Forex: Daily wrap-up: Australian consumer confidence marginally down

on Jul 10, 2013
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_iNVEZZ.com Wednesday July 10th_:

**EUR/USD**
The German final CPI for June m/m came out at 07.00 BST today, showing a rise of 0.1 percent, matching the prior and the expected numbers.
At 07.45 BST the French National Institute of Statistics and Economic Studies (INSEE) reported on May m/m industrial production, with a fall of 0.4 percent, as against the expected 0.5 percent decline and the prior month’s 2.2 percent increase.

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Italian industrial production rose by 0.1 percent in May, less than the forecast 0.4 percent rise. The previous period was off 0.3 percent.
From across the Atlantic, at 15.00 BST the US Census Bureau released data on May wholesale inventories m/m, showing a fall by 0.5 percent, compared to the expected rise by 0.3 percent and the prior drop of 0.1 percent (revised from a 0.2 percent increase). The smaller actual number is good for the currency as a signal of future business spending, since firms are more likely to purchase stock after depleting inventories.

US crude oil inventories data was reported at 15.30 BST – a reduction of 9.9 million barrels on the previous week, as against the prior period’s fall by 10.3 million barrels and the expected fall of 2.9 million.
US Treasury Direct is scheduled to conduct a 10-year bond auction at 18.00 BST today.
An hour later the Federal Open Market Committee is scheduled to hold the latest of its meetings, scheduled eight times per year, three weeks after the Federal Funds Rate has been announced.

At 21.10 BST, Fed Chairman Ben Bernanke is to deliver a speech entitled “A century of US central banking: goals, frameworks, and accountability” at the National Bureau of Economic Research’s Cambridge MA conference, “The first 100 years of the Federal Reserve: the policy record, lessons learned, and prospects for the future.”

**GBP/USD**
The economic calendar today lacked any significant UK release and the GBP/USD was mostly moved by US releases.

The pair has risen so far intraday by 0.85 percent and at press time is trading at 1.4933.
Tomorrow Bank of England Monetary Policy Committee member David Miles is scheduled to participate in a discussion on household debt and interest rate rise.
**USD/JPY**
During the Asian session today Japan’s tertiary industry activity m/m data was reported as having risen by 1.2 percent in May, well up on the expected growth of 0.9 percent. During the previous period the total value of services purchased by businesses dropped by 0.5 percent (revised down from zero percent change).
Simultaneously the CGPI y/y (Corporate Goods Price Index) was announced, showing a rise of 1.2 percent in June, matching the forecast and surpassing the prior period rise of 0.5 percent.
Later the Cabinet Office released June’s Japanese consumer confidence reading, a drop to 44.3 point
from the prior 45.7. Analysts had been expecting a rise to 47.2.

**AUD/USD**
At 01.30 BST today Westpac Banking Corporation updated its Australian consumer sentiment index, revealing a drop by 0.1 percent to 102.1 points for July from the prior month’s 102.2, itself a 4.7 percent rise.
**USD/CAD**
The pair today hasn’t been influenced by anything out of Canada today. Tomorrow will see release of Canada’s New Housing Price Index for May m/m, which is expected to show a rise of 0.3 percent.
**USD/CHF**
Likewise, nothing of significance emerged from Switzerland today and indeed, the franc will be update-free through the rest of this week.
The pair is today down one half of a percent and at the moment is trading at 0.9682.

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