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20.04.2012 08:51

Asian session: The euro was near a 20-month low against the British pound

 

01:30 Australia Import Price Index, q/q Quarter I +2.5% 0.0% -1.2%

01:30 Australia Export Price Index, q/q Quarter I -1.5% -3.0% -7.0%


The yen was set to decline against most of its 16 major counterparts this week on prospects the Bank of Japan will add to monetary easing at its next meeting on April 27 to achieve its inflation goal. The currency was 0.2 percent from its lowest level in a week versus the dollar after BOJ Governor Masaaki Shirakawa said in a speech in Washington that Japan still needs monetary stimulus.

The euro was near a 20-month low against the British pound before data today that may show Germany’s business confidence fell this month. Meetings hosted by the International Monetary Fund start today in Washington, where Group of 20 officials are gathering to discuss Europe’s debt crisis.

German business confidence probably declined for the first time in six months in April as the resurgent sovereign debt crisis threatens to curb growth. The Ifo institute’s business climate index, based on a survey of 7,000 executives, will drop to 109.5 from 109.8 in March, according to the median forecast of 40 economists in a Bloomberg News survey.

Europe’s largest economy contracted in the final quarter of last year as spending cuts across the euro region, its largest export market, damped demand for its goods.

New Zealand’s dollar traded within 0.2 percent of a one- week low as Asian stocks extended a decline in global shares. Demand for the so-called Aussie was also limited after a report today showed export prices in the first three months of the year fell for a second quarter. Australia’s export price index dropped 7 percent from the fourth quarter, when it declined 1.5 percent, the statistics bureau said today.


EUR/USD: during the Asian session the pair traded in a range $1.3125-$1.3155.

GBP/USD: during the Asian session the pair traded in a range $1.6035-$1.6060.

USD/JPY: during the Asian session the pair receded from yesterday's high.


European data starts at 0600GMT Friday with Germany PPI. Then at 0800GMT by the German IFO business survey. UK data at 0830GMT sees Retail Sales for March, which are expected to bounce 0.4% m/m, 1.4% y/y (1.3% y/y ex-fuel). On the upside, the British Retail Consortium reported that the warm weather boosted sales  of spring clothing ranges in March. US data is limited to the 1400GMT release of BLS state unemployment data.

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