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05.09.2012 07:55

Asian session: The euro fell

01:30 Australia Gross Domestic Product (QoQ) Quarter II +1.3% +0.9% +0.6%

01:30 Australia Gross Domestic Product (YoY) Quarter II +4.3% +3.7% +3.7%


The euro fell for second day before the European Central Bank meets tomorrow to discuss measures to tackle the region’s debt crisis. ECB President Mario Draghi told lawmakers in a closed-door session in Brussels this week the bank’s primary mandate compels it to intervene in bond markets to ensure the euro’s survival.

The 17-nation currency remained lower versus most of its major counterparts before data forecast to show retail sales declined and services contracted in the euro area. A final reading of an index based on a survey of purchasing managers in services industries in the euro area may confirm a drop to 47.5 in August from 47.9 a month earlier, below the 50 level which separates contraction from expansion, according to the median estimate of economists surveyed by Bloomberg before Markit Economics releases its figures today.

Germany’s Constitutional Court is set to rule on the legality of the European Stability Mechanism, the euro region’s permanent bailout fund, on Sept. 12. The ECB may delay giving full details of Draghi’s bond-buying plan until after the ruling, two central bank officials who spoke on condition of anonymity, said on Aug. 24.

The Australian dollar touched a six-week low after the government reported second- quarter gross domestic product grew less than analysts expected.


EUR / USD: during the Asian session the pair fell to $1.2520.

GBP / USD: during the Asian session the pair fell, approaching week’s low.

USD / JPY: during the Asian session, the pair rose to Y78.55.


This morning in Europe sees the services PMI releases from the main European states with Spain at 0713GMT, Italy at 0743GMT and final numbers from France at 0748GMT, Germany at 0753GMT and the main EMU data at 0758GMT. EMU data at 0900GMT is expected to see retail trade for July come in at -0.3% m/m, -1.8% y/y. UK Markit/CIPS Services PMI data was due at 0828GMT and was expected to come in at 51.0 with little boost expected from the Olympics.  US data for Wednesday starts at 1100GMT with the MBA Mortgage  Application Index, while at 1145GMT, the weekly ICSC-Goldman Store Sales data is due. At 1230GMT, US nonfarm productivity is forecast to be revised up to a 1.9% rise in the second quarter, as the output component should be adjusted up slightly. The weekly Redbook Average is due at 1255GMT. At 1300GMT, the Bank of Canada rate announcement is expected to deliver an unchanged decision but the market will be focused on any softening of recent language seen giving a tightening-bias.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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