Forex: Tuesday's review

The euro fell toward its weakest level in a decade against the yen on speculation Greece is nearing default and as Italy’s borrowing costs rose at a sale of 3.9 billion euros ($5.3 billion) of bonds.

The 17-nation currency reversed yesterday’s gain versus the dollar amid uncertainty China will buy Italian assets.

Italy’s Treasury sold 3.9 billion euros of a new benchmark five-year bond at an average yield of 5.6 percent, compared with 4.93 percent on July 14, the last time securities of a similar maturity were sold. Demand was 1.28 times the amount on offer, compared with a bid-to-cover ratio of 1.93 at the previous sale. The Treasury had aimed to sell a maximum of 4 billion euros.

The euro was boosted yesterday after an Italian government official said talks had been held with Chinese counterparts about potential investments in Europe’s third-largest economy. The purchase of Italian bonds was not the focus of the meetings, which took place in the past few weeks, the official said on condition of anonymity, without specifying which assets may be involved.

EUR/USD: the pair showed low slightly below $1.3555 then restored to 1.3735 and finished session in area of Monday's high.

GBP/USD: the pair updated low and reached $1.5755. The pair finished session in 1.5775 area.

USD/JPY: the pair was under pressure.

US data starts at 1230GMT with both PPI and Retail Sales.Retail sales are expected to rise 0.3% in August, as vehicle sales were down only slightly after seasonal adjustment and AAA reported only a slight rise in gasoline prices after larger declines in June and July. Nonauto retail sales are forecast to rise 0.3%. Producer prices are
expected to hold steady in August. Energy prices are expected to decline further in the month, while food prices are seen rising modestly. The
core PPI is expected to rise 0.2%.
Also at 1230GMT, US Treasury Secretary Tim Geithner gives the 30 minute interview on CNBC.
US data continues at 1400GMT, when business inventories are expected to rise 0.6% in July, as factory inventories were already reported up 0.5%, while wholesale inventories rose 0.8% in the month.

The weekly EIA Crude Oil Stocks data follows at 1430GMT, while at 1500GMT, the IMF releases analytical chapters of the World Economic Outlook, in Washington. This does not include forecasts.

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