::Pour Euro faible April ventes au détail apportent malaise

05 June 2012 09: 00 GMT Retail sales in the 17-nation Euro bloc fell in April, demonstrating a continuing slump in consumer confidence and pre-vocational concern for the Euro's security. April retail sales dropped a full percentage point on the month, which was more than the 0.1% drop economists had predicted. The yearly drop was 2.5%, also steeper than the expected - 1.1%.
A breakdown of the data showed that Spanish consumers cut spending the most, while German numbers were relatively strong, bolstered by low unemployment numbers. Unemployment in Spain has reached critical peaks recently as the nation struggles to lease out its banking sector. Spanish Budget Minister Montaro today called for Europe's MSS bailout mechanism to directly recapitalize Spain's banks, reflecting Madrid's growing unease with the unstable situation.

The Euro remained oversold in today's trade as the weak spending numbers understandably failed to inspire confidence in the single currency.
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05 June 2012 09: 00 GMT

-$ NZ Dollar des Gains sur les perspectives de croissance de la Chine, le sommet du G8 tient Euro faible

21 May 2012 16: 33 GMT  Fundamental Headlines
-Copper Up purpose Greek Contagion Fears Weigh - Reuters
-Asia Stocks Rise After China first Says Growth is Focus - Bloomberg
-Treasury Prices Fall as G8 Leaders Back Greece in Euro Zone - Reuters
-Gold Steadies As Softer Euro Curbs Rebound - Reuters
-Fed's Lockhart Says Circumstances Not Ripe for QE3 - Reuters
European Session Summary
The US Dollar (ticker: USDOLLAR) traded lower against the Australian Dollar and other high-risk counterparts on a modest improvement in financial market sentiment, but overall momentum left it poised for modest gains against the Euro and British Pound. It was a quiet start to the trading week as highly-anticipated events over the weekend failed to produce material breakthroughs or shifts in financial market sentiment.
The biggest event risk on the weekend was a highly-anticipated summit of G8 leaders. Disappointingly little action or new rhetoric nonetheless meant that Chinese Premier Wen Jiabao's pledges to focus more on bolstering Chinese economic growth took the spotlight. Jiabao indicated that policies may be loosened further as inflation moderates. As a result, commodity and risk-correlated assets such as the Australian dollar, NZ dollar and Canadian dollar strengthened against the greenback. Prices of growth-dependent commodities like copper and crude oil similarly gilts higher on stronger Chinese growth prospects.
Yet gains in broader markets were muted as Greek contagion fears continued to weigh on the global economic outlook. G8 leaders vowed to take steps to combat financial turmoil and revive a global economy threatened by Europe's continuing debt crisis. But they were unable to offer a solution to Greece's debt woes ahead of elections to be held on June 17.
Looking ahead, the top market event to watch out for will be the UK report for April on its Consumer Price Index (CPI), due for release at 08: 30 GMT on Tuesday morning (04: 30 EDT). Consumer prices in the UK are expected to have risen 0.6 percent in April from a month ago, while core inflation is expected to have fallen to 2.0 percent on an annual basis from 2.5 percent in March. Should core inflation fall in line with gold more than projected, we may see calls for further quantitative easing by the Bank of England which is likely to weaken the pound.
Taking a look at credit, pressure is back on the shorter-end of the curve, with yields on Spanish 2-year notes climbing to 4.210 percent. On the longer end, Greek 10-year notes led rising yields, increasing 15 6-basis points to a 29.299 percent yield.
NZDUSD 5 - min Chart: May 21, 2012

Charts Created using Marketscope - Prepared by Tzu - Wen Chen
The New Zealand Dollar is the top performer, rallying by 0.55 percent against the US dollar, which is among the weaker currencies on the day. The Australian and Canadian dollars were also higher against the greenback, gaining 0.12 percent and 0.05, respectively. The Japanese Yen trails all of its major currency counterparts, with the USDJPY declining by 0.38 percent.

Week-end : Dollar s'affaiblit après faible PFN ; La Chine, nous CPI in Focus

Evolution of weekend
March to U.S. non-farm payroll adds 120 k jobs, whereas k 205 Chinese CPI will be reported later today, IPC US on Iran Friday to respond to the major powers for nuclear talks on 14 April, well that the markets foreign exchange have reacted to Friday, lower than data for March NFP, the proximity to Friday stock market could cause reactions more cross-market for today's meeting. Statement of the President of the Federal Reserve Ben Bernanke two weeks ago, citing the labour market still-weak as one of the main reasons that the Central Bank will keep leads a loose monetary policy of many investors are now considering lower data as may open the door to another series of purchases of assets. Even if some members of the FOMC stated there are no more large scale purchases unless the economy weakens considerably, the Federal Reserve can be more pressed to keep appeasement to avoid walking on the recovery.
Reactions of markets and of the comments of the Central Bank may be strained until the end of the week as we March CPI will be reported Friday. Headline CPI is expected to slow to 2.6% 2.9% in the recent weakening in the price of energy, while the core CPI should remain at 2.2%. University of preliminary of the confidence of consumers in Michigan for April will be also published Friday, is expected to improve to 76.6 of 76.2.
The Asian market is expected to be volatile throughout the week, with the CPI Chinese and PPI on tap later today, rate decision Japan on 10 April, Australian March of the work Bank data on 12 April and first quarter Chinese GDP to highlight the Asian record of Friday.
At the time of writing, the yen is at the head of the European currencies against the dollar post-NFP. The New Zealand and Australian dollars are moderately lower that markets expect the Chinese data.