- European session:
Market news
11 May 2011
European session:
The euro slipped against the majority of its most-traded peers on speculation European leaders are slowing the drive to grant Greece additional aid, fueling concern the nation may be forced to restructure its debt.
German Chancellor Angela Merkel yesterday said Greece needs to stay the course on budget cuts to deserve an extension of the 110 billion-euro ($158 billion) lifeline granted last year.
The pound surged as the Bank of England said U.K. inflation may reach 5 percent this year.
The pound strengthened to a one-month high versus the euro after the Bank of England said the outlook for growth has deteriorated in the past three months and that it sees inflation “markedly higher” in the near term.
EUR/USD: traded within $1,4370-$1,4420 range before reached $1.4360.
GBP/USD: jumped to $1.6500/10 on initial react to release of the BOE Inflation Report, from around $1.6420.
USD/JPY: reached Y81.25 before eased back to Y81.13.
US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while at 1230GMT, the international trade gap is expected to widen to $47.7 billion in March. Import prices surged in the month, though petroleum prices were again a large part of that gain. At the same time, Boeing reported 98 aircraft orders in March, up sharply from 21 in February. This is followed by the weekly EIA Crude Oil Stocks data at 1430GMT.
Later on, at 1800GMT, the U.S. Treasury is expected to post a $65.0 billion budget gap in the April tax month, smaller than the$82.7 billion gap in April 2010.
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