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06.01.2011 12:36

EU session review: Euro depreciates on regional sovereign debt

Data released
09:30     UK     CIPS services index (December)    49.7    52.8    53.0
10:00     EU(16)     Economic sentiment index (December)    106.2    105.5    105.1 (105.3)
10:00     EU(16)     Business climate indicator (December)    1.31    1.00    0.91 (0.96)
10:00     EU(16)     Retail sales (November) adjusted    -0.8%    0.1%    0.5%
10:00     EU(16)     Retail sales (November) adjusted Y/Y     0.1%    -    1.8%
11:00     Germany     Manufacturing orders (November) seasonally adjusted    5.2%    0.8%    1.6%
11:00     Germany     Manufacturing orders (November) not seasonally adjusted, workday adjusted Y/Y    20.6%    16.1%    17.9%

The euro fell to its weakest level against the dollar in a week amid concern a weaker recovery in some European nations will perpetuate the region’s debt crisis.
A euro-area services indicator published yesterday fell to 54.2 in December from 55.4. While the German services gauge held at 59.2, above an initial reading of 58.3, the Irish and Italian measures declined, Markit Economics said yesterday.
“Anything that’s perceived to heighten the potential negativity for an investor in the euro zone isn’t particularly encouraging, so this is far from helpful,” said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce.
The Australian dollar reached a two-week low amid concern flooding will hamper the nation’s economy.
Australia’s dollar weakened for a fourth day versus the dollar. Heavy rain and flooding that’s swept across the state of Queensland may cost more than A$5 billion ($5 billion), the Australian Financial Review reported today, citing state Premier Anna Bligh.
“The question is how much impact the flooding will have on the local economy,” said Keiji Matsumoto, a currency strategist in Tokyo at Nikko Cordial Securities Inc. “Markets may take it as a negative factor for the Aussie.”
The pound declined after data showed U.K. service industries contracted. Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said its gauge of activity fell to 49.7 from 53.0 in November. Economists had forecast a decline to 52.8.

EUR/USD fell from $1.3170 to $1.3090. Rate managed ro recover above $1.3100.

GBP/USD fell sharply from session high on $1.5565 to $1.5464. Currently rate holds around $1.5483.

USD/JPY printed lows on Y82.86 before recovered to Y83.16.

US data sees initial jobless claims scheduled at 1330GMT, when the weekly initial jobless claims are expected to rebound 24,000 to 412,000 in the January 1 holiday week after falling sharply in the previous week after seasonal adjustment.

06.01.2011 12:13

CRUDE TECHS:

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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