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Forex: Tuesday’s review
Yesterday the yen weakened against the dollar for a second day after Japanese Finance Minister Jun Azumi indicated that Group of Seven nations remain supportive of intervention to address extreme currency moves.
After reaching its weakest level against the dollar on March 15, the yen had strengthened as much as 7 percent. Japan’s Azumi said he told finance ministers a strong yen was depressing the nation’s stock market and damaging its economy by making exports more expensive.
The euro fell, ending two days of gains against the greenback, as Spanish Budget Minister Cristobal Montoro said the nation faces difficulties in accessing capital markets. Brazil’s real gained the most in a week as the central bank sold currency swap contracts.
The common currency weakened for the first time in three days against the yen after European retail sales fell more in April than economists forecast and German factory orders declined
Euro-region retail sales declined 1.0% in April, after gaining 0.3% the previous month, the European Union’s statistics office said in Luxembourg. Economists forecast a drop of 0.1%. German factory orders fell 1.9% from March, the Economy Ministry said in Berlin.
EUR/USD: yesterday the pair decreased below $1.2450.
GBP/USD: yesterday the pair traded nearby $1.5380.
USD/JPY: yesterday the pair gain to Y79.00.
Wednesday sees UK markets return to the fray after the long Jubilee weekend. At 0830GMT, the UK sees the release of the May Markit /CIPS construction PMI data. EMU growth data (1Q 2nd estimate) is released at 0900GMT. At 1000GMT, Germany Apr industrial output data is released, followed at 1100GMT by comments from German Chancellor Angela Merkel answering questions from citizens, in Berlin age applications. The day's main event is the ECB monetary policy decision, at 1145GMT, followed by the Mario Draghi press conference at 1230GMT.
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