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Forex: Thursday’s review
The vote in Berlin on changes to the EFSF allows the fund to buy the bonds of distressed member states and offer emergency loans to governments, raising Germany’s guarantees to 211 billion euros from 123 billion euros.
Gains in the euro were tempered after Italy’s borrowing costs rose at a government debt sale today. Italy’s five-year credit-default swaps were at 472 basis points today, showing traders see a 34 percent chance for the nation’s nonpayment, compared with 4.6 percent for the U.S.
The yen weakened as U.S. equity futures rose, spurring demand for higher-yielding assets.
EUR/USD: at first half of Thursday the pair rose, but then fell at $1.3550.
GBP/USD: at first half of Thursday the pair rose, but then fell at $1.5580.
USD/JPY: the pair rose and showed new weekly high Y77.03
Focus today Italy T-bill redemption for E8.0bln, German upper house Bundestrat votes on reform of the EFSF , Austria assembly to give final approval to EFSF. Afternoon data includes Chicago PMI as well as Michigan sentiment at 1345GMT and 1355GMT respectively. End of month and the dollar widely expected to be
in demand at the fixings, though the signal versus the euro said to be weak.
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