The euro depreciated vis-√†-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2965
level and was capped around the $1.3040 level.The big news in the market today was a weaker-than-expected result for
U.S. June durable goods orders.Defying
expectations of a positive print, the headline number came in at -1.0%, down
from the revised May tally of -0.8%, while the ex-transportation component fell
to -0.6% from the May result of 1.2%.Sub-components such as capital goods orders non-defense ex-air were also
considerably weaker and these data suggest the U.S. economy sputtered lower at
the end of the first half of the year.Other data saw MBA mortgage applications off 4.4% from the prior +7.6%
result.Weekly initial jobless claims
and continuing jobless claims data will be released tomrorow followed by GDP,
PCE, and final July University of Michigan consumer sentiment data on Friday.The Federal Reserve released its July Beige Book
today and its noted that economic growth decelerated in some areas over the
past two months.The expiration of a
homebuyers‚Äô tax credit and a decline in commercial real estate both had a
negative impact on the U.S. economy.The
Fed continues to anticipate ‚Äúcontinued moderate growth.‚ÄĚNew Fed nominees Yellen, Diamons, and Raskin
won their Senate votes today and will soon join the Board of Governors.In eurozone
news, provisional German states‚Äô July consumer price inflation data
released today came in on the elevated side.The preliminary national July CPI came in at 0.2% m/m and 1.1% y/y with
the harmonized measure at +0.3% m/m and +1.2% y/y.French June CPI data will be released
tomorrow.The European Central Bank
introduced more stringent rules today on bank collateral including new haircuts
on certain bonds.Euro offers are
cited around the US$ 1.3265 level.
The yen appreciated
vis-√†-vis the U.S. dollar today as the greenback tested bids around the ¬•87.25
level and was capped around the ¬•88.10 level. Bank of Japan Policy Board member Kamezaki
reported the central bank ‚Äúwants to make utmost efforts proactively to escape
from deflation and return to a sustainable growth path under price stability,‚ÄĚ
noting a stronger yen will hurt exporters.In contrast, other BoJ officials including Governor Shirakawa have been
hesitant about commenting on the strong yen.There is speculation that industrial production growth in Japan is
decelerating and this may increase pressure on the BoJ to ease further.Yen gains were also prompted by
weaker-than-expected Australian consumer price inflation data, suggesting
global growth continues to decelerate.Reserve
Bank of Australia will likely not hike rates next week and the yen could stay
bid as a result of this evolving monetary and economic landscape.While Kamezaki‚Äôs remarks may not increase the
changes of yen-selling intervention by the government, traders remain fixated
on the ¬•85 level.Economic growth in
Japan may also slow in the fourth quarter.The spread between three-month U.S. Dollar Libor and three-month yen
Libor narrowed to 23.937 basis points today, the smallest difference since 20
May.Data released in Japan overnight
saw July small business confidence improve to 48.1 from the prior reading of
47.4.June retail trade data will be
released tonight.The Nikkei 225 stock index
climbed 2.70% to close at ¬•9,573.27.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 ¬•113.20 level and was capped around the ¬•114.70 level.The
British pound moved lower vis-√†-vis the yen as sterling tested bids around
the ¬•135.85 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 6.7778 in the
over-the-counter market, down from CNY 6.7784. The Federal Reserve Bank of Cleveland warned
that the anticipated appreciation of the Chinese yuan will not lead to a ‚Äúsubstantial‚ÄĚ
reduction in the U.S. trade deficit.People‚Äôs
Bank of China is expected to keep monetary policy relatively stable and
continue to promote domestic final private demand.
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.5635 level and was supported around the US$ 1.5545 level.Data to be released in the U.K. tomorrow
include July Nationwide house prices, June net consumer credit, June net
lending secured on dwellings, June mortgage approvals, and the July GfK
consumer confidence survey.Bank of
England Governor King today expressed concerns that proposed reforms to the
Basel capital accord will not be strong enough.Monetary Policy Committee member Miles said now is not the proper time
to change policy while MPC member Bean said sterling‚Äôs decline will likely have
a larger-than-expected impact on consumer prices.Cable bids are cited around the US$ 1.5270
level.The euro depreciated vis-√†-vis the British pound as the single
currency tested bids around the ¬£0.8310 level and was capped around the ¬£0.8365
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