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- European session: Sterling dropped against all of its 16 major peers
European session: Sterling dropped against all of its 16 major peers
Data:
06:50 Eurozone ECB President Mario Draghi Speaks -
08:30 United Kingdom Trade in goods April -8.6 -8.5 -10.1
09:00 Eurozone Employment Change Quarter I -0.2% -0.2% -0.2%
09:00 Eurozone Trade Balance s.a. April 4.3 4.2 6.2
Sterling dropped against all of its 16 major peers after Bank of England Governor Mervyn King presented joint steps with the Treasury to increase the flow of credit to U.K. banks and said the case for more stimulus is “growing.” Two-year note yields approached a record low and implied yields on interest- rate futures slid as investors added to bets for lower borrowing costs.
The yen strengthened at least 0.3 percent against all of its 16 most-traded counterparts after the Bank of Japan refrained from expanding monetary stimulus that debases the currency.
The dollar was set for weekly declines versus most major peers before U.S. data that may show production slowed and consumer confidence fell, adding to the case for further easing by the Federal Reserve. The central banks of the world’s biggest economies are preparing for coordinated action to provide liquidity if needed after a general election in Greece this weekend widely seen as a referendum on keeping the nation in the euro, Reuters reported earlier.
EUR/USD: the pair traded in a range $1.2610-$1.2645.
GBP/USD: the pair in the beginning trading session fell, however restored later.
USD/JPY: in current of the European session the pair continued falling.
US data starts at 1230GMT when the NY Fed Empire State Manufacturing Index is expected to fall to a reading of 13.5 in June after see-sawing sharply in the previous two months. At 1315GMT, industrial production is expected to hold steady in May after the April rebound. At 1355GMT, the Michigan Sentiment Index is expected to fall to a reading of 77.8 in early-June after rising in each of the last nine months.
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