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18.09.2012 07:25

Asian session: The euro weakened

 

 

01:30 Australia RBA Meeting's Minutes -

02:30 Australia RBA Assist Gov Debelle Speaks


The euro weakened versus most of its major peers before a German report forecast to show investor confidence hovered near the lowest level this year. Germany’s ZEW Center for European Economic Research is forecast to say its index of investor and analyst expectations, which aims to predict economic developments six months in advance, was at minus 20 in September, according to a Bloomberg News survey of economists. The gauge slid to minus 25.5 last month, the lowest this year.

The euro’s 14-day relative strength index versus the dollar and the yen remained above 70 today, a level that some traders see as a sign that an asset price may be about to reverse course.

The yen was close to a one-week low against the dollar amid speculation the Bank of Japan will expand monetary stimulus to rein in currency strength that hurts exporters. In Japan, the central bank is set to begin a two-day policy meeting today. Five of 21 economists surveyed by Bloomberg predict policy makers will announce further easing tomorrow, with sixteen expecting a move by October.

The Australian dollar held onto a decline from yesterday after minutes of the Reserve Bank’s meeting this month showed officials saw the currency’s strength as a risk to the economy, signaling scope to cut interest rates.


EUR / USD: during the Asian session, the pair traded in the range of $1.3085-15.

GBP / USD: during the Asian session, the pair traded in the range of $1.6230-60.

USD / JPY: during the Asian session, the pair traded in the range of Y78.45-75.


At 0900GMT, Germany's Sep ZEW survey is released. At 0830GMT, UK Aug Consumer Prices numbers are released. Energy prices look likely to drive inflation higher in the near term than the Bank of England's Monetary Policy Committee had forecast in its August Inflation Report.

18.09.2012 07:02

Forex: Monday’s review

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