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12.04.2011 12:21

EU session review: Yen, Franc climb as quakes boost safe-heaven demand; Pound falls on inflation data

Data released
06:00     Germany     CPI (March) final    0.5%    0.5%    0.5%
06:00     Germany     CPI (March) final Y/Y    2.1%    2.1%    2.1%
06:00     Germany     HICP (March) final Y/Y    2.3%    2.2%    2.2%
08:30     UK     Trade in goods (February), bln    -6.8    -7.8    -7.8 (-7.1)
08:30     UK     Non-EU trade (February), bln    -2.9    -4.7    -4.2
08:30     UK     HICP (March)    0.3%    0.6%    0.7%
08:30     UK     HICP (March) Y/Y    4.0%    4.4%    4.4%
08:30     UK     HICP ex EFAT (March) Y/Y    3.2%    -    3.4%
08:30     UK     Retail prices (March)    0.5%    0.5%    0.1%
08:30     UK     Retail prices (March) Y/Y    5.3%    5.5%    5.5%
08:30     UK     RPI-X (March) Y/Y         -    5.5%
09:00     Germany     ZEW economic expectations index (April)    7.6    11.5    14.1

The yen and Swiss franc rose after more earthquakes shook buildings in Tokyo and Japan raised the severity rating for the nuclear crisis that began last month, reviving demand for the safest assets.
The yen appreciated as officials said the accident at the Fukushima Dai-Ichi power plant may release more radiation than the 1986 Chernobyl disaster.
The IMF lowered its 2011 forecast for Japanese growth to 1.4 percent from 1.6 percent in its World Economic Outlook report yesterday, citing effects from the disaster. The forecast for next year was raised to 2.1 percent from 1.8 percent.
The euro rose as the International Monetary Fund and European Commission prepare to meet in Lisbon to discuss an 80 billion-euro ($116 billion) aid program for Portugal. The pound sank after data showed inflation slowed.
A report today showed German investor confidence fell more than economists forecast in April after the European Central Bank raised interest rates and Portugal become the third euro- region nation to seek a bailout.
The ZEW Center for European Economic Research said its index of investor and analyst expectations declined to 7.6 from 14.1 in March. Economists expected a drop to 11.3.
The pound slumped to its weakest against the euro in almost six months.
Statistics showed U.K. inflation unexpectedly slowed last month, weakening the case for the Bank of England to raise interest rates. Consumer prices rose 4% from a year earlier, down from the 4.4% pace in February.

EUR/USD rose from $1.4380 to $1.4480 before retreated to current $1.4471.

GBP/USD fell after the weak UK data. Rate fell from $1.6320 to $1.6220 before recovered to $1.6280.

USD/JPY recovered from Asian lows around Y83.40 to Y84.40.

US data include International trade report for February with an expected deficit of -45.5 bln after -46.3 bln.
At 13:00 GMT BOC announces its rate decision. Analysts predict rate remains unch at 1.00%.

12.04.2011 12:01

OIL:

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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