The euro appreciated vis-√†-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3005
level and was supported around the $1.2875 level.The common currency briefly traded above the
US$ 1.3000 figure before settling back during the North American session. Dealers continued to chase the pair higher
following the release of Friday‚Äôs stress test results on 91 eurozone banks, the
details of which were better than expected.Data released in the U.S. today
saw the June Chicago Fed national activity index decline to -0.63 from the
revised prior reading of +0.31 while the July Dallas Fed manufacturing activity
index fell sharply.Also, June new home
sales evidenced a surprising 23.6% m/m increase to an annualized 330,000
units.May CaseShilller home prices data
will be released tomorrow along with July consumer confidence data and and the
July Richmond Fed manufacturing index.Philadelphia
Fed President Plosser reported ‚Äúthere is underlying strength that is still
there,‚ÄĚ adding there is not much of a role for additional Fed action in the
near term but conceded Fed policymakers ‚Äúhave ammunition to act if we want to.‚ÄĚSan Francisco Fed President Yellen, the
presumed next Vice Chairman of the Fed, reported it would be ‚Äúrisky‚ÄĚ to adopt a
long-run inflation goal of 4% and said regulation and supervision are the ‚Äúfirst
line of defense‚ÄĚ against financial risks.In eurozone news, June M3
money supply data will be released tomorrow followed by the ECB‚Äôs bank lending
survey on Wednesday.European Central
Bank President Trichet reported the stress test on the banks was a ‚Äúvery important
transparency exercise‚ÄĚ while ECB member Ordonez said the tests ‚Äúfor sure have
been enough to restore investor confidence.‚ÄĚEurogroup chaiman Juncker said the stress tests evidence a ‚Äúrobust‚ÄĚ
European banking industry.Euro offers
are cited around the US$ 1.3265 level.
The yen appreciated
vis-√†-vis the U.S. dollar today as the greenback tested bids around the ¬•86.80
level and was capped around the ¬•87.70 level. New political party ‚ÄúYour Party‚ÄĚ called on the
government to weaken the yen and undertake a more expansionary fiscal policy to
stimulate the domestic economy and counter deflation.Nomura, Japan‚Äôs largest brokerage, downgraded
its assessment of Japanese equities to ‚Äúneutral,‚ÄĚ citing a bleaker profit
outlook and decelerating economic growth prospects.Nomura expects economic growth of 2.6% this
fiscal year and 1.5% next fiscal year.Data released in Japan today saw the June merchandise trade balance
increase to ¬•687 billion from the revised previous tally of ¬•320.9
billion.The June corporate services
price index will be released overnight.The
Nikkei 225 stock index climbed 0.77% to close at ¬•9,503.66.U.S. dollar bids are cited around the ¬•86.29
moved lower vis-√†-vis the yen as the single currency tested bids around the
¬•112.20 level and was capped around the ¬•113.45 level.The
British pound moved higher vis-√†-vis the yen as sterling tested offers around
the ¬•135.55 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 6.7790 in the
over-the-counter market, down from CNY 6.7799. The June leading index will be released this
week along with the July MNI business conditions survey and July PMI
manufacturing.People‚Äôs Bank of China
Deputy Governor Hu Xiaolian reported the ‚Äúfixed‚ÄĚ yuan exchange rate system
caused excess liquidity that may cause ‚Äúheightened inflation expectations and
speculation in assets.‚ÄĚ
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.5515 level and was supported around the US$ 1.5405 level.Data to be released in the U.K. tomorrow
include CBI July reported sales data followed by July Nationwide house prices
data on Thursday and other mortgage and consumer credit numbers.Bank of England announced its new Financial
Policy Committee will have eleven members and be in place by the autumn.The key functions of the Financial Services
Authority will be relegated to the BoE. CEBR reported BoE will not need to
raised rates for eighteen months.Chief
Economist Dale has warned of lower economic growth, higher inflation, and
rising unemployment.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 depreciated vis-√†-vis the
British pound as the single currency tested bids around the ¬£0.8325 level and
was capped around the ¬£0.8380 level.
franc appreciated vis-√†-vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0490 level and was capped around the CHF 1.0555 level. The June UBS consumption indicator will be
released tomorrow followed by the July KOF Swiss leading indicator on
Friday.U.S. dollar offers are cited
around the CHF 1.0980 level.The euro depreciated vis-√†-vis the
Swiss franc as the single currency tested bids around the CHF 1.3565 level
while the British pound moved higher
vis-√†-vis the Swiss franc and tested offers around the CHF 1.6345 level.
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POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
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