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- Forex: Wednesday’s review
Forex: Wednesday’s review
Yesterday the euro fell to its weakest level against the dollar since July 2010 on speculation a summit of European Union leaders will provide no new measures to stem the sovereign-debt crisis. The shared currency extended losses after dropping below 100 yen for the first time since February and weakening to less than $1.26, price levels where traders who follow technical analysis said sell orders were clustered. Financial turmoil in the euro bloc will come up at tonight’s meeting in Brussels only “at the very end,” European Council President Herman Van Rompuy said in a letter before a gathering of EU officials.
The yen climbed at least 0.7 percent versus all its major peers after the Bank of Japan left its asset-purchase fund unchanged. The yen snapped a two-day drop against the dollar after slipping earlier this week on bets the central bank would decide to boost stimulus at its policy meeting. The BOJ kept its asset-purchase fund at 40 trillion yen, after expanding it by 10 trillion yen last month. The central bank also left a credit-lending program at 30 trillion yen, it said in a statement in Tokyo. The policy board kept the key overnight lending rate between zero and 0.1 percent.
EUR/USD: yesterday the pair fell to a figure, lowered below $1.2600.
GBP/USD: yesterday the pair fell below $1.5700.
USD/JPY: yesterday the pair fell to week’s low Y79.20.
European data for Thursday starts at 0600GMT with the details of German Q1 GDP data, while at the same time, the German finance ministry releases its monthly fiscal and economic report. France sees sentiment data at 0645GMT, while this morning also sees the release of the flash manufacturing and services PMIs for May, starting with France at 0658GMT, where forecasts are for readings close to unchanged with 47.0 for manufacturing and 45.7 for services. Germany releases at 0728GMT with expectations of mixed results, a slightly higher 47.0 for manufacturing and slightly lower 52.0 for services. At 0758GMT the EMU release is expected to see 45.9 for manufacturing, 46.5 for services and 46.6 for the composite number. The Germany Ifo data is due at 0800GMT and is broadly expected to slip slightly lower with the business climate index at 109.2, the current assessment at 117.0 and the expectations index at 101.8. UK data at 0830GMT includes Services Output data and also the second stimate of Q1 GDP data along with Q1 Business Investment. US data starts at 1200GMT with Building Permits data and is followed at 1230GMT by weekly jobless claims and Durable Goods Orders. This is followed at 1258GMT by US
flash PMI.
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