Market news

02.06.2011, 08:07

Asian session: The euro gained

Data:

01:30 Australia Trade Balance (Apr) 1597.00M

01:30 Australia Retail Sales s.a. (MoM) (Apr) 1.1%

The euro gained against the dollar and yen as German Chancellor Angela Merkel said the European Union remains committed to its shared currency and the outlook for German growth is “very positive.”

The yen pared a decline against the dollar after Prime Minister Naoto Kan, facing a no-confidence vote, said he’ll step down once his work to lead a recovery from March’s earthquake is accomplished.

The euro rose against all 16 of its most-traded counterparts before European Central Bank President Jean-Claude Trichet speaks in Germany after saying yesterday the ECB “will continue to deliver price stability.”

Losses in the yen were trimmed as Asian stocks extended a worldwide slump on concerns over slowing U.S. growth. The MSCI Asia Pacific Index fell as much as 1.9 percent.

EUR/USD: the pair become stronger in around $1.4360.

GBP/USD: the pair bargained within the limits of $1.6310-$ 1.6350.

USD/JPY: the pair shown high in the field of Y81.30 then decreased.

It is a light calendar for European data on Thursday with the biggest scheduled release probably the UK Construction PMI data at 0828GMT, which is expected to see a pullback to a reading of 52.5. At 0915GMT, ECB President Jean-Claude Trichet is due to speak at the awarding of the Charlemagne Prize in Aachen, Germany.

US data starts at 1230GMT with the weekly jobless claims and also the release of non-farm productivity and unit labor costs. The level of initial jobless claims is expected to fall 4,000 to 420,000 in the May 28 week after rising unexpectedly in the previous week, while first quarter non-farm productivity is expected to be revised up to +1.7% on a

modest adjustment to output. As a result, unit labor costs are expected to be revised down to +0.8%. US data continues at 1345GMT with the weekly Bloomberg Comfort Index, while at 1400GMT, US factory new orders are expected to fall 0.9% in April, as durable goods orders were already reported down 3.6%, but nondurables orders are expected to surge further on energy prices. The weekly EIA Natural Gas and Crude Oil Stocks data releases are due from 1430GMT, while later data includes Store Sales as well as the 2030GMT release of M2 Money Supply data.

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