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16.05.2013 06:00

Asian session: The euro slid

02:00 New Zealand Annual Budget Release 2013

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


Thursday sees another busy day on both sides of the Atlantic, with a solid mix of both data central bank speakers. The European data calendar gets underway at 0645GMT, with the release of the French April manufacturing investment survey, first quarter jobs creation data and first quarter employment data. At 0700FGMT, Spanish March industrial orders data are due for release. More eurozone data is expected at 0900GMT, with the release of the EMU April final HICP data and the March trade balance numbers. Eurozone CPI is seen at -0.1% on month and up 1.2% on year. At 1300GMT, ECB Executive Board member Peter Praet gives a keynote speech at the European Business Summit, in Brussels. Following on from Wednesday's data and BOE press conference, today is a relatively quiet data day in the UK, with just the April SMMT Auto Production Figures expected at 0830GMT. US CPI, weekly jobless claims and housing starts at 1230GMT, followed by Phila Fed at 1400GMT in focus.

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