Market news

17 July 2012

European session: dollar consolidates

 

Data

01:30 Australia RBA Meeting's Minutes

01:30 Australia New Motor Vehicle Sales (MoM) June +2.4% -0.6%

01:30 Australia New Motor Vehicle Sales (YoY) June +22.4% +18.4%

08:30 United Kingdom HICP, m/m June -0.1% -0.1% -0.4%

08:30 United Kingdom HICP, Y/Y June +2.8% +2.7% +2.4%

08:30 United Kingdom HICP ex EFAT, Y/Y June +2.2% +2.3% +2.1%

08:30 United Kingdom Retail Price Index, m/m June 0.0% 0.0% 0.0%

08:30 United Kingdom Retail prices, Y/Y June +3.1% +3.0% +2.8%

08:30 United Kingdom RPI-X, Y/Y June +3.1% +3.1% +2.8%

09:00 United Kingdom BOE Gov King Speaks -

09:00 Germany ZEW Survey - Economic Sentiment July -16.9 -14.5 -19.6

09:00 Eurozone ZEW Economic Sentiment July -20.1 -18.3 -22.3

09:30 United Kingdom BOE Inflation Letter July

 

During the session, the dollar declines against the euro amid speculation that Federal Reserve Chairman Ben Bernanke will hint at an additional stimulus in his speech, which will be held today. Bernanke will deliver a semi-annual report on the economy and monetary policy. The U.S. currency fell against most major fall after retail sales unexpectedly yesterday. Also negative for the dollar has added the statement made by the Federal Reserve of Kansas City Esther George, who said that the U.S. economy probably will not grow much faster than 2% this year.

Recall that Bernanke's policies after the last Fed meeting, which took place on June 20 said: "If we do not see a further improvement in the labor market, we are ready to take additional measures if necessary. Additional asset purchases will be among the measures that we will certainly

The euro showed growth against the euro during the session, but declined after weak data out of sentiment index in the business environment of the institute ZEW, which fell to -19.6 in July to -16.9 in June.

The yen declined during the session against the dollar, after three days of growth. This was due to the fact that the Minister of Finance of Japan, Azumi said that foreign exchange earnings were "speculative" and officials are ready to take decisive action if we must.

Australian dollar during the session, trading in narrow range after significant growth in the early afternoon, which was caused by the publication of minutes of meetings of the Reserve Bank of Australia


EUR/USD: during the European session, the pair rose to 1.2315 level, followed by a slight decrease

GBP/USD: pair fell to a value of 1.516, then increased slightly

USD/JPY: during the session, the pair shows a steady growth and is now trading near the level of Y79, 10/15


At 12:30 GMT, Canada will announce the change of volume of production for May delivery. At 12:30 GMT the U.S. will release data on consumer price index for June, the consumer price index excluding prices for food and energy prices in June, the Consumer Price Index (not seasonally adjusted) in June, and the main consumer price index for June. At 13:00 GMT, Canada will announce a decision on the basic interest rate. At the same time released a statement accompanying the Bank of Canada. At 13:00 GMT the U.S. to account for the change in net purchases of long-term U.S. securities by foreign investors in May and the total net purchases of U.S. securities by foreign investors in May. At this time,

13:15 GMT U.S. will publish a capacity utilization for June, and will report a change in the volume of industrial production for June and the change in volume of crude oil, according to the API for July. Finish the day at 23:50 GMT Japanese publishing meeting minutes of the Bank of Japan on monetary policy for July.

 

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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