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26.07.2012 08:20

Asian session: The dollar traded 0.3 percent from an eight-week low against the yen

 

00:10  Japan BOJ Governor Shirakawa Speaks


The dollar traded 0.3 percent from an eight-week low against the yen before U.S. data that may add to signs of an economic slowdown, boosting speculation the Federal Reserve will expand stimulus and debase the currency. U.S. reports today are forecast to show slowing durable- goods orders and pending home sales. U.S. orders for durable goods probably rose 0.3 percent in June after a 1.3 percent gain in May, according to economist estimates in a Bloomberg News survey taken before the Commerce Department releases the figures today. The National Association of Realtors may say today its index of pending home purchases gained 0.3 percent in June, following a 5.9 percent jump in May, a separate poll showed.

The euro weakened before data that economists said will signal retail sales in Italy declined and Spain’s unemployment rate climbed, adding to evidence of how Europe’s debt crisis is weighing on the real economy.

The New Zealand dollar strengthened for a second day after the Reserve Bank left its official cash rate at 2.5 percent for an 11th-straight time at a meeting today. The economy should “grow modestly over the next few years,” central bank Governor Alan Bollard said in a statement. The rate decision was forecast by all 16 economists in a Bloomberg survey.


EUR/USD: during the Asian session the pair fell, retreating from yesterday's high.


GBP/USD: during the Asian session the pair fell to yesterday's lows.


USD/JPY: during the Asian session the pair was trading near yesterday's low.


European events for Thursday start at 0600GMT with German import prices, which are expected to come in at -0.9% m/m, 1.9% y/y. The German GfK measure of consumer confidence follows at 0610GMT and is expected to edge down to a reading of 5.7. US data starts at 1230GMT with both the weekly Jobless Claims and June Durable Goods data. US data continues at 1400GMT with NAR Pending Home Sales, while at the same time, US Treasury Secretary Tim Geithner testifies to the Senate Banking Committee on the Financial Stability Oversight Council annual recommendations. The weekly EIA Natural Gas Storage data then follows, at 1430GMT. Kansas City Fed Production data for July follows at 1500GMT, while late data also sees the 2030GMT release of weekly M2 money supply data.

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