Forex News
Soft forward guidance from the ECB
The ECB left key interest rates unchanged as widely expected. In the press statement,
Draghi says ECB will keep interest rate low for an extended period of time
Following the hold of the ECB to the interest rate at its record low of 0.50 percent today,
BoE comment: There’s a new guy in town
The Bank rate was kept unchanged at the first MPC meeting under Mr Carney, as widely expected.
Morning FX Market Commentary
EUR/USD recoups Portugal-driven losses Uncertainty on Portugal, a global negative sentiment on risk and a disappointing EMU services PMI hammered EUR/USD.
Building Approvals – May 2013
The number of residential building approvals fell by 1.1% in May, which was roughly in line with market expectations which centred on a fall of 1.0% {CBA (f) -1.0%).
Strong Rebound in the Trade Deficit in May
The strong rebound in the trade deficit, from a revised $40.1 billion in April to $45.0 billion will put further downward pressure on second quarter GDP growth.
US ADP non-farm payrolls increase in June
The ADP said in its national employment report for June that the private sector added 188,000 jobs, after a gain of 134,000 in May,
Riksbank stays on hold
As expected the Riksbank left the repo rate unchanged today. The repo rate path was also kept unchanged.
Morning FX Market Commentary
EUR/USD drops below 1.30 mark The dollar was well bid across the board yesterday with USD/JPY returning north of 100.
RBA’s Stevens comments on the outlook and keeps rate cut hopes alive
RBA Governor Stevens has delivered a speech on “Economic Conditions & Prospects” to a business luncheon in Brisbane.
Australian TRade Balance – May 2013
The May trade balance came in significantly higher than market expectations of $0.05bn (CBA (f): $0.3bn).
Australian Retail Trade – May 2013
Retail trade rose by 0.1% in May, which was slightly less than market expectations which centred on a rise of 0.3% {CBA (f) +1.0%}.