Market Review - 12/08/2014 22:52GMT
Euro falls after downbeat German ZEW economic sentiment before recovering
The single currency met renewed selling interest at 1.3377 during Tokyo lunch session on Wednesday and weakened to 1.3361 at European open. The pair later dropped to session low of 1.3336 in Europe after the release of much weaker-than-expected Germany ZEW current conditions and economic sentiment, however, short-covering above last Wednesday’s near 9-year low at 1.3333 lifted price to 1.3370 near New York close.
Bundesbank chief Jens Weidmann said he expects general positive development in German economy to continue; we stick, more or less, to our economic forecasts.
The British pound tracked euro’s movement close and fell to a fresh 7-week low at 1.6757 in Europe, however, cable rebounded strongly to an session high of 1.6817 in New York on active short-covering. Investors are awaiting the release of BOE’s quarterly inflation report on Wednesday. BoE's Forbes said full appreciate I still have much to learn about the UK economic situation.
The greenback ratcheted higher to an intra-day high of 102.36 in Asian morning, however, cross buying in Japanese yen knocked price to 102.09 in New York morning before recovering to 102.28 near New York close. However, trading was relatively thin as focus was on other dollar majors.
Moscow said on Tuesday that a convoy of 280 trucks carrying humanitarian aid had set off for Ukraine, but Kiev said it would not allow the vehicles to cross into its territory. NATO has warned Russia not to use humanitarian aid as an excuse to invade.
Ukraine Presidential aide said 'Ukraine will not allow Russian aid column onto Ukrainian land; the Russian cargo will be delivered to the border n then transferred by the red cross onto other vehicles; Ukraine will not allow access to a humanitarian convoy accompanied by the Russian military or emergencies ministry.'
Wednesday will see the release of Japan's GDP, Australia's Westpac consumer confidence, China's retail sales and industrial production, Germany's CPI and HICP, U.K. claimant count unemployment change and ILO unemployment rate, Swiss ZEW investor sentiment, eurozone industrial production, U.S. retail sales and business inventories on Wednesday. In addition, Bank of England will release its quarterly inflation report, which will be presented on by Bank of England Governor Mark Carney.
Euro falls after downbeat German ZEW economic sentiment before recovering
The single currency met renewed selling interest at 1.3377 during Tokyo lunch session on Wednesday and weakened to 1.3361 at European open. The pair later dropped to session low of 1.3336 in Europe after the release of much weaker-than-expected Germany ZEW current conditions and economic sentiment, however, short-covering above last Wednesday’s near 9-year low at 1.3333 lifted price to 1.3370 near New York close.
Bundesbank chief Jens Weidmann said he expects general positive development in German economy to continue; we stick, more or less, to our economic forecasts.
The British pound tracked euro’s movement close and fell to a fresh 7-week low at 1.6757 in Europe, however, cable rebounded strongly to an session high of 1.6817 in New York on active short-covering. Investors are awaiting the release of BOE’s quarterly inflation report on Wednesday. BoE's Forbes said full appreciate I still have much to learn about the UK economic situation.
The greenback ratcheted higher to an intra-day high of 102.36 in Asian morning, however, cross buying in Japanese yen knocked price to 102.09 in New York morning before recovering to 102.28 near New York close. However, trading was relatively thin as focus was on other dollar majors.
Moscow said on Tuesday that a convoy of 280 trucks carrying humanitarian aid had set off for Ukraine, but Kiev said it would not allow the vehicles to cross into its territory. NATO has warned Russia not to use humanitarian aid as an excuse to invade.
Ukraine Presidential aide said 'Ukraine will not allow Russian aid column onto Ukrainian land; the Russian cargo will be delivered to the border n then transferred by the red cross onto other vehicles; Ukraine will not allow access to a humanitarian convoy accompanied by the Russian military or emergencies ministry.'
Wednesday will see the release of Japan's GDP, Australia's Westpac consumer confidence, China's retail sales and industrial production, Germany's CPI and HICP, U.K. claimant count unemployment change and ILO unemployment rate, Swiss ZEW investor sentiment, eurozone industrial production, U.S. retail sales and business inventories on Wednesday. In addition, Bank of England will release its quarterly inflation report, which will be presented on by Bank of England Governor Mark Carney.
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