call today to discuss Europe’s debt crisis. Canadian Finance Minister Jim Flaherty said officials from the G-7 and the Group of 20 have been holding discussions on the European crisis ahead of a summit of G-20 leaders later this month. Markets have been bracing for further deterioration in Spain’s finance sector and a possible Greek departure from the euro as Europe’s leaders continued to wrangle over how to support the currency bloc. President Barack Obama meanwhile laid the blame for sluggish U.S. employment at the feet of euro-area leaders, saying they haven’t done enough to resolve the crisis, now in its third year.

The yen and dollar fell against most major counterparts as Asian stocks rallied, sapping demand for lower-yielding assets. The dollar maintained a gain against the yen after Japan’s Finance Minister Jun Azumi pledged on June 1 to take “decisive action” on his nation’s currency should “excessive moves” persist. Azumi declined to comment on whether Japan has intervened in the foreign-exchange market at a press conference yesterday.

Australia’s dollar advanced after the Reserve Bank cut benchmark borrowing costs by a quarter percentage point, less than the biggest reduction forecast in a Bloomberg News survey of economists. RBA Governor Glenn Stevens and his board lowered the overnight cash rate target by a quarter percentage point to 3.5 percent, the lowest since 2009, the central bank said in a statement in Sydney today. Thirteen of 27 economists surveyed by Bloomberg News predicted the move, while four forecast a half- point reduction and 10 expected borrowing costs to remain unchanged.

EUR/USD: during the Asian session the pair gain, updated a week’s high.

GBP/USD: during the Asian session the pair traded in a range $1.5375-$1.5405.

USD/JPY: during the Asian session the pair holds in range Y78.25-Y78.40.

UK markets remain closed Tuesday, which will likely help dampen trading volumes in Europe. However, there is a raft of European data, starting with the release of PMI service sector data.  At 0715 GMT, Spanish data is released, followed by Italy at 0745GMT, France at 0750GMT, Germany at 0755GMT and EMU final service PMI data at 0800GMT. At 0900GMT, the EMU April retail trade data is released, followed at 1000GMT, German April manufacturing orders data is released. The US calendar starts at 1255GMT, the Johnson-Redbook weekly store sales numbers hit the screens. The Bank of  Canada rate announcement is due at 1300GMT, with consensus on unchanged rates/policy. At 1400GMT, the U.S. ISM monthly non-manufacturing index.  At 2100GMT, Dallas Federal Reserve President Richard Fisher will speak on "The Limits of the Powers of Central Banks" in Scotland, while Chicago Federal Reserve Bank Charles Evans speaks to the NYU Money Marketeers, in New York at 2315GMT, and will answer questions from the audience and the media.

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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