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26.02.2013 07:08

Asian session: The yen sank to an almost three-year low

00:01 China HSBC Manufacturing PMI February 52.3 52.2 50.4


The yen fell against the dollar as traders sold the currency near this month’s high on speculation the Bank of Japan will ease monetary policy further to boost growth in the world’s third-largest economy. Japan’s Prime Minister Shinzo Abe is likely to nominate Haruhiko Kuroda for the BOJ governor position, and Kikuo Iwata and Hiroshi Nakaso for deputy roles, according to two officials with knowledge of the discussions. In a Feb. 11 interview, Kuroda said he favors additional stimulus this year, and the central bank has “really substantial room for monetary easing.” He also said that the global standard for achieving inflation targets was a two-year time horizon. When the BOJ set a 2 percent inflation target without a deadline in January, policy makers said the central bank would start open-ended asset purchases starting in 2014.

The euro fell against the pound after a spokesman for Italy’s Democratic Party candidate Pier Luigi Bersani said projections of the nation’s election results “show a risk of ungovernability.” Stefano Fassina, the economic policy spokesman was speaking yesterday on Italy’s La7 television. Forecasts by state broadcaster RAI showed Bersani winning the lower chamber and former Prime Minister Silvio Berlusconi with a blocking minority in the Senate.


EUR/USD: during the Asian session, the pair traded in the range of $1.3035-90.

GBP/USD: during the Asian session, the pair rose to $1.5220.

USD/JPY: during the Asian session, the pair traded in the range of Y91.85-Y92.75.


A light data calendar in the EZ today, though a few speakers noted on the card. Apart from continued fallout from the Italian election, key interest seen in Fed Bernanke's semi-annual testimony at 1500GMT.

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