Data released:
06:00 Germany CPI (August) final 0.0% -0.1% 0.4%
06:00 Germany CPI (August) final Y/Y 2.4% 2.3% 2.4%
06:00 Germany HICP (August) final Y/Y 2.5% 2.4% 2.6%
06:00 Germany Wholesale prices (August) 0.1% - -0.6%
06:00 Germany Wholesale prices (August) Y/Y 6.5% - 8.2%
06:45 France Industrial production (July) 1.5% -0.4% -1.6%
06:45 France Industrial production (July) Y/Y 3.7% 2.1% 2.1%
08:00 Italy GDP (Q2) final 0.3% 0.3% 0.3%
08:00 Italy GDP (Q2) final Y/Y 0.8% 0.8% 0.8%
08:30 UK PPI (Output) (August) unadjusted 0.1% 0.1% 0.2%
08:30 UK PPI (Output) (August) unadjusted Y/Y 6.1% 6.0% 5.9%
08:30 UK PPI Output ex FDT (August) adjusted 0.2% 0.1% 0.3%
08:30 UK PPI Output ex FDT (August) unadjusted Y/Y 3.6% - 3.3%
08:30 UK PPI (Input) (August) adjusted -1.9% -1.5% 0.6%
08:30 UK PPI (Input) (August) unadjusted Y/Y 16.2% 16.9% 18.5%
11:00 Canada Employment (August) -5.5K +31K +7.1K
11:00 Canada Unemployment rate (August) 7.3% 7.3% 7.2%
The 17-nation currency declined versus 12 of its 16 major counterparts as German bond yields fell to a record low, while Greek rates climbed to an all-time high. Spanish and Italian bonds also fell.
“We’ve reached a turning point,” said Simon Derrick, chief currency strategist at Bank of New York Mellon in London. “There should be a shift in demand for the euro with a shift in the monetary-policy stance. Should the euro be offered? Absolutely.” The currency may fall as low as the high $1.20s, he said.
Two-year German yields fell as much as five basis points to a record 0.385 percent. The implied yield on Euribor futures for June slid six basis points to 0.96 percent, showing traders added to wagers for lower borrowing costs.
Demand for the yen was tempered before finance ministers from the Group of Seven nations meet today in Marseille, France, to discuss ways to bolster their economies. Japanese Finance Minister Jun Azumi said before departing from Tokyo that he would appeal to the group to appreciate his concern about excessive yen gains.
EUR/USD printed lows on $1.3782 before gained back to $1.3835.
GBP/USD Rate manages to recover back to $1.5910. Resistance noted back up at $1.5950. Support now seen at $1.5885/80 ahead of $1.5870 and $1.5850.
USD/JPY Lifts to Y77.80, with reported stops above Y77.75 triggered though any follow through countered by exporter sales. Fresh offers seen at Y77.85/90 ahead of Y78.10. Bids remain at Y77.45/40.
Canada's labor market data will be released at 11:00 GMT with US wholesale inventories - at 14:00 GMT.
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