EUR/USD has eeked out some very marginal gains during Asian trade, effectively consolidating recent losses. We’re up at 1.2775 from a North American close Wednesday down around 1.2760.
Fed Chairman Bernanke’s somewhat downbeat outlook for the U.S economy, labelling it “unusually uncertain”, did the euro no favours as risk aversion cranked up.
On a more positive note for the single currency. EU trade Commissioner De Gucht speaking in Shanghai has noted that China has been a visible buyer of euro zone bonds, especially those of Greece and Spain. He opined, not surprisingly, that these are good investments and will keep their value. Well ofcourse.
Fair amount of euro zone data scheduled for today:
06:45 GMT: French business confidence for July expected down at 94 from 95; French own company production outlook expected unchanged at -7; French production outlook indicator expected -6 from -4; French consumer confidence indicator expected -40 from -39
07:30 GMT: German manufacturing PMI for July expected 58.0 from 58.4; services PMI expected 54.5 from 54.8
07:50 GMT: French manufacturing PMI for July expected 54.1 from 54.8; services PMI expected 60.0 from 60.8
08:00 GMT: Euro zone manufacturing PMI for July expected 55.1 from 55.6; services PMI 55.0 from 55.5; composite 55.5 from 56.0
09;00 GMT: Euro zone industrial new orders for May expected -0.1% m/m, +20.0% y/y
European stockmarkets not surprisingly set to open lower this morning. DAX around -0.7%, cac 40 around -1.2% and FTSE around -0.8%
