The euro appreciated vis-√†-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2955
level and was supported around the $1.2705 level. The common currency reached its strongest
level since 10 May as traders were more inclined to add exposure to riskier
assets.The pair surged in late North
American trading on news that U.S. investment banking giant Goldman Sachs
settled its ongoing charges with U.S. regulators for an estimated US$ 550
million.At the same time, the U.S.
Senate passed key financial regulatory reform laws today that will seek to
strengthen oversight over systemically-important firms, increase some of the
Federal Reserve‚Äôs powers, and seek to avert another major credit crisis like
the one that unfolded three years ago.Critics of the new legislation suggest it does not address the massive
imbalances caused by U.S. wholesale mortgage giants Fannie Mae and Freddie
Mac.Data released in the U.S. today saw
June headline producer prices off 0.5% m/m and up 2.8% y/y while the ex-food
and energy component was up 0.1% m/m and 1.1% y/y.Other data released in the U.S. today saw
weekly initial jobless claims fall to 429,000 while continuing jobless claims
increased to 4.681 million from the prior reading of 4.434 million.Additionally, the July Empire State
manufacturing index fell sharply to 5.08 and the July Philadelphia Fed survey
shrank to 5.1.Other data saw June
industrial production growth decelerate to +0.1% while June capacity
utilization moved lower to 74.1%.Many
data will be released tomorrow including June CPI, May TICS capital flows, and
July University of Michigan consumer sentiment.Former Federal Reserve Chairman Greenspan today said the U.S. government
should let the Bush tax cuts lapse this year to boost tax revenue and reduce
the federal budget deficit.San
Francisco Fed President Yellen testified today in her Senate confirmation hearing
to become the new Fed Vice Chairman and noted job creation remains a ‚Äúhigh
priority‚ÄĚ to bring down ‚Äúpainfully high‚ÄĚ umemployment.Minutes from the most recent Federal Open
Market Committee meeting were released yesterday and indicated a growing
concern over the economy.Fed Chairman
Bernanke will deliver his semi-annual economic report to Congress next
week.In eurozone news, the European Central Bank‚Äôs July monthly bulletin
reported some eurozone jobs ‚Äúwill be permanently downsized.‚ÄĚEuro offers are cited around the US$
The yen appreciated
vis-√†-vis the U.S. dollar today as the greenback tested bids around the ¬•87.20
level and was capped around the ¬•88.50 level.As expected, Bank of Japan lifted its economic growth forecast for the
fiscal year ending March 2011 to 2.6% from its April estimate of 1.8%.BoJ also reduced its forecast for the next
fiscal year to 1.9% from 2.0%.Also as
expected, Bank of Japan‚Äôs Policy Board kept its benchmark unsecured overnight
call rate target unchanged at 0.1%.Dealers
expect the government will increase its pressure on the central bank to ease
monetary policy further, perhaps by expanding the number of Japanese government
bonds it purchases.BoJ Governor Shirakawa
reported the BoJ ‚Äúalready expected the pace of the economic recovery to slow
down in coming months‚ÄĚ following its ‚Äúrapid‚ÄĚ rebounds from late last year.The yen has appreciated more than 5% over the
past three months.The central bank is
also now predicting consumer prices excluding fresh food will decline 0.4% this
fiscal year, down from April‚Äôs -0.5% forecast.Notably, the central bank maintained its forecast that calls for a 0.1%
increase in core inflation in the fiscal year starting April 2011.Data released in Japan overnight saw June
Tokyo-area condominium sales climb 66.6% y/y while June machine tool orders
were up 143.8% y/y.Data to be released overnight
include the May tertiary industry index, June nationwide department store
sales, and June Tokyo-area department store sales.The Nikkei 225 stock index lost 1.12% to
close at ¬•9,685.53.U.S. dollar bids are
cited around the ¬•86.29 level.The euro
moved lower vis-√†-vis the yen as the single currency tested bids around the
¬•111.80 level and was capped around the ¬•113.35 level.The
British pound moved lower vis-√†-vis the yen as sterling tested bids around
the ¬•133.95 level while the Swiss franc moved
lower vis-√†-vis the yen and tested bids around the ¬•83.40 level. In Chinese news, the U.S. dollar appreciated
vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7781 in the
over-the-counter market, up from CNY 6.7748. Many
data were released in China overnight.First,
second quarter real gross domestic product growth decelerated to +10.3% y/y
from the prior reading of 11.9%.Gross
domestic product is now up 11.1% y/y but most economists expect growth to
decelerate further this year. Second,
the June purchasing price index was up 10.8% y/y, down from +12.2% y/y.Third, the June producer price index and June
consumer price index were up 6.4% y/y and 2.9% y/y, respectively.Fourth, June retail sales growth slowed to
18.3% y/y. Fifth, industrial production growth slowed to +13.7% y/y from the
prior reading of +16.5%. People‚Äôs Bank of China member Hu reiterated the yuan
will be maintained at a ‚Äúbalanced and reasonable level.‚ÄĚ
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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