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- European session: The euro strengthened
European session: The euro strengthened
09:00 Italy CPI (September) final 0.0%
09:00 Italy CPI (September) final Y/Y 3.0%
09:00 Italy HICP (September) final Y/Y 3.6%
09:00 EU(17) Harmonized CPI (September) final 0.8%
09:00 EU(17) Harmonized CPI (September) final Y/Y 3.0%
09:00 EU(17) Harmonized CPI ex EFAT (September) Y/Y 1.6%
09:00 EU(17) Trade balance (August) adjusted, bln -1.0
The euro strengthened as Group of 20 finance ministers began a two-day meeting to discuss plans to tackle Europe’s debt crisis.
The 17-nation currency approached a five-week high versus the yen as G-20 and International Monetary officials said the ministers meeting in Paris are working on a European rescue plan including boosting the IMF’s lending resources.
Gains in the euro were tempered after Standard & Poor’s cut Spain’s credit rating late yesterday. S&P downgraded Spain to AA- from AA with a negative outlook. The nation’s rating has been lowered by S&P three times since 2009, when the country lost its AAA status.
The Australian dollar headed for a weekly gain after data showed the inflation rate in China, the South Pacific nation’s biggest trading partner, increased 6.1 percent in September from a year earlier. Producer prices rose 6.5 percent.
EUR/USD: the pair tested area of strong resistance $1.3830/50 then receded in $1,3800 area.
August increase. Nonauto retail sales are forecast to increase 0.4%. At 1355GMT, the Michigan Sentiment Index is expected to increase slightly to a reading of 60.0 in early-October after a sharper increase in September. The Investor Business Daily Economic Optimism index saw a one percent increase in October, however it remains in negative
territory. Shortly after, at 1400GMT, business inventories are expected to rise 0.5% in August, as factory inventories were already reported down 0.2% and wholesale inventories up 0.4% in the month. Later data sees the 1800GMT release of the September Treasury Statement.
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