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18.04.2012 08:19

Asian session: The yen fell against all of its major peers

 

00:30 Australia Leading Index February +0.6% +0.2%


The yen fell against all of its major peers as Asian stocks extended a global rally and before U.S. data that may show fewer Americans filed for jobless benefits, reducing demand for safer assets. Japan’s currency retreated from a six-week high versus the dollar after the Nikkei newspaper said the Bank of Japan may raise its inflation forecasts, fanning speculation the central bank will add to monetary easing to achieve its price target.

Demand for the yen and the dollar was limited after the International Monetary Fund raised its global growth estimates yesterday. Its World Economic Outlook forecast the economy will expand 3.5 percent this year and 4.1 percent in 2013, an increase from its January projections of 3.3 percent growth in 2012 and 4 percent next year.

Japan’s central bank may lift its 2012 forecast for the nation’s consumer price index, excluding food, to a range of zero to 0.5 percent from the 0.1 percent projected in January, the Nikkei reported, citing people familiar with the bank’s thinking. The BOJ, which set a 1 percent inflation goal on Feb. 14, will next meet on April 27.

The euro was 0.4 percent from a 19-month low against the pound before Spain sells bonds tomorrow. Spain will auction 3.3 percent two-year notes and 5.85 percent 10-year debt tomorrow. Yields on the nation’s benchmark 10-year bond slid 18 basis points to 5.89 percent yesterday after Spain raised more than its maximum target at a bill sale.

The Bank of England will publish today the minutes of its April 5 meeting, when officials maintained its quantitative- easing program at 325 billion pounds ($518 billion). Government data showed yesterday that the nation’s consumer prices climbed 3.5 percent in March from a year earlier, above the BOE’s 2 percent target.


EUR/USD: during the Asian session the pair traded in a range $1.3105-$1.3140.

GBP/USD: during the Asian session the pair traded in a range $1.5915-$1.5940.

USD/JPY: during the Asian session the pair gain to Y81.40.


EMU data sees the ECB current account data at 0800GMT followed at 0900GMT by construction output. At 1300GMT, European Commission President Jose Manuel Barroso is due to discuss means to combat the Economic crisis in the Eurozone at the European Parliament. In the UK, at 0800GMT, Bank of England Deputy Governor Paul  Tucker delivers a speech at the Association of Corporate Treasurers. It is also a key day for UK data with both the latest meeting minutes from the Bank of England and also labour market data at 0830GMT. At 1230GMT, US Treasury Secretary Tim Geithner will speak on the state of the global economy at the Brookings Institution in Washington. The weekly EIA crude oil stocks data is due at 1430GMT.

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