Blimey some movement in Asia, whatever next
EUR/USD up at 1.4250 from a North American close Thursday down around 1.4130.
Well I’ve been reading around outside this site this morning and seldom read such cobblers to explain forex moves. This and that spurious rumour plus other assorted dubious explanations. Sheesh.
Anyways, dollar has come under across the board pressure, to varying degrees. First thing I noted was the distinctly lower US treasury yields I just jotted down when compared to those I jotted down 24 hours ago. Tells me all I want to know. Seems there is much talk/speculation that weak US data is going to prompt the Fed into QE3. Go figure.
Euro zone data due today:
German CPI for May expected flat m/m, +2.3% y/y; EU harmonised +0.1% m/m, +2.7% y/y
German retail sales for April
08:00 GMT: Euro zone M3 money supply 3m to April expected +2.3%, +2.4% y/y
08:00 GMT: Italian hourly wage for April expected +0.2% m/m, +2.0% y/y
09:00 GMT: Euro zone economic confidence for May expected 105.7 from 106.2; business climate 1.2 from 1.28
European stocks set to open firmer this morning; DAX up around +0.9%, CAC 40 up around 1.1%.
Guess risk is on, at least for the next 5 minutes.
