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03.10.2013 06:00

Asian session: The dollar slid to an eight-month low

00:00 China Bank holiday

01:00 China Non-Manufacturing PMI September 53.9 55.4


The dollar slid to an eight-month low versus the euro as the U.S. government’s partial shutdown continued, adding to concern it will slow economic growth and postpone a tapering of monetary stimulus. The Bloomberg U.S. Dollar Index fell to the lowest in two weeks as House Speaker John Boehner signaled a lack of progress on resolving the fiscal impasse after congressional leaders met President Barack Obama. U.S. lawmakers still need to agree on raising the debt limit to avoid a default after Oct. 17.

The Institute for Supply Management’s non-manufacturing index fell to 57 in September from 58.6 a month earlier, the Tempe, Arizona-based group’s report may show, according to the median estimate in a separate poll. Readings greater than 50 indicate growth.

The U.S. Labor department won’t release its monthly payrolls report tomorrow if the government remains closed, according to the Bureau of Labor Statistics.

Euro demand was bolstered before a report forecast to show retail sales in the currency bloc rose in August. Euro-area retail sales rose 0.2 percent in August following a 0.1 percent gain in the previous month, economists predicted before the data due today.

The yen retreated as Asian stocks rallied.


EUR / USD: during the Asian session the pair rose to $ 1.3625

GBP / USD: during the Asian session, the pair traded in the range of $1.6220-40

USD / JPY: during the Asian session the pair rose to Y97.80


There is a full calendar on both sides of the Atlantic Thursday, although some US data could be delayed due to the shutdown. Additionally, German markets are closed for the reunification holiday. The European data calendar kicks off at 0713GMT, with the release of the Spanish September final services PMI data. Italian services data comes at 0743GMT, French data at 0748GMT and German numbers at 0753GMT. Consolidated euro area services PMI will be released at 0758GMT. At 0900GMT, further Euro area data is expected, when the August retail sales numbers cross the wires. Back in Europe, late data sees the release of French October Insee economic outlook. There is limited UK data set for release, but the September CIPS/Markit Services PMI numbers will cross the wire and are likely to underline the nascent UK recovery.

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