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02.10.2012 07:42

Asian session: Australian dollar drops after RBA cut rates

 

 

 

Data:

01:30 Japan Labor Cash Earnings, YoY August -1.2% -0.9% 0.2%

04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50% 3.25%

04:30 Australia RBA Rate Statement -

 

The dollar weakened versus most of its 16 major counterparts on speculation signs of weakness in U.S. employment will encourage the Federal Reserve to sustain monetary stimulus that tends to debase the currency.

The greenback fell after Fed Chairman Ben S. Bernanke yesterday defended the central bank’s unprecedented bond buying.

Demand for the 17-nation euro was limited before data forecast to show retail sales in the currency bloc decreased for a second month and ahead of an Oct. 4 meeting of the European Central Bank.

Australia’s dollar dropped to the lowest level in more than three weeks after the Reserve Bank cut interest rates.

The yen slid versus its main peers as Asian stocks gained.

 

EUR / USD: during the Asian session, the pair rose to a high of $ 1.2918.

GBP / USD: during the Asian session, the pair rose to a high of $ 1.6163.

USD / JPY: during the Asian session, the pair rose to the level of Y78.17


Tuesday at 06:00 GMT Britain will present the house price index from Nationwide in September. At 06:30 GMT Australia will price index for raw materials from the RBA in September. At 07:00 GMT in Spain becomes aware of changes in the number of unemployed in September. At 08:30 GMT Britain publishes the PMI index for the construction sector in September. At 09:00 GMT Eurozone will release the producer price index for August. At 09:30 GMT in the UK will hold placement of 10-year bonds. At 20:30 GMT the U.S. are data on changes in the volume of crude oil, according to API.


02.10.2012 07:23

Forex: Monday’s review

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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