Market news

15.06.2011, 07:22

Asian session: The euro fell

Data:

00:30 Australia Westpac Consumer Confidence (Jun) -2.6%

The euro fell, snapping a two-day advance against the dollar, as European Union officials struggled to break a deadlock on a second Greek rescue plan.

Australia’s dollar held onto three days of gains after central bank Governor Glenn Stevens reiterated that policy makers will need to raise interest rates at some stage.

Demand for the greenback was limited before U.S. reports forecast to show inflation slowed and confidence among homebuilders remained weak.

EU finance ministers yesterday agreed to convene again on June 19 after they failed to reconcile a German-led push for bondholders to share part of the cost of a new Greek aid plan. European Central Bank warnings were backed by France that the move might constitute the region’s first sovereign default.

Reserve Bank of Australia Governor Stevens signaled inflation data next month may be key for the timing of an interest-rate increase.

EUR/USD: the pair decreased in $1.4400 area.

GBP/USD: the pair decreased in $1.6350 area.

USD/JPY: the pair holds on Y80.40-Y80.65 zone.

UK labour market data is due at 0830GMT and is expected to show a 5k change in the claimant count with the rate at 4.6%. Average weekly earnings are expected to come in at 2.1%. The ILO measures are expected to show a -38k jobless change and a 7.7% rate. In London tonight, the Bank of England Governor Mervyn King delivers what is traditionally seen as his keynote annual address at the Mansion House.

US data starts at 1100GMT with the weekly MBA Mortgage Application Index. US data continues at 1230GMT with the May Consumer Price Index and the June NY Fed Empire State Survey. Consumer prices are expected to reflect the continued price pressures from food and energy, though to a lesser extent than in at the wholesale level. Overall CPI is forecast to hold steady in May, while core CPI is expected to rise 0.1%. At the same time, the NY Fed Empire State Index is expected to rise to a reading of
14.0 in June after falling in May. The US Treasury International Capital System (TICS) data is due at 1300GMT, shortly followed at 1315GMT by industrial production, which is expected to rise 0.2% in May after a flat reading in April that resulted from a shortage of motor vehicle parts from Japan. Stocks data at 1430GMT.US data then continues with the weekly EIA Crude Oil

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