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08.10.2012 06:25

Asian session: The euro weakened

 

 

00:00 Japan Bank holiday -

00:30 Australia ANZ Job Advertisements (MoM) September -2.3% -2.8%

 

The euro weakened against all its major counterparts before German data today that may show industrial production and exports fell, adding to evidence Europe’s debt crisis is damping growth. German industrial production probably decreased 0.6 percent in August from July, according to the median estimate of economists surveyed by Bloomberg News. That would be the biggest drop since April. Separate data today may show the nation’s exports slid 0.6 percent in August, economists forecast.

European finance ministers will meet in Luxembourg today, while German Chancellor Angela Merkel visits Greece tomorrow for the first time since the crisis erupted.

Finance ministers meeting today are likely to make a positive statement on Greece’s progress toward meeting austerity targets needed to authorize the nation’s next bailout payment, European Union Commissioner for Economic and Monetary Affairs Olli Rehn said.

Australia’s dollar touched the lowest level in almost three months as Asian shares fell and before a report this week that may show unemployment increased in the nation. Australia’s jobless rate probably climbed to 5.3 percent last month from 5.1 percent in August, economist estimates compiled by Bloomberg show before the data due Oct. 11.

Japanese markets are shut today for a national holiday, and the U.S. is observing Columbus Day.


EUR/USD: during the Asian session the pair fell below $1.3000.

GBP/USD: during the Asian session the pair fell to $1.6100.

USD/JPY: during the Asian session the pair fell to Y78.50.


UK data gets underway at 0830GMT, when the October Trends in Lending numbers are released. That is followed at 1100GMT, when the October OECD Leading Indicator will hit screens. Early European data sees the release of the German August trade balance. Further German data is released at 1000GMT, with the release of German August industrial output data. At 1500GMT, ECB Governing Council member Jens Weidmann gives a lecture, in Duesseldorf.

With Tokyo markets closed Monday and US bond and credit markets closed later in the day, Monday sees a quiet start to the week, allowing traders the chance to consolidate last week's central bank and US jobs new.


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