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02:00 New Zealand Annual Budget Release
04:30 Japan Industrial Production (MoM) (Finally) March +0.2% +0.2% +0.9%
04:30 Japan Industrial Production (YoY) (Finally) March -7.3% -6.7%
The euro slid toward a six-week low before a report that will probably confirm inflation in the 17-nation region was the slowest in three years. The euro-area's annual inflation rate dipped to 1.2 percent in April, the lowest since February 2010, from 1.7 percent a month earlier, the European Union's statistics office in Luxembourg is forecast to confirm today. The rate has been below the ECB's 2 percent ceiling since February.
Gross domestic product in the euro area contracted 0.2 percent last quarter, data showed yesterday. A Bloomberg News survey forecast a 0.1 percent decline. The German economy grew 0.1 percent, below the 0.3 percent economists forecast.
The common currency completed a five-day drop yesterday, the longest losing stretch in six months, on speculation the European Central Bank will ease policy after data showed the euro-area economy extended its recession to a record sixth quarter. ECB President Mario Draghi pledged on May 2 to ease policy again if needed following a cut in the benchmark to 0.5 percent.
The Dollar Index (DXY) was 0.3 percent from its highest level since July before Federal Reserve Bank of San Francisco President John Williams speaks. In the U.S., government data will probably show today initial jobless claims probably increased 7,000 to 330,000 in the week ended May 11, according to the median estimate of economists surveyed by Bloomberg. The 323,000 the previous week was the fewest since January.
The yen advanced after reports showed the nation's economy expanded more than forecast. Japan's economy expanded 0.9 percent in the first quarter, compared with the forecast for a 0.7 percent increase, a separate report showed.
The Australian dollar traded near an 11-month low after signs of slowdown in the global economy weighed on commodity prices, dimming the outlook for the South Pacific nation's exports.
EUR / USD: during the Asian session, the pair traded in the range of $ 1.2865-90
GBP / USD: during the Asian session, the pair traded in the range of $ 1.5210-45
USD / JPY: during the Asian session, the pair traded in the range of Y101.95-30
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