Market Review - 23/02/2015 22:58GMT
Euro weakens on weak German data
The single currency weakened against the greenback on Monday due partly to the release of weak German Ifo data together with dollar strength ahead of Yellen's testimony on Tuesday.
Ifo business climate, current conditions n expectations came in weaker-than-expected at 106.8, 111.3 n 102.5 vs forecasts of 107.7, 112.7 n 103.0 respectively.
Although the single currency opened slightly higher and rose to session high at 1.1412 in New Zealand, price retreated to 1.1358 at Asian open. Intra-day decline accelerated at European open and price fell to an intra-day low at 1.1295 in European morning, weighed down by the release of weaker-than-expected German Ifo data. However, euro pared its losses and recovered to 1.1360 in New York before retreating again.
Versus the Japanese yen, the greenback met renewed selling at Asian open and retreated to 118.88 before rising to an intra-day high at 119.35 in early European morning. However, dollar pared its gains and fell again to an intra-day low at 118.82 in New York morning before stabilizing as investors await Fed Chief Yellen's testimony on Tuesday.
The British pound traded in choppy fashion in Asia before tumbling to an intra-day low at 1.5333 in European morning. However, cable pared its losses and rallied to an intra-day high at 1.5475 at New York midday, helped by active cross-buying of sterling vs euro (eur/gbp fell to a fresh 7-year trough at 0.7327).
In other news, German Finance Ministry spokesman said 'Eurogroup ministers will discuss Greek reforms list, when submitted, in teleconference on Tue.'
Data to be released on Tuesday:
China market holiday, New Zealand RBNZ inflation expectation, Germany GDP, France business climate, UK BBA mortgage approvals, EU inflation, U.S. Caseshiller and consumer confidence, Federal Reserve Chair Janet Yellen’s testimony before the U.S. Senate Banking Committee.
Euro weakens on weak German data
The single currency weakened against the greenback on Monday due partly to the release of weak German Ifo data together with dollar strength ahead of Yellen's testimony on Tuesday.
Ifo business climate, current conditions n expectations came in weaker-than-expected at 106.8, 111.3 n 102.5 vs forecasts of 107.7, 112.7 n 103.0 respectively.
Although the single currency opened slightly higher and rose to session high at 1.1412 in New Zealand, price retreated to 1.1358 at Asian open. Intra-day decline accelerated at European open and price fell to an intra-day low at 1.1295 in European morning, weighed down by the release of weaker-than-expected German Ifo data. However, euro pared its losses and recovered to 1.1360 in New York before retreating again.
Versus the Japanese yen, the greenback met renewed selling at Asian open and retreated to 118.88 before rising to an intra-day high at 119.35 in early European morning. However, dollar pared its gains and fell again to an intra-day low at 118.82 in New York morning before stabilizing as investors await Fed Chief Yellen's testimony on Tuesday.
The British pound traded in choppy fashion in Asia before tumbling to an intra-day low at 1.5333 in European morning. However, cable pared its losses and rallied to an intra-day high at 1.5475 at New York midday, helped by active cross-buying of sterling vs euro (eur/gbp fell to a fresh 7-year trough at 0.7327).
In other news, German Finance Ministry spokesman said 'Eurogroup ministers will discuss Greek reforms list, when submitted, in teleconference on Tue.'
Data to be released on Tuesday:
China market holiday, New Zealand RBNZ inflation expectation, Germany GDP, France business climate, UK BBA mortgage approvals, EU inflation, U.S. Caseshiller and consumer confidence, Federal Reserve Chair Janet Yellen’s testimony before the U.S. Senate Banking Committee.
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