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07.06.2012 08:22

Forex: Wednesday’s review

 


Yesterday the
euro rose for a fourth day against the yen as European Central Bank president Mario Draghi said policy makers were “ready to act” after leaving their benchmark rate at a record low. The ECB’s Draghi told a press conference in Frankfurt that officials will extend their offerings of unlimited cash to banks until the start of 2013 for periods up to three months as they endeavor to counter risks stemming from the region’s debt crisis.

The 17-nation euro strengthened to almost a one-week high against the dollar amid speculation the world’s leading economies will collaborate on a response to Europe’s debt crisis.

The dollar and yen fell against most of their major counterparts amid reduced demand for safer assets.

Australia’s dollar rose as the nation’s economic growth exceeded forecasts and investors sought higher-yielding currencies. The Australian economy expanded 1.3 percent in the first three months of this year from the fourth quarter, the Bureau of Statistics said. That’s the fastest pace since the period ended June last year.


EUR/USD: yesterday the pair gain on a figure, updated a week’s high.

GBP/USD: yesterday the pair gain on a figure to $1.5500.

USD/JPY: yesterday the pair gain on a floor of a figure, fixed above Y79.00.


A full morning for the UK, which includes the Bank of England's policy decision UK data starts at 0700GMT, witt the release of the Halifax Houspe Price data. At 0830GMT, the May Markit/CIPS service sector index is released. At 1100GMT, the BOE Monthly Policy Decision is due.  The European data calendar kicks off at 1130GMT, German Chancellor Angela Merkel, British Prime Minister David Cameron, Norwegian Prime Minister Jens Stoltenberg, attend a public discussion with students, in Berlin. There is no confirmation yet as to whether or not there will be a press conference.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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