- European session: the euro fell
Market news
8 October 2012
European session: the euro fell
Data
05:45 Switzerland Unemployment Rate September 2.9% 3.0% 2.9%
06:00 Germany Trade Balance August 16.1 15.8 18.3
06:00 Germany Current Account August 12.8 13.0 11.1
07:15 Switzerland Consumer Price Index (MoM) September 0.0% +0.3% +0.3%
07:15 Switzerland Consumer Price Index (YoY) September -0.5% -0.4% -0.4%
08:00 Eurozone Eurogroup Meetings -
08:30 Eurozone Sentix Investor Confidence October -23.2 -20.6 -22.2
10:00 Germany Industrial Production s.a. (MoM) August +1.3% -0.7% -0.5%
10:00 Germany Industrial Production (YoY) August -1.4% -1.5% -1.3%
The euro down against the dollar and the yen in anticipation of a meeting of finance ministers of the euro zone, which will be held today and tomorrow will be devoted to the situation in Spain, as well as closer cooperation in the banking sector. In addition, on Tuesday, German Chancellor intends to visit Greece for the first time since the crisis began, and Spanish Prime Minister will hold on Wednesday, October 10, the talks in Paris with French President Francois Hollande.
Also put pressure on the euro continued uncertainty as to whether Spain will ask for help and whether Greece will reach a new agreement with international lenders.
German industrial production fell in August, partially offset by an increase in July, but a decrease of 0.5% compared to the previous month coincided with the expectations of economists and had no impact on the single currency.
Investors do not have high hopes for meeting the Euro Group, which will be held in Brussels later on Monday. U.S. and Canadian markets are closed on Monday due to the holiday, and in the early session, ahead of a meeting of Eurogroup not expected to publish any information.
The yen is rising against the dollar on downgrade forecasts for GDP Asia-Pasific region (excluding Japan and India), the World Bank, which is primarily due to the slowdown of the Chinese economy. Thus, it is expected that economic growth in the region was 7.2% in the current year, whereas previously predicted 7.6%. It is worth noting that this will be minimal increase of GDP since 2001. Moreover, the forecasts for 2013 were also reduced - rate increase will be 7.6% instead of 8%, as expected.
EUR / USD: the pair dropped to $ 1.2937
GBP / USD: the pair decreased to $ 1.6030
USD / JPY: the pair dropped to Y78.11
At 21:00 GMT New Zealand will report on sentiment indicators of the business environment of the NZIER Q3. At 23:01 GMT Britain publishes BRC retail sales monitor and house price balance of RICS in September. At 23:50 GMT Japan will total current account balance, adjusted overall balance of the current account, the current account balance for August.
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