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31.08.2012 12:15

European session: the euro strengthens

Data
01:30 Australia Private Sector Credit, m/m July +0.3% +0.4% +0.2%
01:30 Australia Private Sector Credit, y/y July +4.4% +4.4% +4.2%
05:00 Japan Construction Orders, y/y July +4.6% +8.0% +8.0%
05:00 Japan Housing Starts, y/y July -0.2% -10.0% -9.6%
06:00 United Kingdom Nationwide house price index August -0.7% +0.2% +1.3%
06:00 United Kingdom Nationwide house price index, y/y August -2.6% -2.2% -0.7%
06:00 Germany Retail sales, real adjusted July -0.1% +0.2% -0.9%
06:00 Germany Retail sales, real adjusted July +2.9% +0.1% -1.0%
09:00 Eurozone Harmonized CPI, Y/Y (preliminary) August +2.4% +2.5% +2.6%
09:00 Eurozone Unemployment Rate July 11.2% 11.3% 11.3%

The dollar fell to eight-week low against the euro in the run-up speech by Federal Reserve Chairman Ben Bernanke on the central bank symposium in Jackson Hole, where he will present his annual speech on monetary policy.
The U.S. currency weakened against all of its 16 major counterparts after the Atlanta Fed President Dennis Lockhart said the central bank is serious about conducting further stimulate the economy.
The dollar index (DXY), which tracks the greenback against six major currencies, was down by 0.5% to 81.296, and fell by 1.6% for the month.
The U.S. currency also weakened against the fact that market participants expect a report on factory orders, which are expected to rise in July.
Also today it was announced that the unemployment rate in the euro area in June to 11.3% recorded at the same time the highest level since 1995.
The pound strengthened against the dollar, a report showed that house prices in the UK rose in August, reducing fears that the recession worsens.
The Australian dollar traded near a five-week low on fears of slowing in China, which will hinder economic growth in Australia. Demand for Australian and New Zealand dollar will be limited to the output of the index of purchasing managers in China, which will be presented next week and be able to show the current state of the manufacturing industry, which is expected to be in stagnation. Also today, the RBA said that credit to the private sector grew by 0.2%, compared with growth of 0.3% in June and expectations at 0.4%.

EUR/USD: during the European session, the pair rose more than a figure, and is now approaching the level of $ 1.2625, which is a maximum of 3 July.
GBP/USD: pair shows a steady and strong growth and is now trading near the maximum of yesterday
USD/JPY: the pair managed to update a minimum of 24 August, and then retreated slightly and is now trading at Y78.48

At 12:30 GMT, Canada will report for a change of GDP in June, changes in GDP for the quarter on an annualized basis in the second quarter. At 13:45 GMT the U.S. will release Chicago PMI index for August. At 13:55 GMT the U.S. will publish an indicator of consumer confidence from the University of Michigan in August. At 14:00 GMT the U.S. said the change of volume of industrial orders in July. At the same time will be an economic symposium in Jackson Hole, where an address by Federal Reserve Chairman Ben Bernanke. At 15:55 GMT, the Executive Director of the Bank of England (Financial Stability) Andrew Haldane will deliver a speech at 17:10 GMT and will speak member Monetary Policy Committee Adam Posen.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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