FOREX: Mondays review
06.09.2011 07:02:00
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.
European Central Bank President Jean-Claude Trichet is scheduled to speak in Paris today before the ECB’s policy meeting on Sept. 8.
EUR/USD failed to break above $1.4200 and weakened to $1.4060. Rate later tried to recover before weakened again to $1.4090
GBP/USD was between $1.6170/90 before fell to $1.6090 and later - to $1.6060.
USD/JPY held within the range, limited by Y76.70/80, before declining to Y77.00.
Swiss inflation data is due to come at 07:15 GMT.
EU 2Q GDP report comes at 09:00 GMT with the median is for +0.2% q/q.
Germany's manufacturing orders will be released at 10:00 GMT.
Among the US data investors will digest US Non-mfg ISM at 14:00 GMT.
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