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18.05.2011 08:05

Stocks: Tuesday's review

The yen dropped the most in almost three weeks versus the dollar after Bank of Japan Governor Masaaki Shirakawa said the economy is in a “very severe” state, fueling bets monetary policy may be eased further.
The Japanese currency weakened against most of its major counterparts. 
The pound rose from almost a one-month low versus the dollar as U.K. inflation accelerated to the highest level since 2008, increasing pressure on the Bank of England to raise interest rates. 
U.K. consumer prices increased 4.5% last month from a year earlier after a 4% gain in March, the Office for National Statistics said today. The median forecast of economists was a 4.1% rise. Core inflation accelerated to a record. The British central bank has held its official bank rate at 0.5% since March 2009.
Japan’s economy has been in a severe situation since the March 11 earthquake and the central bank is committed to ending deflation, Shirakawa told today. The government hoped for “flexible” action by the bank to support the economy and will also closely watch the currency, according to a statement approved by Prime Minister Naoto Kan’s Cabinet.
Ministers for the first time also floated the idea of talks with bondholders over extending Greece’s repayment schedule. Europe would consider “reprofiling” Greek bond maturities as part of a package including stepped-up sales of state assets and deeper spending cuts, Juncker said.

EUR/USD: the pair grown $1,4230.
GBP/USD: the pair bargained within the limits of $1,6170-$ 1,6300.
USD/JPY: the pair grown in around Y81,40.

UK data again dominates the morning with the minutes of the latest bank of England meeting and also labour market data, both due at 0830GMT. Analysts expect the same vote split as in February, March and April with two Monetary Policy Committee members voting for a 25 basis point hike, one for a 50 bps hike, six for unchanged Bank Rate and one for more quantitative easing. The May meeting was the last for Andrew Sentance, who has been alone in backing a 50 basis point hike. The labour market survey is expected to show that the conjunction of rising employment without a decline in the claimant count jobless level continued. The benefit claimant count actually rose 700 in March. Today, the claimant count is expected to remain unchanged.
US data starts at 1100GMT with the weekly MBA Mortgage Application Index, which is followed at 1430GMT by the weekly EIA Crude Oil Stocks. Later on, at 1800GMT, the FOMC meeting minutes are due.

18.05.2011 07:54

Stocks: Tuesday's review

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