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07.05.2013 05:59

Asian session: The dollar snapped

01:30 Australia Trade Balance March -0.18 0.20 0.31

01:30 Australia House Price Index (QoQ) Quarter I +1.6% +1.9% +0.1%

01:30 Australia House Price Index (YoY) Quarter I +2.1% +4.0% +2.6%

04:30 Australia Announcement of the RBA decision on the discount rate 3.00% 3.00% 2.75%


The dollar snapped a three-day advance against Japan's currency, the longest streak in more than two weeks, sustained by better-than-expected U.S. payrolls data. The yen depreciated to above 99 per dollar for the first time since April 26 on May 3, when U.S. Labor Department data showed payrolls expanded by a greater-than-expected 165,000 workers last month and the jobless rate unexpectedly declined to 7.5 percent. The currency touched 99.45 yesterday.

The euro remained lower against the greenback before reports forecast to show factory activity slowed in Europe's two biggest economies. Demand for the 17-nation currency was capped before reports forecast to show German factory orders and French industrial production both fell in March from the previous month. German orders probably slid 0.5 percent, while French activity contracted 0.3 percent, according to the median economist forecasts in Bloomberg News surveys.

The Australian dollar fell against its major peers on prospects the central bank may cut borrowing costs to a record low today. In Australia, traders see more than a 50 percent chance the Reserve Bank will lower its benchmark rate to a record 2.75 percent today, according to Bloomberg calculations based on overnight-index swap rates. By contrast, of the 29 economists surveyed by Bloomberg, 8 predict a cut.

Japanese markets reopened today following a four-day holiday weekend.


EUR / USD: during the Asian session, the pair is trading around $ 1.3080

GBP / USD: during the Asian session, the pair is trading around $ 1.5540

USD / JPY: during the Asian session, the pair fell to Y98.80


French trade and IP data due up early Europe, followed by German factory orders at 1000GMT. A light US calendar seen into the afternoon.

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