acetraderfx
AceTrader.com Representative
- Messages
- 1,109
Market Review - 29/04/2013 23:04GMT
Euro rises on formation of Italian government
The single currency rose against the greenback on Monday after Italy finally formed a government over the weekend, ending 2 months of political uncertainty.
Although the single currency opened higher and gained to 1.3067 in New Zealand on weekend news of formation of a 'new government' in Italy, euro retreated to 1.3032 at Asian open before trading sideways. Euro found renewed buying interest at European open and rallied to 1.3100 in early European morning on cross buying of euro versus other currencies before rising to an intra-day high at 1.3116 at New York open.
Versus the Japanese yen, although the greenback remained under pressure at Asian open and dropped to session low at 97.35 in Asian morning, price pared intra-day losses and rebounded to 97.97 in early European morning. Despite a brief retreat to 97.62 at New York open, dollar rose to an intra-day high at 98.20 at New York midday on speculation that the Federal Reserve will maintain bond purchases under quantitative easing for the foreseeable future before easing in U.S. afternoon.
The British pound traded with a firm undertone in Asia and extend its recent ascent to a fresh 2-month high at 1.5547 in European morning. However, selling interest ahead of 1.5550 prompted long-liquidation and cabled retreated to 1.5483 in New York afternoon.
In other news, Italy Prime Minister Enrico Letta said 'will maintain commitments on European budget limits; Europe must become a motor for growth, facing crisis of confidence; will visit Brussels, Paris, Berlin this week to demonstrate European commitment; Italy will from austerity alone, growth policies cannot wait; must reduce taxes weighing on labour and young people.'
Data to be released on Tuesday:
Japan manufacturing PMI, household spending, unemployment rate, industrial production, retail sales, housing starts, China market holiday, UK Gfk consumer confidence, mortgage approvals, France PPI, EU CPI, unemployment rate, Canada GDP, PPI, U.S. redbook retail sales, Chicago PMI and consumer confidence.
Euro rises on formation of Italian government
The single currency rose against the greenback on Monday after Italy finally formed a government over the weekend, ending 2 months of political uncertainty.
Although the single currency opened higher and gained to 1.3067 in New Zealand on weekend news of formation of a 'new government' in Italy, euro retreated to 1.3032 at Asian open before trading sideways. Euro found renewed buying interest at European open and rallied to 1.3100 in early European morning on cross buying of euro versus other currencies before rising to an intra-day high at 1.3116 at New York open.
Versus the Japanese yen, although the greenback remained under pressure at Asian open and dropped to session low at 97.35 in Asian morning, price pared intra-day losses and rebounded to 97.97 in early European morning. Despite a brief retreat to 97.62 at New York open, dollar rose to an intra-day high at 98.20 at New York midday on speculation that the Federal Reserve will maintain bond purchases under quantitative easing for the foreseeable future before easing in U.S. afternoon.
The British pound traded with a firm undertone in Asia and extend its recent ascent to a fresh 2-month high at 1.5547 in European morning. However, selling interest ahead of 1.5550 prompted long-liquidation and cabled retreated to 1.5483 in New York afternoon.
In other news, Italy Prime Minister Enrico Letta said 'will maintain commitments on European budget limits; Europe must become a motor for growth, facing crisis of confidence; will visit Brussels, Paris, Berlin this week to demonstrate European commitment; Italy will from austerity alone, growth policies cannot wait; must reduce taxes weighing on labour and young people.'
Data to be released on Tuesday:
Japan manufacturing PMI, household spending, unemployment rate, industrial production, retail sales, housing starts, China market holiday, UK Gfk consumer confidence, mortgage approvals, France PPI, EU CPI, unemployment rate, Canada GDP, PPI, U.S. redbook retail sales, Chicago PMI and consumer confidence.