Market news

10 February 2011

Asian session: The dollar rose

Data:
0:30 Australia Employment Change 24.0K
0:30 Australia Unemployment Rate 5.0%

The dollar rose toward a two-week high against the yen before U.S. reports forecast to show jobless claims fell and consumer confidence improved, boosting demand for assets in the world’s largest economy.
Australia’s dollar fell for a second day after a government report showed full-time employment dropped in January, spurring concern the economy is growing too slowly to prompt the central bank to raise interest rates.
The so-called Aussie weakened as swap traders reduced expectations for how much borrowing costs will rise over the next year.

EUR/USD: the pair decreased below a mark $1.3700.
GBP/USD: the pair bargained in the field of $1.6100. Decreased later.
USD/JPY: the pair become stronger in around Y82.70.
UK data at 0930GMT sees industrial production and manufacturing output data, where IP is expected to rise 0.6% m/m, 3.9% y/y and manufacturing output rise 0.5% m/m, 5.5% y/y. However, the main event is due at 1200GMT, the Bank of England makes it's policy statement. The survey of 31 economists also predicted the bank rate to end the year at 1.0%. 
US data starts at 1330GMT, when initial jobless claims are expected to fall 5,000 to 410,000 in the February 5 week after sharp movements in January. US data continues at 1500GMT with Wholesale Inventories as well as the weekly EIA Natural Gas Stocks at 1530GMT. Late US data at 1900GMT is expected to see the US Treasury post a $60.0 billion budget gap in the January tax month, compared with the $42.6 billion gap in January 2010. Data concludes at 2030GMT with the weekly US M2 Money Supply data.

Market Focus
  • Swiss government raises 2019 GDP growth forecast to 0.9% from 0.8% previously
  • Fed keeps rates on hold, points to 'favourable' economic outlook next year
  • German consumer price growth stabilised in November
  • French consumer prices rose by 0.1% in November, as expected

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