Forex: Wednesdays review
07.07.2011 07:56:00
The euro declined to a one-week low against the dollar a day after Portugal became the second nation in the currency region after Greece to receive a junk credit rating from Moody’s Investors Service.
The Swiss franc, yen and dollar rose against most of their major counterparts as Europe’s sovereign-debt crisis and China’s decision to increase interest rates spurred investor demand for haven assets.
The dollar remained lower against the yen after the Institute for Supply Management in Tempe, Arizona, reported that its non-manufacturing Index dropped to 53.3 last month from 54.6 in May. The median forecast of economists was for a reduction to 53.7. Readings greater than 50 signal expansion.
The European Central Bank will increase its main refinancing rate to 1.50 percent tomorrow from 1.25 percent, according to all economists in a survey.
EUR/USD: on results of yesterday's session the pair fall in $1.4320 area.
GBP/USD: the pair shown low in $1.5940 area then restored and finished session in $1.6000 area.
USD/JPY: the pair holds at Y80.75-Y81.10.
European data starts at 1000GMT by German in industrial output data. At 1145GMT, the ECB decision is due, which will be followed at 1230GMT
by the usual press conference with ECB President Jean-Claude Trichet.
UK data includes at 0830GMT Industrial Production/Manufacturing Output data is due for release. The data is expected to show a bit of a rebound from the previous month, with industrial production rising 1.3% m/m but remaining lower by a reading of -0.4% y/y. Manufacturing output is seen
up 1.1% m/m, 2.2% y/y. The Bank of England Monetary Policy Committee makes it's announcement at 1100GMT but no change is expected in either
the current 0.50% overnight rate or the 200 billion level of asset purchases.
At 1215GMT, the ADP National Employment Report is due. Last month the unexpectedly soft reading caused some to revise their estimates
lower. The lackluster 54,000 increase in non-farm payrolls justified the revision. At 1230GMT, initial jobless claims are expecting toll to 420,000 in the July 2 week. Claims have been above 420,000 since the April 30 week. In the July 25 week, a labor analyst said there no special factors
contributing to the decline of 1,000 claims.
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