Market news

31 July 2012

Asian session: The dollar fell against most of its major peers

 

01:00 Australia HIA New Home Sales, m/m June +0.7% +2.8%


The dollar fell against most of its major peers amid speculation Federal Reserve policy makers will signal additional stimulus when they conclude a two-day meeting that starts today. Fed Chairman Ben S. Bernanke said this month 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.”

The greenback fell to a four-month low against the so- called Aussie dollar as Asian shares gained for a fourth day and a report showed Australia’s building permits decreased by less than economists expected. In Australia, the number of permits granted to build or renovate houses and apartments fell 2.5 percent in June from the previous month, when they gained a revised 27 percent, the Bureau of Statistics said in Sydney today. The decline was smaller than the 15 percent drop predicted by economists in a Bloomberg News survey.

The euro rose against the yen and the dollar before the European Central Bank meets on Aug. 2. Demand for the euro was supported after ECB President Mario Draghi pledged last week to do whatever it takes to preserve the the common currency, suggesting policy makers may intervene in bond markets.


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.



The PPI is expected to come in at -0.2% m/m, 2.1% y/y. Spain retail sales are expected to provide another weak outcome at 0700GMT.The main measure of Germany unemployment is due at 0755GMT and is expected to see a 7k change in the jobless numbers, holding the unemployment rate at 6.8%. Later on, at 0900GMT, German Labour Minister Ursula von der Leyen gives a press conference on the data. EMU data at 0900GMT sees flash HICP for July and unemployment data for June. The flash HICP is seen coming in at 2.4% y/y with the unemployment rate at 11.2%. Italy also releases flash HICP for July at 0900GMT.US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data. Data at 1230GMT sees the Q2 Employment Cost Index as well as June Personal Income and Expenditures data. . Data then continues at 1255GMT with the weekly Redbook Average and at 1300GMT by the S&P/Case-Shiller Home Price index. The main measure of Germany unemployment is due at 0755GMT and is expected to see a 7k change in the jobless numbers, holding the unemployment rate at 6.8%. Later on, at 0900GMT, German Labour Minister Ursula von der Leyen gives a press conference on the data. EMU data at 0900GMT sees flash HICP for July and unemployment data for June. The flash HICP is seen coming in at 2.4% y/y with the unemployment rate at 11.2%. Italy also releases flash HICP for July at 0900GMT. At 1345GMT, the MNI Chicago report's business barometer is forecast to fall slightly to a reading of 52.5 in July after the modest increase in June. Other regional data already released suggested modest improvement, but with the data still suggesting contraction in some regions. At 1400GMT, the Conference Board's index of consumer confidence is expected to hold steady at a reading of 62.0 in July after the dip in June. Other confidence indicators already released point to a decline. The Dallas Fed Services Outlook Survey for July follows at 1430GMT, while late data sees Agriculture Prices at 1900GMT. Later, at 2000GMT,

US Treasury Secretary Tim Geithner participates in a "moderated conversation" with Los Angeles World Affairs Council President Terry

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