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09.07.2013 06:25

Asian session: The Dollar Index rose

01:30 Australia National Australia Bank's Business Confidence June -1 0

01:30 China PPI y/y June -2.9% -2.5% -2.7%

01:30 China CPI y/y June +2.1% +2.5% +2.7%


The Dollar Index rose as traders increased bullish bets on the U.S. currency amid speculation the Federal Reserve will provide further guidance on plans to scale back asset purchases. The gauge advanced toward the three-year high reached yesterday before Fed Chairman Ben S. Bernanke speaks tomorrow, the same day minutes of the central bank’s June meeting are due.

The yen halted yesterday’s decline versus the euro before Bank of Japan officials meet this week. BOJ Governor Haruhiko Kuroda and his fellow policy makers will gather tomorrow for a two-day meeting. Officials will discuss upgrading their assessment of the nation’s economy by using the word “recover” for the first time in more than two years, people familiar with the central bank’s discussions said.

The Aussie dollar weakened after Chinese government figures showed the consumer price index for the world’s second-biggest economy rose 2.7 percent in June from a year earlier, more than the 2.5 percent forecast by economists in a Bloomberg News survey. China is Australia’s biggest trading partner. Interest-rate swaps data compiled by Bloomberg News show traders see a 58 percent chance the RBA will reduce its benchmark interest rate to an unprecedented 2.5 percent at its next meeting on Aug. 6. The rate already stands at a record low of 2.75 percent.


EUR / USD: during the Asian session the pair traded in the range of $ 1.2845/70

GBP / USD: during the Asian session the pair traded in the range of $ 1.4915/50

USD / JPY: during the Asian session the pair rose to Y101.25


There is a string of UK data set for release at 0830GMT, including May Industrial Production, May Trade Data and the June BOE Quoted Rates data. Industrial output is seen coming in 0.1% higher on month. The May manufacturing PMI showed the sector expanding, with the 51.3 outturn marking a 14- month high. The three monthly growth rate in manufacturing output should be comfortably into positive territory, with the sector on track to make a positive contribution to Q2 GDP. The narrowing in the April trade balance may prove unsustainable. Analysts' median forecast is for no deterioration in May, but some see a large chunk of the near stg1 billion narrowing in April being unwound. At 1030GMT, UK Chief Treasury Sec Danny Alexander will appear before the Treasury Select Committee to answer questions on the spending round. At 1400GMT, the NIESR Monthly GDP Growth Forecast numbers will cross the wires. At 1430GMT, Bank of England Deputy Governor Andrew Bailey will deliver a speech to the Association of British Insurers conference.

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