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21.01.2011 09:35

Asian session: The dollar declined

The dollar declined toward an eight- week low against the euro as a gain in Chinese stocks damped demand for safer assets.
The U.S. currency erased a weekly advance versus the yen on speculation the Federal Reserve will refrain from raising interest rates next week. The euro headed for a second weekly gain versus the yen before a German report forecast to show business confidence stayed at a record high and ahead of debt sales next week. 
New Zealand’s dollar slumped against all its major counterparts after a government report showed core retail sales unexpectedly declined.
The dollar slumped in earlier trading as Chinese stocks rallied. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 1.4 percent.
The Federal Open Market Committee will keep interest rates unchanged at its meeting on Jan. 25-26, according to all economists in a survey. The Fed has kept its benchmark at zero to 0.25 percent since December 2008.
The labor market may take five years to recover, Fed Chairman Ben S. Bernanke said Jan. 7. The unemployment rate is at 9.4 percent.

EUR/USD: the pair become stronger in around $1,3500.
GBP/USD: the pair bargained above a mark $1,5900.
USD/JPY: the pair decreased in aruond Y82,70

UK data includes retail sales for December as well as lending data from the BoE. Retail sales are expected to decline by a reading of -0.3% m/m, +1.1% y/y with ex-auto data unchanged m/m, 1.5% y/y.
European data for Friday starts at 0745GMT with manufacturing & services sentiment data from France for January. However, the main release from core-Europe is the German Ifo data for January, which is due at 0900GMT. The main index is expected to remain around the last 109.9 reading with the median forecast in an MNI survey coming in at 110.0. European data continues in the afternoon with the Belgian National Bank business sentiment data, which is expected to slip to a reading of +2.3.

Market Focus

  • Donald John Trump will be the 45th president of the United States
  • Britain can't get full single market access with free movement concessions - Merkel
  • China: Trade Balance, bln, October 49.6 (forecast 51.7)
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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