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08.05.2013 05:59

Asian session: The euro’s volatility against the dollar

02:00 China Trade Balance, bln April -0.9 15.5 18.2

The euro's volatility against the dollar was near the lowest in almost four months as investors weighed prospects for additional monetary stimulus by the European Central Bank and receding credit risk in the region.

ECB President Mario Draghi said this week that policy makers had an "open mind" on a negative deposit rate. The extra yield investors demand to hold 10-year Spanish bonds over same maturity German debt narrowed to the least since August 2011 yesterday. Demand for the euro was limited ahead of data forecast to show German industrial production shrank in March from the previous month. Economists surveyed by Bloomberg before the figures due today predict a 0.1 percent contraction, after a 0.5 percent expansion in February.

New Zealand's dollar sank to a five-week low after Reserve Bank Governor Graeme Wheeler said the central bank has sold the currency. Reserve Bank of New Zealand Governor Wheeler told parliament's finance and expenditure select committee in Wellington today that "there has been some intervention."

He said he reserves the right for further currency sales to damp gains in the kiwi. The local dollar has surged 45 percent against the greenback since the end of 2008, the biggest advance among over 150 currencies tracked by Bloomberg.

Australia's dollar trimmed losses after Chinese data showed imports grew more than economists estimated. In China, imports rose 16.8 percent in April from the prior month, the customs administration said today in Beijing. That was more than the 13 percent increase expected by economists in a Bloomberg News survey. Exports grew 14.7 percent last month from March. China is the biggest trading partner for both Australia and New Zealand.

EUR / USD: during the Asian session, the pair rose $ 1.3100

GBP / USD: during the Asian session, the pair is trading around $ 1.5480

USD / JPY: during the Asian session, the pair rose to Y99.15

The calendar quietens down Wednesday, with limited data on either side of the Atlantic. However, there are some speaking appearances from central bankers and eurozone lawmakers to look out for. At 0915GMT, ECB Executive Board Member Joerg Asmussen and EU Commissioner for Economic and Monetary Affairs Olli Rehn are set to speak on Cyprus, at the European Parliament, in Brussels. At 0930GMT, German Bundesbank board member Joachim Nagel is scheduled speak on the role of monetary policy during the Eurozone crisis. The limited eurozone data releases sees the German March industrial output numbers released at 1000GMT. Analysts are looking for industrial production to fall 0.1% on month, and 3.8% on year. At 1200GMT, the Norwegian Norges Bank interest rate decision is expected, with the market pricing in a rough 50/50 chance of a rate cut. Back in Europe, at 1245GMT, German Fin Min Schaeuble holds presser on new revenue estimates, in Berlin. Then, at 1500GMT, ECB Board member Joerg Asmussen will; sit on a panel discussing inflation at an event organized by the Bertelsmann Foundation.

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