Forex: Daily Wrap-Up June 21

on Jun 21, 2013


Today at 09.00 BST the European Central Bank released a report on the current account, showing a €19.5 billion surplus, compared to the expected €15.1 billion surplus. The previous period’s outcome was €25.9 billion. The Eurozone’s current account has come out as down on the prior’s period record high, but is still at positive levels and stable.

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During the ECOFIN meetings today, the financial ministers of the European Union members approved the rules, which will tighten up regulation of the derivatives markets.
There is nothing of note from the USA today in the economic calendar in terms of news or data releases.
The pair is currently staying at 1.3115, 1.06 percent down.
The UK PSNCR balance was announced today, showing a £3.1 billion deficit in May, compared to the expectations of a £2.5 billion deficit. In the last period, the deficit was £10.8 billion.

UK public sector net borrowing rose in May to £10.5 billion from April’s £6.6 billion. The forecast had been for £12.7 billion. The positive number indicates a budget deficit.
The GBP/USD has lost1.4 percent thus far intraday and is at the moment changing hands at the 1.5375 support level and target.
Today the BoJ’s Governor Haruhiko Kuroda stated that Japan’s economy has been picking up. The currency development helped boost Japanese exports. Kuroda also expects the economy to start growing moderately. The Bank of Japan will monitor market developments due to remaining uncertainty in the economy. Policy adjustments will be made as needed and the easing will continue until stable price growth to be achieved. Kuroda also doesn’t see any major problems in Japan’s financial system.

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The pair wasn’t affected by any economic press releases today. Neither the US or Australia had any scheduled news in the economic calendar.
The pair has been sliding since the Fed statements on the bank’s asset purchase programme – which could be slowed down by the end of 2013 and stopped completely by the middle of 2014 if the US economy picks up by the central bank’s expectations.

Today at 13.30 BST four economic releases came out from Canada. The core CPI rose by 0.2 percent in May, compared to the expected 0.3 percent increase and the prior 0.1 percent growth. Core retail sales dropped in April by 0.3 percent, compared to the forecasted zero percent change and the previous 0.3 percent decline, revised from a 0.2 percent decrease. The customer price index for May, showed a rise by 0.2 percent. Analysts had expected the index to rise by 0.4 percent. During the prior period the index lost 0.2 percent. The report on retail sales showed an increase by 0.1 percent, compared to the anticipated 0.2 percent rise and the prior zero percent change in the numbers.
Today the SNB released its monthly statistical bulletin, which revealed the M3 money supply for May as 9.7 percent, compared to the prior 10.2 percent.
The pair has risen by one percent so far today and is at press time trading at 0.9361, above yesterday’s high at 0.9360.


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