The following data
were issued
07:45ItalyPMI services (May) 48.1 -
49.8
07:50FrancePMI services (May) 50.5
50.7 52.8
07:55GermanyPMI services (May)
seasonally adjusted 53.8 53.7 54.9
08:00EU(15)PMI services (May) 50.6
50.6 52.0
08:30UKCIPS services index (May) 49.8
50.5 50.4
09:00EU(15)Retail sales (April)
adjusted -0.6% 0.3% -0.4%
09:00EU(15)Retail sales (April)
adjusted Y/Y-2.9% -0.5% -1.6%
The yen rose against the dollar and the euro as
concern that credit-market related losses at banks will widen discouraged
investors from buying higher-yielding assets funded with loans in Japan.
The dollar traded near a two-week high against
the euro after Federal Reserve Chairman Ben S. Bernanke said policy makers are
``attentive'' to the impact the U.S. currency's decline may have on inflation.
The dollar was
supported after Bernanke
said interest rates are ``well positioned'' to promote growth and stable
prices, signaling the Fed is done cutting borrowing costs.
The dollar has tumbled
5.6% against the euro this year.
EUR/USD opened around $1.5456. European
dealing saw an early move to the downside, though bids in the $1.5420 area.
Later euro-dollar was able to push higher, taking out the Asian peak en-route
to $1.5481. Offers ahead $1.5490, stops above, offers $1.5520, bids $1.5420.
GBP/USD opened early Europe
at $1.9620. Sterling came under strong sell pressure
in early Europe which punched cable through
$1.9600, touching an early low of $1.9570 before rebounding to $1.5480.
USD/JPY opened around Y105.17. Dollar-yen
slipped to a Y104.58 low, remaining heavy under Y105.00 over the remainder of
the morning. Tech Y104.52, bids Y104.40, tech Y104.04, offers Y105.30, stops Y105.50
At 12:30 GMT Productivity and Unit labour cost for 1Q will be released. At 14:00 GMT ISM Non-mfg composite index is due to come. Analysts predict index remained unchanged in April (at 52.0).