The euro depreciated vis-√†-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2750
level and was capped around the $1.2910 level.The common currency came off after Federal Reserve Chairman Bernanke
reported the economic outlook remains ‚Äúunusually uncertain‚ÄĚ in Senate testimony
and reiterated the Fed‚Äôs plan to keep interest rates at very low levels for an ‚Äúextended
period.‚ÄĚBernanke also noted the Fed is ‚Äúprepared
to take further policy actions as needed‚ÄĚ to support the U.S. economic recovery
but stopped short of noting what those actions may include.Bernanke drove home the point that the U.S.
economy is likely to avert a double-dip recession but made it clear the Fed
continues to view economic output as ‚Äúfragile.‚ÄĚSome traders believe the Fed might reopen some of its emergency lending
and stimulus programs if the economic situation worsens and economic growth is
jeopardized.U.S. equities were higher
before Bernanke spoke but lost momentum and sank given the uncertain outlook on
the economy.Data released in the U.S.
today saw MBA mortgage applications move higher by +7.6% in the latest
week.Last week, the Fed released
updated economic projections that evidenced forecasts for low growth, high
unemployment, and muted inflation.Bernanke also provided support for the new financial regulatory
legislation that President Obama signed into law today.In
eurozone news, there were no major data released today.The big day for markets is Friday when the
results from stress tests on up to 91 eurozone banks will be released.It has already been reported in the media
that some banks have failed their stress tests.PMI data will be released in the eurozone tomorrow.Euro offers are cited around the US$
The yen appreciated
vis-√†-vis the U.S. dollar today as the greenback tested bids around the ¬•86.85
level and was capped around the ¬•87.50 level. The pair continues to inch lower to levels
where some traders believe the government may intervene, specifically around an
¬•85 handle.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.The pair
briefly traded below this level in 1995 before a massive dollar-buying
intervention was implemented to boost the greenback.Data to be released in Japan overnight include
all industry activity.The Nikkei 225 stock
index lost 0.23% to close at ¬•9,278.83.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 ¬•110.80 level and was capped around the ¬•112.805 level.The
British pound moved lower vis-√†-vis the yen as sterling tested bids around
the ¬•131.70 level while the Swiss franc moved
lower vis-√†-vis the yen and tested bids around the ¬•82.50 level. In Chinese news, the U.S. dollar depreciated
vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7767 in the
over-the-counter market, down from CNY 6.7783. Prime Minister Wen this week warned the
Chinese property market may be in for difficult times. The Chinese government now accounts for about
one-third of global economic growth and economists fear a crash in the housing sector
there may result in significant problems for global output.
British pound depreciated vis-√†-vis the U.S. dollar today as cable tested bids
around the US$ 1.5155 level and was capped around the US$ 1.5335 level.Sterling tracked the euro lower following
Bernanke‚Äôs speech but the big news in the U.K. today was the release of the
minutes from the July Bank of England Monetary Policy Committee meeting in
which policymakers voted 7-to-1 to keep the Bank rate unchanged at 0.5%.The minutes read ‚ÄúOn balance, most members
thought that it was appropriate to leave the stance of monetary policy
unchanged. The committee considered arguments in favour of a modest easing in
the stance of monetary policy. The softening in the medium-term outlook for GDP
growth over recent months would put further downwards pressure on inflation,
once the impact of temporary factors had waned.‚ÄĚ MPC member Sentance voted
again to raise interest rates.There is
talk of a possible three-way split on the MPC this year if one or more
policymakers voted to expand policy accommodation.Some believe the MPC may resort to increasing
its asset purchase program. Cable bids are cited around the US$ 1.5140
level.The euro appreciated vis-√†-vis the British pound as the single
currency tested offers around the ¬£0.8505 level and was supported around the
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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
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