ECB, BOE and BOC interest rates decision. Jean-Claude Trichet press conference.

What's new:
Unites States : Bernanke said the increased debt could undermine the U.S. economy.
United States : Dollar’s reserve status is not threatened - Bernanke.
China : The Chinese government confident in its exchange reserves in dollars.
United States: increase of 0.70% in factory orders in April.
United States: The ISM services index rebounds to 44.0 in May.
United States: 532,000 destroyed jobs in the private sector in May.

Today:
08:45 France: unemployment rate 1st quarter, previous 8.20%.
10:00 UK: Halifax house prices May, expected -1.00%, previous -1.70%.
11:00 Euro area: Retail sales April, expected 0.20%, previous -0.60%.
13:00 UK: BOE monetary policy decision, expected unchanged 0.50%.
13.45 Euro zone: ECB monetary policy decision, expected unchanged at 1.00%.
14.30 United States: weekly jobless claims, expected620,000, previous 623,000.
14.30 United States : productivity (revision) Q1, expected 1.20%, previous 0.80%.
14.30 United States: labor cost Q1, expected 2.90%, previous 3.30%.
14.30 Euro zone: press conference European Central Bank President Jean-Claude Trichet.
15:00 Canada: BOC monetary policy decision, expected unchanged at 0.25%.

Rates in Asia and Indices:
EURUSD: 1.4212 - 1.4136.
USDCHF: 1.0715 - 1.0652.
GBPUSD: 1.6341 - 1.6210.
EURJPY: 136.77 - 135.59.
USDJPY: 96.37 - 95.88.
DowJones:  -0.75%, 8675.
NASDAQ: -0.59%, 1,826.
S & P 500: -1.37%, 932.
Nikkei: -0.75%, 9,669.
Gold: $ 969

Comments:

Investors will focus on the announcement of monetary policy of the Bank of England at 13.00, followed by that of the European Central Bank at 13:45. Then, the speech by ECB President Jean-Claude Trichet is expected at 14.30, followed by the announcement of monetary policy of the Bank of Canada at 15:00. Very interesting two hours of trading in perspective. I wonder if Mr. Jean-Claude Trichet will be on time for his press conference, the employees of the European Central Bank, dissatisfied with the proposed reform of their pension plan, should go on strike this afternoon for the first time in the history of the European Institute ...

Concerning the status of the US dollar currency reserve, the Fed chairman, Ben Bernanke, said that this status is not questioned, adding that the strength of the U.S. economy was the best way to maintain a strong dollar. He also stated that increased debt could undermine the U.S. economy and declared that it was time to work towards reducing the deficit.
Good Day

Nicolas Longchamp
RTFX Ltd
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