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18.03.2011 12:03

EU session review: Yen drops as G-7 acts to weaken currency; Libya no-fly vote spurs oil gain

Data released:
00:01     UK     Nationwide consumer confidence (February)    38    48    47
05:00     Japan     Leading indicators composite index (January) final    101.5    101.9    101.9
05:00     Japan     Coincident indicators composite index (January) final    105.9    106.2    106.2
07:00     Germany     PPI (February)    0.7%    0.6%    1.2%
07:00     Germany     PPI (February) Y/Y    6.4%    6.3%    5.7%
09:00     EU(17)     Current account (January) unadjusted, bln          -    -0.1
09:00     EU(17)     Current account (January) adjusted, bln     -0.7    -10.4    -12.5 (-13.3)
10:00     EU(17)     Trade balance (January) unadjusted, bln     -14.8    -    -0.5
10:00     EU(17)     Trade balance (January) adjusted, bln     -3.3    -1.1    -1.1 (-2.3)
11:00     Canada     CPI (February)    0.3%    0.4%    0.3%
11:00     Canada     CPI (February) Y/Y    2.2%    2.4%    2.3%
11:00     Canada     CPI core (February)    0.2%    0.4%    0.0%
11:00     Canada     CPI core (February) Y/Y    0.9%    1.1%    1.4%

The yen weakened by the most since 2008 versus the dollar, and U.S. index futures rose after central banks intervened to weaken Japan’s currency.
Group of Seven nations started joint intervention for the first time since 2000.
Power may be restored to one of the crippled reactors at Japan’s earthquake-damaged nuclear plant today.
Japanese soldiers and firefighters from Tokyo, using dozens of fire engines, doused sea water on reactor No. 3, site of an explosion earlier this week. Tepco said it will finish reconnecting a power line to the cooling system of the No. 2 reactor today, where white smoke or steam was observed. The power link would be used to restart pumps needed to pour cooling water on overheating fuel rods.
While the yen intervention “may seem to be a one-day operation, the statement also suggests their readiness to act further if need be,” Jim Reid, a strategist at Deutsche Bank AG, wrote in a note. “In the absence of any deteriorating nuclear news flows out of Japan the swings in oil prices will probably have a stronger influence over markets from now on.”
Oil climbed after the United Nations approved military action to ground Libyan leader Muammar Qaddafi’s air force. Qaddafi’s troops outside the rebel base of Benghazi may face air strikes after the UN Security Council authorized the use of force to protect civilians.
Crude for April delivery gained $1.36, or 1.3 percent, to $102.78 a barrel in electronic trading on the New York Mercantile Exchange. The UN decision to prevent the Libyan air force from bombing rebel cities renewed concern that political unrest in the region may spread and disrupt oil supplies.

EUR/USD held within the $1.4040/80 range before resuming further rise up to $1.4135.

GBP/USD was close to $1.6200 but failed to break above and retreated to $1.6060. Later rate managed to recover to current $1.6150.

USD/JPY rocketed from lows around Y79.10 to Y81.95. Later rate retreated a bit to Y81.43.

There is no economic reports for today.

18.03.2011 11:53

OIL:

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