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30.08.2011 08:58

Asian session review: Franc, Yen, Dollar retreat as stocks rally

Data released:
01:30   Australia Building Permits (YoY) (Jul)     -15.0%        -14.3%
01:30   Australia Building Permits (MoM) (Jul)     1.0%    2.1%    -3.6%
06:00   Switzerland UBS Consumption Indicator (Jul)     1.29        1.48

The Swiss franc, yen and dollar weakened
after stocks extended a global rally amid signs of continued resilience among Asia’s biggest emerging economies.
The euro rose toward a seven-week high versus the Swiss franc as a benchmark Asian stock index gained for a fourth day, reducing demand for safer assets.
“Safe-haven currencies like the dollar, yen and franc are being sold because of higher stock prices,” said Junichi Ishikawa, an analyst at IG Markets Securities Ltd. “The market is looking carefully at economic data to get a clearer outlook for growth.”
The MSCI Asia Pacific Index added 1.1%. The MSCI World Index climbed 2.4% yesterday, while the Standard & Poor’s 500 Index of stocks advanced 2.8%.
The greenback has appreciated 1% in August against a basket of currencies.
Demand for the euro was limited after European Central Bank President Jean-Claude Trichet said the bank is reviewing its assessment of inflation risks after a slowdown in growth.
Trichet said yesterday that “risks to the medium-term outlook for price developments are under study.” The comment to the European Parliament’s economic committee contrasts with the ECB president’s last policy statement on Aug. 4, when he said risks to the inflation outlook were “on the upside.”

EUR/USD
printed session highs on $1.4530, but failed to set above the figure and retreated to below the figure, then - to current $1.4430.
GBP/USD
also retreats after it earlier tested $1.6420 and currently holds at $1.6330.
USD/JPY
fell from Y77.00 to Y76.64. Currently rate tries to recover.

EU data include EU Consumer Confidence, Economic Confidence and Industrial Confidence (09:00 GMT).
At
12:30 GMT Canada releases its Q2 Current Account.
US Aug Consumer Confidence is scheduled to release at 14:00 GMT.
But the main event of the day will come at 18:00 GMT with the release of Fed's FOMC.


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