The euro depreciated vis-√†-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2825
level and was capped around the $1.2920 level.Technically, today‚Äôs intraday high was right around the 50% retracement
of the move from $1.2525 to $1.3335 and today‚Äôs intraday low was just below the
61.8% retracement of that range.Traders
lack conviction to add significantly to long euro positions given the global
deceleration in economic activity and less ensuing demand for higher-yielding
currencies and riskier assets.The
Federal Reserve Bank of New York broadened its ability to utilize reverse
repurchase agreements with the market, adding counterparties so that it can
drain reserves when required.Last week,
the Fed announced it will be purchasing more U.S. Treasuries to keep a lid on
market interest rates and provide more liquidity to asset markets.The Fed‚Äôs balance sheet reached a record US$
2.35 trillion on 19 May and the Federal Open Market Committee last week
indicated it wanted to keep its balance sheet around US$ 2.054 trillion in
size.Fed officials have expressed a
disparate range of views lately.Minneapolis Fed President Kocherlakota suggests the market‚Äôs interpretation
of last week‚Äôs FOMC statement is ‚Äúunwarranted‚ÄĚ while St. Louis Fed President
Bullard suggested the Fed should buy more assets if inflation weakens.Kansas City Fed President Hoenig continues to
call for a federal funds target rate of 1.0%.Data released in the U.S. today saw MBA mortgage applications increase
13.0% and data to be released tomorrrow include weekly initial and continuing
jobless claims followed by July leading indicators.In
eurozone news, data released in the eurozone today saw EMU-16 June
construction output up 2.7% m/m and 3.1% y/y.Euro offers are cited around the US$ 1.3240 level.
The yen appreciated
vis-√†-vis the U.S. dollar today as the greenback tested bids around the ¬•85.20
level and was capped around the ¬•85.70 level. Yields on 10-year Japanese government bonds declined
to their lowest level in seven years as traders speculated the yen‚Äôs ongoing
strength will prompt Bank of Japan to ease monetary policy further.The Japanese government will deliberate new
fiscal stimulus measures on Friday.Japan‚Äôs ability to increase fiscal spending is restrained by the highest
debt-to-gross domestic product ratio among industrialized countries.Some dealers are already speculating Bank of
Japan could ease policy further if the government increases fiscal spending
also.Traders are still talking about
the possibility of actual yen-selling intervention by Japanese monetary authorities.Global economic activity is decelerating,
including Chinese economic growth, and this is maintaining upward pressure on
the yen.A Japanese media outlet posted
a notice later in the North American session that BoJ will provide additional
liquidity to the market.Data released
in Japan today saw the June leading index tick higher to 99.0 while the June
coincident index remained steady at 101.3.Prime Minister Kan and BoJ Governor Shirakawa will convene a meeting on
23 August.The Nikkei 225 stock index climbed
0.86% today to close at ¬•9,240.54.U.S.
dollar bids are cited around the ¬•84.60 level.The euro moved lower vis-√†-vis the yen as the single currency
tested bids around the ¬•109.55 level and was capped around the ¬•110.35 level.The
British pound moved higher vis-√†-vis the yen as sterling tested offers around
the ¬•133.70 level while the Swiss franc moved
higher vis-√†-vis the yen and tested offers around the ¬•82.20 level. In Chinese news, the U.S. dollar depreciated
vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7919 in the
over-the-counter market, down from CNY 6.7920. Former People‚Äôs Bank of China Deputy Governor
Wu Xiaoling called on the government to reduce its holdings in large financial
institutions.China continues to expand
the use of the yuan in trade settlement practices and is permitting overseas financial
institutions to invest in domestic interbank bond markets.
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.5685 level and was supported around the US$ 1.5495 level. As expected, Bank of England‚Äôs August Monetary
Policy Committee meeting minutes were released today in which policymakers
voted 8-to-1 to keep its main Bank rate unchanged at 0.50% and its asset
purchase program unchanged at ¬£200 billion.Again, MPC member Sentance voted for a +25bps increase in the Bank rate
to +0.75%.Yesterday, data released in
the U.K. aw July consumer price inflation off 0.2% m/m and up 3.1% y/y, down
from June‚Äôs +3.2% y/y level.Core CPI growth
decelerated to +2.6% y/y from the prior level of +3.1% and these data are consistent
with Bank of England projections that speculated price pressures may begin to
abate.BoE Governor King today told
Chancellor Osborne that he is ‚Äúsurprised‚ÄĚ by the recent elevated level of
inflation and warned headline inflation may continue to print above 3.0% for
some time.King also reiterated the
central bank is prepared to expand or reduce monetary stimulus as
required.Cable bids are cited around
the US$ 1.5385 level.The euro depreciated vis-√†-vis the
British pound as the single currency tested bids around the ¬£0.8220 level and
was capped around the ¬£0.8280 level.
franc appreciated vis-√†-vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0385 level and was capped around the CHF 1.0450 level. Central bankers continue to deliberate tighter
global bank standards and the Basel Committee is reporting an increase in
requirements would ‚Äúboost confidence‚ÄĚ and ‚Äúhave a modest impact on output.‚ÄĚData to be released tomorrow include July
trade balance numbers and the August Credit Suisse ZEW survey.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 1.3355 level while the British pound moved higher vis-√†-vis the Swiss franc and tested
offers around the CHF 1.6330 level.
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