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Forex: Wednesday's review
The yen strengthened as global stocks fell and the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal “entails important risks.”
The euro slid from a four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a “substantial” share of a second aid package for Greece.
The yen rose to the strongest in a month against the dollar as Federal Reserve Chairman Ben S. Bernanke said the “frustratingly slow” U.S. recovery warrants sustained monetary stimulus.
New York Fed President William Dudley said that the U.S. recovery from the worst financial crisis since the Great Depression is “distinctly subpar” even after “aggressive monetary and fiscal stimulus.”
The pound fell against the dollar and the euro after Moody’s Investors Service said the U.K. risks losing its top credit ranking should growth remain weak. It said the outlook on the country’s rating is “stable.”
Fed's Beige book: Econ activity generally continued to expand.
UK data at 0830GMT includes the trade data, where the total trade balance is expected to come in at -stg2.9 billion with global goods at -stg7.6 billion and the non-EU total trade balance at -stg4.3 billion. The Bank of England policy decision is due at 1100GMT but with UK data showing the momentum of the recovery fading fast through the first two months of Q2, analysts and markets are putting off their expectation for the first rate hike until November at the earliest.
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