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31.08.2011 08:51

Asian session review: Franc, Yen, Dollar keep posotive mood

Data released:
05:00     Japan     Housing starts (July) Y/Y    21.2%    4.9%    5.8%
05:00     Japan     Construction orders (July) Y/Y    5.7%    -    6.0%
06:00     Germany     Retail sales (July) real adjusted    0.0%    -1.5%    4.5 (6.3)%
06:00     Germany     Retail sales (July) real unadjusted Y/Y    -1.6%    -    -2.1 (-1.0)%
07:55     Germany     Unemployment (August) seasonally adjusted    -8.0K    -9.7K    -11K
07:55     Germany     Unemployment (August) seasonally adjusted, mln    2.951    -    2.957
07:55     Germany     Unemployment rate (August) seasonally adjusted    7.0%    7.0%    7.0%
07:55     Germany     Unemployment (August) seasonally unadjusted, mln    2.945    -    2.939
07:55     Germany     Unemployment rate (August) seasonally unadjusted    7.0%    -    7.0%

Сoncern the global economic recovery is faltering maintained demand for assets perceived as the safest.
The euro weakened versus most of its 16 major peers as economists forecast unemployment in the 17-nation euro-region remained unchanged at 9.9 percent last month, a level it hasn’t fallen below since 2009. The yen headed for a third monthly gain versus the dollar before a report forecast to show the U.S. employers added fewer jobs this month. New Zealand’s dollar headed for its biggest monthly decline in a year versus the yen as the country’s business confidence worsened.

“Investors that think the world is falling apart and are worried about capital preservation still view the yen and the franc as safe havens,” said Elsa Lignos, a currency strategist in London at RBC Capital Markets in London. “We like the yen -- it just seems a little less overstretched than the Swissie.”


EUR/USD
printed session highs on $1.4470, but failed to set above the figure and retreated to current $1.4430.
GBP/USD
also retreats after it earlier tested $1.6330 and currently holds at $1.6270.
USD/JPY
traded within Y76.52/75 range.

European data continues at 0900GMT with the EMU unemployment rate, which is expected to remain at 9.9% and also flash HICP data for August, which is expected to come in at 2.5% y/y. Also in Europe today, from 0730GMT, the German government meets to approve measures decided at a eurozone summit in July with the following press conference due to take place in Berlin at 1130GMT US data starts at 1100GMT with the weekly MBA Mortgage Application Index, which is followed at 1130GMT by Challenger Layoffs and at 1215GMT by the ADP National Employment Report before the 1230GMT release of the latest ISM-NY Business Index. At 1345GMT, the Chicago PMI
is expected to fall to a reading of 53.0 in August after falling in July. Other regional data already released have suggested significant contraction. This is followed at 1400GMT by Factory Orders and also the latest Help-wanted Online index. Factory new orders are forecast to rise 2.0% in July. Durables orders were already reported up 4.0% in the month on a spike in aircraft orders.
Weekly EIA Crude Oil Stocks data is due at 1430GMT. Then, at 1530GMT, Atlanta Fed President Dennis Lockhart is due to deliver a speech on the economy to the Greater Lafayette Chamber of Commerce. Late US data includes the 1900GMT release of Agriculture Prices for August.

Market Focus

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  • China: Trade Balance, bln, October 49.6 (forecast 51.7)
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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