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12.03.2014 06:20

Asian session: The yen held gains

00:30 Australia Home Loans January -1.9% +0.8% 0.0%

05:00 Japan BoJ monthly economic report March

05:00 Japan Consumer Confidence February 40.5 40.3 38.3


The yen held gains from yesterday against most peers after a gauge of Chinese economic surprises dropped to a nine-month low, underlining concern about a slump in the Asian economy that’s sent commodity prices tumbling. China’s exports unexpectedly fell 18.1 percent in February from a year earlier, customs data on March 8 showed, compared with a forecast for an increase of 7.5 percent in a Bloomberg News survey. Imports rose 10.1 percent, leaving a trade deficit of $23 billion. Demand for Japan’s haven assets was also bolstered by the standoff over Ukraine’s Crimean peninsula.

The euro traded near its highest level in almost 2 1/2 years before data today that may show an improving outlook for industrial production. Output in the region gained 0.5 percent in January, rebounding from the previous month’s 0.7 percent drop, according to the median forecast in a Bloomberg survey.

The Aussie weakened after a report showed a decline in consumer confidence, following data indicating a drop in business sentiment yesterday.

New Zealand’s currency held a monthly gain as the central bank is predicted to raise interest rates tomorrow.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3850-65

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6610-35

USD / JPY: on Asian session the pair traded in the range of Y102.80-10


There is plenty on the calendar on both sides of the Atlantic Wednesday, although European data is largely second tier. The European calendar gets underway at 0630GMT, with the release of the French fourth quarter job creations data. Early central bank speakers are on deck from 0800GMT, when ECB Governing Council member Luis Linde delivers a lecture in Madrid. At the same time, ECB Executive Board member Peter Praet will give a speech on communication challenges, in Frankfurt. At 0800GMT, Spanish February final HICP is set for release. The UK Trade data was set for release at 0930GMT, but has been delayed until March 14. ECB Executive Board member Benoit Coeure will give a speech on monetary policy challenges, in Frankfurt at 1000GMT. Euro area data also set for release at 1000GMT includes the January industrial output data and the January OECD leading indicator.

Across the Atlantic, the US calendar gets underway at 1100GMT, when the MBA Mortgage Index for the March 8 week will be published. The IMF holds its regular biweekly press briefing in Washington at 1330GMT. Further US data sees the release of the fourth quarter 2014 services data at 1400GMT and the EIA Crude Oil Stocks for the March 7 week at 1430GMT. Treasury Secretary Jack Lew testifies before the Senate Budget Committee on FY2015 budget from 1430GMT, appearing before the House Budget Committee from 1800GMT. Later, the US will sell 421 billion of 10-year paper.

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