The euro depreciated vis-√†-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2840
level and was capped around the $1.3025 level.The common currency traded above the psychologically-important US$
1.3000 figure for the first time since 10 May before ceding intraday
gains.Data released in the U.S. today
saw June housing starts decline 5.0% m/m to an annualized 549,000 units while
June building permits were up 2.1% m/m to an annualized 586,000 units.MBA mortgage appkications will be released
tomorrow. Federal Reserve Chaiman Bernanke testifies this week following the
Fed‚Äôs downward revisions to economic growth and inflation forecasts and its
upward revision to its unemployment projections.In
eurozone news, there was a report yesterday that Germany‚Äôs Hypo Real Estate
Holding AG failed its bank stress test.Results from up to 91 European bank stress tests will be released on
Friday and may impact the euro‚Äôs direction. Data released in Germany today saw
June producer prices up 0.6% m/m and 1.7% y/y. French jobs data will be
released later in the week.There is talk that the International Monetary
Fund will seek to increase the amount of funds it can lend to US$ 1 trillion
from the current level of US$ 750 billion.Euro offers are cited around the US$ 1.2830 level.
The yen depreciated
vis-√†-vis the U.S. dollar today as the greenback tested offers around the ¬•87.20
level and was supported around the ¬•86.65 level.Traders continue to speculate Bank of Japan
may intervene to weaken the yen after the currency reached a seven-month high
last week.An anonymous Bank of Japan
source this week suggested the central bank may intervene around the ¬•85 level if
the pair depreciates to that area and continues to trade there.Japanese monetary authorities have not
officially intervened for years but they will clearly not want the pair to risk
a move below the ¬•80 figure.Japanese
financial markets were closed overnight and will reopen overnight.Data released in Japan overnight saw the May
leading index tick lower to 98.6 while the May coincident index was unchanged
at 101.2.Also, June convenience store
sales were off 1.5% y/y.Traders await
the release of Bank of Japan Policy Board meeting minutes in the Australasian
session.The Nikkei 225 stock index on
Friday lost 1.14% to close at ¬•9,300.46.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 ¬•111.45 level and was capped around
the ¬•113.35 level.The British pound moved higher vis-√†-vis the yen as sterling tested
offers around the ¬•133.20 level while the
Swiss franc moved higher vis-√†-vis the yen and tested offers around the ¬•82.95
level. In Chinese news, the U.S.
dollar depreciated vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7783
in the over-the-counter market, down from CNY 6.7787. Prime Minister Wen warned the Chinese property
market may be in for difficult times.Former
People‚Äôs Bank of China adviser Yu Yongding reported China should reduce the
amount of U.S. Dollar holdings in its portfolio.China‚Äôs foreign exchange reserves totaled US$
2.454 trillion in the second quarter and in May, China reduced its U.S. Treasury
holdings to US$ 867.7 billion.PBoC is
expected to maintain a relatively loose monetary policy.
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