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06.08.2012 13:18

European session: The pound fell against the dollar

 

Data:

07:00 United Kingdom Halifax house price index July +1.0% -0.6%

07:00 United Kingdom Halifax house price index 3m Y/Y July -0.5% -0.6%

08:30 Eurozone Sentix Investor Confidence August -29.6 -30.7 -30.3


The pound fell against the dollar, extending last week’s decline, after two reports showing weakness in the U.K. housing market underlined the fragility of Britain’s economy. Sterling dropped to a four-week low against the euro after Rightmove Plc (RMV) said home sellers may need to lower prices to lure buyers, and Halifax data showed house prices declined last month.

The euro fell against the yen and dollar after Italy’s Prime Minister Mario Monti said divisions over the debt crisis are threatening the continent’s future, amid German opposition to sovereign-bond purchases. European Central Bank President Mario Draghi last week outlined a plan under which the central bank may buy debt in tandem with the euro governments’ bailout fund, while saying the details still need to be worked out over the coming weeks. Bundesbank President Jens Weidmann said in an interview published a day before Draghi’s comments that the ECB shouldn’t exceed its mandate.

Europe’s common currency slipped from its strongest level in three weeks against the yen after a report showed European investor confidence dropped for a fifth month in August as the region grapples with the almost three-year-old financial turmoil. An index measuring sentiment in the 17-nation euro region slid to minus 30.3, from minus 29.6 in July, Limburg, Germany- based Sentix said in an e-mailed statement today.


EUR/USD: during the European session, the pair fell to $1.2340, but later recovered.

GBP/USD: during the European session, the pair fell below $1.5550.

USD/JPY: during the European session the pair continued to fall and fallen to Y78.25.


US events start at 1330GMT, when Federal Reserve Chairman Ben Bernanke speaks via recorded video to the 32nd General Conference of the International Association for Research in Income and Wealth, taking place in Boston.

Market Focus

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  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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