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06.07.2012 08:05

Forex: Thursday’s review

 

Yesterday The euro tumbled to the lowest level in more than a month versus the dollar after the European Central Bank cut its key interest rate to a record 0.75 percent and reduced its deposit rate to zero for the first time. The euro tumbled against the dollar as Draghi said some “downside risks to the euro-area economic outlook have materialized.”

The bank refrained from announcing any additional steps to cap debt yields in Spain and Italy. Spain’s bonds slid today after borrowing costs rose as it sold 3 billion euros ($3.7 billion) of debt, adding to concern Europe has yet to resolve its debt crisis. The yield on the nation’s 10-year debt rose as much as 43 basis points, or 0.43 percentage point, to 6.84 percent, the highest since June 29.

Both South Pacific currencies gained briefly after China cut its key interest rate for the second time in a month and the BOE raised its asset-purchase target by 50 billion pounds ($78 billion) to 375 billion pounds.

The Dollar Index, which Intercontinental Exchange Inc. uses to track the U.S. currency against those of six trade partners, climbed as much as 1.4 percent, the biggest intraday jump since Nov. 9, to 82.950 after U.S. employment reports. It later traded at 82.795, up 1.2 percent.

ADP Employer Services, based in Roseland, New Jersey, said U.S. companies added 176,000 workers in June, exceeding a forecast survey for a 100,000 advance. Applications for jobless benefits fell by 14,000 last week to 374,000, the fewest since mid-May, Labor Department data showed. The Labor Department will report today that U.S. payrolls added 953,000 jobs in June, the third straight month below 100,000.

Canada’s dollar strengthened to a two-year high against Europe’s shared currency. It touched $1.2532 per euro, the strongest level since June 2010, before trading at C$1.2555, up 1.1 percent. The loonie, as the Canadian currency is nicknamed, was little changed versus the U.S. dollar at C$1.0129.

Market Focus

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  • 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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