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09.06.2011 08:20

Asian session:The euro climbed

Data:

01:30 Australia Unemployment Rate s.a. (May) 4.9%
01:30 Australia Employment Change s.a. (May) 7.8K
05:00 Japan Consumer Confidence Index (May) 34.2

The euro climbed toward a one-month high versus the dollar on speculation European Central Bank President Jean-Claude Trichet will today signal policy makers are likely to raise interest rates next month.
The Dollar Index fell ahead of a U.S. report that economists said will show the trade deficit widened to the most in 10 months, adding to signs the economy is losing momentum. 
New Zealand’s currency gained toward a record after the country’s central bank said borrowing costs will need to rise in the next two years. The 
Australian dollar dropped after data showed the nation’s employers added fewer jobs than economists had expected.

EUR/USD: the pair   become stronger in area $1.4650.
GBP/USD: the pair  become stronger in area $1.6450.
USD/JPY: the pair  shown high  in Y80.30 zone then decreased. 

UK data at 0830GMT includes the trade data, where the total trade balance is expected to come in at -stg2.9 billion with global goods at -stg7.6 billion and the non-EU total trade balance at -stg4.3 billion. The Bank of England policy decision is due at 1100GMT but with UK data showing the momentum of the recovery fading fast through the first two months of Q2, analysts and markets are putting off their expectation for  the first rate hike until November at the earliest. 
There is a busy calendar for Thursday with policy decisions due from both the Bank of England and European Central Bank. The decision will be followed, as usual, by the press conference with ECB President Jean-Claude Trichet from 1230GMT, with "vigilence" and Greece likely the most awaited topics.
US data also starts at 1230GMT, when initial jobless claims are expected to fall 4,000 to 418,000 in the June 4 holiday week. At the same time, the international trade gap is expected to widen slightly to $49.0 billion in April after widening in March on rising energy prices. 

09.06.2011 08:03

Asia Pacific stocks close:

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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