01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%
The euro fell against most major peers, retreating from near a two-week high against the yen, before a report today that may add to signs the region’s debt crisis is weighing on consumer sentiment. Today’s report from the European Commission in Brussels will probably confirm its index of household sentiment in the euro area declined to an almost three-year low of minus 21.6 in July, according to economists in a Bloomberg News survey.
The 17-nation currency trimmed gains from last week before data tomorrow that may show the euro area’s unemployment rose to a record last month. The jobless rate in the area probably rose to 11.2 percent in June from an all-time high of 11.1 percent in May, economists in a separate poll predicted before the statistics office releases data tomorrow.
European Central Bank President Mario Draghi meets U.S. Treasury Secretary Timothy Geithner today as he attempts to win over Bundesbank President Jens Weidmann on measures to ease the region’s debt woes. The ECB can’t resolve the debt crisis alone, Moody’s Investors Service said before ECB officials gather for a policy decision on Aug. 2
Demand for the dollar was limited before the Federal Reserve starts a two-day meeting tomorrow amid speculation the central bank may signal additional stimulus which debases the greenback.
Fed Chairman Ben S. Bernanke said this month that policy makers are “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.” While they refrained from introducing a third round of asset purchases at their session last month, Bernanke indicated it’s an option.
EUR / USD: during the Asian session the pair fell below $1.2300.
GBP / USD: during the Asian session the pair fell, approaching $1.5700.
USD / JPY: during the Asian session the pair dropped slightly after Friday's growth.
European data for Monday starts at 0600GMT with wholesale sales data from Germany. EMU data at 0900GMT sees the July economic sentiment survey and business climate indicator. At 1130GMT, the German Finance Minister and US Treasury Secretary are due to hold a
joint news conference on the North Sea island of Sylt. This is where Schaeuble traditionally spends his summer holidays. UK data starts at 0830GMT with Bank of England lending data with their measure of mortgage approvals seen slipping to 48.5k and consumer credit at stg 0.5 billion.
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