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17.05.2012 08:00

Asian session: The dollar retreated from a four-month high against the euro

 

00:00 Switzerland Bank holiday -

00:00 Germany Bank holiday -

00:00 France Bank holiday -

01:00 Australia Consumer Inflation Expectation May +3.3% +3.1%

04:30 Japan Industrial Production (MoM) (finally) March -1.6% +1.1% +1.3%

04:30 Japan Industrial Production (YoY) (finally) March +1.5% +13.9% +14.2%


The dollar retreated from a four- month high against the euro after minutes from the last Federal Open Market Committee meeting showed some policy makers said further easing may be needed should the economy lose momentum. Several Fed policy makers said a loss of momentum in growth or increased risks to their economic outlook could warrant additional action to keep the recovery on track, according to minutes of the FOMC’s April 24-25 meeting released yesterday in Washington. Central bankers last month affirmed their plan to hold interest rates near zero at least through late 2014 as they sought to push down an unemployment rate that has stayed above 8 percent for more than three years.

The yen weakened against the majority of its 16 major peers amid speculation the Bank of Japan may add stimulus next week. Governor Masaaki Shirakawa said today it’s important for the central bank to support growth. Demand for the yen was hampered amid speculation BOJ policy makers may ease monetary policy when they meet on May 23 after the central bank failed to buy as much government debt as it planned yesterday, the first time that’s happened since the the program was set up in October 2010 to provide liquidity to the market.

Demand for the euro was limited as Greece’s leaders prepare for a second election, with the nation’s future in the currency bloc and an international bailout at stake.

The Australian and New Zealand dollars strengthened, snapping four-day declines.


EUR/USD: the pair rose to yesterday's high.

GBP/USD: the pair traded in a range $1.5905-$1.5930.

USD/JPY: the pair fell to yesterday's low.


Looking ahead, it is Ascension day Thursday, keeping the European calendar quiet. US data starts at 1230GMT, when initial jobless claims are expected to fall slightly 365,000 in the May 12 employment survey week. At 1400GMT by US leading indicators, the Philadelphia Fed survey and E-commerce totals data.

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