European session: The euro fell
05.09.2011 12:03:00
Data:
07:55 Germany PMI services (August) seasonally adjusted 51.1
08:00 EU(17) PMI services (August) 51.5
08:30 UK CIPS services index (August) 51.1
09:00 EU(17) Retail sales (July) adjusted 0.2%
09:00 EU(17) Retail sales (July) adjusted Y/Y -0.2%
The euro fell for a fifth day versus the dollar after an election loss for Germany’s ruling party stoked concern support is fading for bailouts in Europe, boosting demand for refuge currencies.
The Swiss franc strengthened against all its major counterparts as European shares tumbled and the cost of insuring government bonds in the region from default climbed to record highs. The yen gained as economists said a U.S. report tomorrow will show services industries slowed, adding to signs global growth is weakening. The Dollar Index climbed to a one-month high after German Chancellor Angela Merkel’s Christian Democratic Union was defeated in the election in her home state.
European services and manufacturing growth weakened in August as austerity measures and waning demand clouded growth prospects. A composite index based on a survey of euro-area purchasing managers in both industries dropped to 50.7 from 51.1 in July, Markit Economics said today. A figure above 50 indicates growth.
European Central Bank President Jean-Claude Trichet is scheduled to speak in Paris today before the ECB’s policy meeting on Sept. 8. While all the 57 economists surveyed by Bloomberg forecast the central bank to leave its benchmark interest rate at 1.5 percent, traders bet it will cut borrowing costs by 31 basis points over the next 12 months, according to a Credit Suisse Group AG index based on swaps.
EUR/USD: the pair decreased in area $1,4110.
GBP/USD: the rate tested $1,6100.
USD/JPY: the pair holds Y76,70-Y76,95.
There are no any economic data from US and Canada as those countries' financial markets are closed in observance of Labor Day.
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