The euro appreciated vis-√†-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2760
level and was supported around the $1.2660 level.Dealers moved back into euro as risk aversion
fell marginally overnight on two successful debt issuances by eurozone members.
Simultaneously, however, yields on some credit default swaps for some eurozone
countries expanded to all-time highs, evidencing jitters about sovereign credit
quality.The Federal Reserve released
its monthly Beige Book report today and cited ‚Äúwidespread signs of a
deceleration‚ÄĚ between mid-July and the end of August.Some regional Fed banks noted ‚Äúeconomic
growth at a moderate pace‚ÄĚ while others saw ‚Äúpositive developments or net improvements.‚ÄĚThis Beige Book adds to the view that even
though growth in the U.S. is decelerating, ‚Äúthe preconditions for a pickup in
growth in 2011 appear to remain in place.‚ÄĚNotably, today‚Äôs Beige Book contrasted with July‚Äôs Beige Book that
suggested ‚Äúeconomic activity has continued to increase, on balance.‚ÄĚU.S. economic data released today saw MBA
mortgage applications decrease 1.5% while July consumer credit printed at ‚ÄďUS$
3.6 billion.In eurozone news, the European Central Bank will publish its
September monthly report tomorrow and most traders expect the central bank will
not begin to unwind monetary policy before Q1 2011 at the earliest.Data released in Germany today saw the July
trade balance print at ‚ā¨13.5 billion while the July current account lessened to
‚ā¨9.5 billion.Also, German July
industrial production was up 0.1% m/m and 10.9% y/y.French data saw August Bank of France
business sentiment remain steady at +101 while the July trade balance worsened
to -‚ā¨4.2 billion. European Central Bank member Makuch reported the eurozone
economy has entered a ‚Äúself-sustaining growth path‚ÄĚ while ECB member Weber said
he expects a deal on Basel III regulations this weekend.Euro
offers are cited around the US$ 1.3240 level.
The yen depreciated
vis-√†-vis the U.S. dollar today as the greenback tested offers around the ¬•84.05
level and was supported around the ¬•83.35 level. As expected, Bank of Japan‚Äôs Policy Board
maintained its economic assessment unchanged, noting economic growth may ‚Äútemporarily‚ÄĚ
cool from its current ‚Äúmoderate recovery.‚ÄĚThe central bank will publish its semi-annual outlook next month and is
likely to be more bearish than in recent forecasts.Notably, the central bank reported exports
growth and production growth have been decelerating.There is also speculation Bank of Japan may
increase its outright purchases of Japanese government bonds despite reluctance
from monetary policymakers.Traders
reduced exposure to yen as they were encouraged by some eurobond debt sales
including new issues from Portugal and Poland.Finance minister Noda said he is prepared to take ‚Äúbold‚ÄĚ steps on
exchange rates if required.The Japanese
government is expected to increase its GDP growth estimate for the currency
fiscal year to an annualized 1.5% from the prior estimate of 0.4%.The BoJ predicted in July the economy will
expand 2.6% in the year to March 2011. Traders are closely monitoring the DPJ
leadership election between Prime Minister Kan and Ichiro Ozawa on 14
September.DPJ officials today called on
Bank of Japan to abolish its self-imposed bond purchase limits so that the
central bank can finance more stimulus spending.Data released in Japan overnight saw the
August money supply grow more-than-expected while August bank lending was off
1.7% y/y.Additionally, July machine
orders were up more-than-expected at +8.8% m/m and 15.9% y/y.Moreover, the July trade balance increased to
¬•916.1 billion and the July current account total printed at ¬•1.675
trillion.Other data saw August
bankruptcies improve while the August economy watchers‚Äô survey worsened
significantly.The Nikkei 225 stock index
lost 2.18% to close at ¬•9,024.60. U.S. dollar bids are cited around the ¬•84.60
moved higher vis-√†-vis the yen as the single currency tested offers around
the ¬•107.10 level and was supported around the ¬•105.80 level.The
British pound moved higher vis-√†-vis the yen as sterling tested offers around
the ¬•130.30 level while the Swiss franc moved
higher vis-√†-vis the yen and tested offers around the ¬•83.20 level. In Chinese news, the U.S. dollar appreciated
vis-√†-vis the Chinese yuan as the greenback closed at CNY 6.7912 in the
over-the-counter market, up from CNY 6.7877. The Chinese government this week reported ‚ÄúWe
firmly oppose politicizing trade and economic issues and our yuan exchange rate
reform cannot be pressed ahead under external pressure.‚ÄĚWhite House National Economic Council head
Summers has been in Beijing discussing economic issues with the government.
British pound appreciated vis-√†-vis the U.S. dollar today as cable tested offers
around the US$ 1.5530 level and was supported around the US$ 1.5340 level. Data released in the U.K. today saw August
Halifax house prices up 0.2% m/m while July industrial production was up 0.3%
m/m and 1.9% y/y.Also, July
manufacturing was up 0.3% m/m and 4.9% y/y and the August NIESR GDP estimate
came in at +0.7%.U.K. banking giant
Barclays called on Bank of England to move to an inflation target range because
the central bank‚Äôs current need to ‚Äúturn a blind eye‚ÄĚ to accelerated price
increases is eroding its credibility.Notably, consumer price inflation has exceeded two per cent by more than
one percentage point for the past five months.Some BoE-watchers are calling for the central bank to adopt a looser
target of around 1% to 3%.Bank of
England‚Äôs Monetary Policy Committee is expected to keep interest rates unchanged
this week and is likely to keep its asset purchase target unchanged at ¬£200
billion.The central bank remains in a
predicament that finds it trying to deal simultaneously with elevated rates of
inflation and depressed levels of economic growth.Cable bids are cited around the US$ 1.5115
level.The euro depreciated vis-√†-vis the British pound as the single
currency tested bids around the ¬£0.8200 figure and was capped around the ¬£0.8270
franc appreciated vis-√†-vis the U.S. dollar today as the greenback tested bids
around the CHF 1.0060 level and was capped around the CHF 1.0140 level. Data released in Switzerland this week saw the
August unemployment rate remain steady at 3.6%.August producer and import prices will be released on 13 August.This week, Swiss National Bank reported its
foreign currency holdings fell to CHF 218.1 billion in August from CHF 219.5
billion in July, partially reflecting gains in the franc.In June, the SNB reported it will intervene
less in the markets by selling fewer francs after its currency holdings
quadrupled.The SNB has likely not
officially intervened since June.U.S.
dollar offers are cited around the CHF 1.0980 level.The
euro appreciated vis-√†-vis the Swiss franc as the single currency tested offers
around the CHF 1.2920 level while the
British pound moved higher vis-√†-vis the Swiss franc and tested offers around
the CHF 1.5690 level.
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