The next data was issued
06:00 Germany CPI (April) final -0,2% -0.2% -0.2%
06:00 Germany CPI (April) final Y/Y 2,4% 2.4% 2.4%
06:00 Germany HICP (April) final Y/Y 2,6% 2.6% 2.6%
06:00 Germany GDP (Q1) flash 1,5% 0.3%
06:00 Germany GDP (Q1) flash Y/Y adjusted 2,6% 1.8%
06:50 France prel 1Q GDP 2.2%
09:00 EU(15) Harmonized CPI (April) final 0.3% 1.0%
09:00 EU(15) Harmonized CPI (April) final Y/Y 3.3% 3.3% 3.6%
09:00 EU(15) Harmonized CPI ex EFAT (April) Y/Y 1.6% 2.0%
09:00 EU(13) GDP (Q1) flash 0.7% 0.4%
09:00 EU(13) GDP (Q1) flash Y/Y 2.2% 2.3%
The dollar was little changed against the euro before U.S. government report forecast to show a drop in industrial production and an increase in unemployment clams.
The euro rose for the first time in three days against the dollar after
Europe's economy grew more than forecast, reducing the chances that the
European Central Bank will lower interest rates. The single currency also traded near a one-week high versus the yen
after data showed German's economy expanded at the fastest rate in 12
years in the first quarter. Data today showed European consumer prices rose 3.3
percent in April from a year earlier, slowing from 3.6 percent the
previous month.
The U.S. dollar fell against the yen before reports that may show
industrial production shrank, eroding expectations for the Federal
Reserve to raise interest rates.
EUR/USD: Opened in
early Europe around $1.5487. Release of German GDP in early Europe
(real s/adj 1Q GDP surprisedwith an above expectation 1.5% on the
quarter) gave rate an added boost, taking it above $1.5500 and on to
$1.5520 initially, added demand from sovereign names taking it up to
$1.5547 high. Euro-dollar ended the morning slipping back to trade
around $1.5490. Bids $1.5480, $1.5450, offers $1.5550, stops through
$1.5555
GBP/USD: Opened
early Europe at $1.9465 with a later push on to $1.9489 in early
Europe, as rate received an added lift from euro-dollar's react to
stronger than expected German Q1 GDP. Move saw cable pop up to $1.9501
but rally was short lived with it quickly giving back gains as it
tracked euro-dollar lower, trading down to $1.9450. Sterling got a late
morning lift edging to $1.9490. Cable bids $1.9430/20. Offers
$1.9500/05, $1.9520/25.
USD/JPY: Opened in
early Europe around Y104.91.European dealing saw fresh lows for the day
as the dollar came under early pressure across the board, dollar-yen
sliding to Y104.57, finding a base in line with Wednesday's low. Later
dollar-yen edged back above Y105.00. Dlr-yen offers Y105.30,
Y105.50/60, stops Y105.70, bids Y104.60/50
US data starts at 1230GMT with the weekly jobless claims data and the
New York Fed Empire State survey for May. Initial claims are expected
to rise 5,000 to 370,000 in the May 10 week, while the Empire State
Index is forecast to fall to a reading of -2.0 after moving only
slightly above 0.0 in the previous month. The Canada manufacturing
survey for March is due at the same time, while US data also sees the
1300GMT release of the Treasury International Capital System data for
March.
Further US data is due at 1400GMT with the Philadelphia Fed Business
Outlook Survey for May and first-quarter 2008 E-Commerce data. The
Philadelphia Fed index is expected to rise to a still-weak reading of
-20.0 in May after falling to -24.9 in April.