The euro appreciated vis-Ă -vis the U.S. dollar today as the single currency tested offers around the US$ 1.2740
level and was supported around the $1.2625 level.The common currency gave back some of last
monthâ€™s gains in August and its intramonth support was just below the 50%
retracement of the $1.1880 - $1.3335 range.Dealers lifted the common currency to intraday highs during the North
American session before booking profits.Data released in the U.S. today saw the June CaseShiller house price
index come in less-than-expected at 0.28% m/m and 4.23% y/y, the latest
evidence of a U.S. housing market that is failing to realize sustainable
improvements after the U.S. governmentâ€™s house-purchase tax incentive program
ended.Other data saw the August Chicago
purchasing manager index decline to 56.7 from the prior reading of 62.3, a
sizable decline.Moreover, August
consumer confidence climbed to 53.5 from the prior reading of 51.0, exceeding
expectations.Minutes from the Federal
Open Market Committeeâ€™s August meeting were released today in which some
policymakers expressed concern that the markets might misinterpret their policy
statement as an indication the Fed was ready to resume large-scale asset
purchases.Some Fed officials speculated
the economic impact of the FOMCâ€™s decision â€ślikely would be quite small.â€ťAdditionally, some Fed officials saw â€śincreased
downside risks to the outlook for both growth and inflationâ€ť and expressed
concern that additional economic shocks might cause â€śsignificant slowing in
growth.â€ťIn remarks at the Fedâ€™s Jackson
Hole symposium, Bernanke said Fed policymakers have not agreed on â€śspecific
criteria or triggers for further action.â€ťIn eurozone news, EMU-16
August flast consumer price inflation ticked lower to +1.6% from the prior
reading of +1.7% while the eurozone July unemployment rate remained steady at
10.0%.Also, German unemployment fell
17,000 in August and remained steady at 7.6%.French unemployment data will be released tomorrow.Euro offers are cited around the US$
The yen appreciated
vis-Ă -vis the U.S. dollar today as the greenback tested bids around the ÂĄ83.95
level and was capped around the ÂĄ84.65 level. The pair is poised to notch its fourth consecutive
monthly loss as the yen ascends to levels not seen since mid-1995.Traders remain underwhelmed with Bank of
Japan Policy Boardâ€™s decision yesterday to expand its bank lending program by ÂĄ10
trillion to ÂĄ30 trillion.The central
bank capitulated to intense pressure from the Kan government to ease monetary
policy further but most dealers do not believe the move will have any material
impact on the economy or markets.Former
BoJ Policy Board member Nakahara said the central bankâ€™s easing today is â€śtoo
little and too lateâ€ť and argued they are â€śmeaningless and canâ€™t stop the yenâ€™s
advance.â€ťNakahara added â€śLowering the
policy rate to zero is a must to stem the yenâ€™s gains.The BoJ should also boost outright purchases
of bonds by another ÂĄ500 billion.Increased bond purchases would enable the government to generate funds
for more public works spending.As a
whole, Japan canâ€™t live without spending by companies and the government.â€ťThe three-month Tokyo interbank offered rate
declined to 0.36308% overnight, its lowest level since 5 July 2006, but it
remains to be seen if this decline stimulates new corporate borrowing.The central bank also noted yesterday that
downside economic risks may be increasing.Vice finance minister Ikeda reported unsterilized intervention â€śwould be
effectiveâ€ť and said the central bank should adopt a rigid inflation target in
the long-term.Data released in Japan
overnight saw August manufacturing PMI decline to 50.1 from the prior reading
of 52.8.July industrial production was
up 0.3% m/m and 14.8% y/y while July retail trade was up 0.7% m/m and 3.9%
y/y.Also, July labour cash earnings
were off 1.3% y/y and July housing starts were up 4.3% y/y.Moreover, August small business confidence
ticked higher to 48.4 and July construction orders were off 0.7% y/y.The Nikkei 225 stock index lost 3.55% to
close at ÂĄ8,824.06.U.S. dollar bids are
cited around the ÂĄ84.60 level.The euro
moved lower vis-Ă -vis the yen as the single currency tested bids around the
ÂĄ106.15 level and was capped around the ÂĄ107.75 level.The
British pound moved lower vis-Ă -vis the yen as sterling tested bids around
the ÂĄ128.80 level while the Swiss franc moved
higher vis-Ă -vis the yen and tested offers around the ÂĄ83.20 level. In Chinese news, the U.S. dollar appreciated
vis-Ă -vis the Chinese yuan as the greenback closed at CNY 6.8078 in the
over-the-counter market, up from CNY 6.8033. Data to be released in China overnight include
August PMI manufacturing numbers followed by August PMI services data on
Friday.Peopleâ€™s Bank of China official
Hu Xiaolian said additional yuan reform â€świll not have a key role in
rebalancing bilateral trade between the U.S. and China.â€ť Rumours that Peopleâ€™s
Bank of China Governor Zhou defected have proven to be unfounded and likely evidence
a power struggle within the Communist Party.
British pound depreciated vis-Ă -vis the U.S. dollar today as cable tested bids
around the US$ 1.5325 level and was capped around the US$ 1.5475 level. Data released in the U.K. today saw July net
consumer credit print at ÂŁ200 million, up from the prior reading of -ÂŁ100
million, while July net lending secured on dwellings ticked higher to
48.7.Also, the July M4 money supply was
up 0.4% m/m and 2.3% y/y.Data to be
released in the U.K. tomorrow include August PMI manufacturing followed by
August Nationwide house prices on Thursday along with PMI services data.Bank of England Chief Economist Bean spoke at
Jackson Hole this past weekend and said â€śThe deleveraging process is
incomplete, the recovery remains fragile, and a considerable margin of spare
capacity is yet to be worked off, while further policy action may yet be
necessary to keep the recovery on track.â€ťBean also reported the central bank may impose policies to limit the
ability of borrowers to take on riskier mortgage loans.Cable bids are cited around the US$ 1.5115
level.The euro appreciated vis-Ă -vis the British pound as the single
currency tested offers around the ÂŁ0.8285 level and was supported around the
franc appreciated vis-Ă -vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0135 level and was capped around the CHF 1.0265 level. Data released in Switzerland today saw the
July UBS consumption indicator move higher to 1.860 from the revised prior
reading of 1.795.August PMI data will
be released tomorrow followed by Q2 gross domestic product data on Thursday and
August consumer price inflation data on Friday.Swiss National Bank member Jordan
yesterday said the central bank is closely monitoring the Swiss franc â€śvery
closelyâ€ť and said Switzerlandâ€™s monetary policy situation remains â€śvery
complex.â€ťJordan also cited a â€śsmallâ€ť
short-term risk of deflation.Some
traders believe SNB may be forced to resume its franc-selling intervention to
stop the euroâ€™s sharp decline on the cross.U.S. dollar offers are cited around the CHF 1.0980 level.The
euro depreciated vis-Ă -vis the Swiss franc as the single currency tested bids
around the CHF 1.2875 level while the
British pound moved lower vis-Ă -vis the Swiss franc and tested bids around
the CHF 1.5550 level.
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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