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14.06.2011 07:59

Asian session: The yen and the dollar fell

Data:

02:00 China Retail Sales (YoY) (May) 16.9% 
02:00 China Producer Price Index (YoY) (May) 6.8%
02:00 China Consumer Price Index (YoY) (May) 5.5%
02:00 China Industrial Production (YoY) (May) 13.3% 
03:45 Japan BoJ Interest Rate Decision (Jun 14) 0.1%
04:30 Japan Industrial Production (MoM) (Apr) 1.6%

The yen and the dollar fell against most of their major counterparts after reports showed China’s retail sales and industrial production increased, sapping demand for so-called safe-haven currencies.
The yen weakened against the Australian and New Zealand dollars as Asian stocks extended gains, prompting investors to purchase higher-yielding securities. 
The dollar declined versus the pound before U.S. reports today that may show retail sales fell and producer-price inflation slowed, adding pressure on the Federal Reserve to keep interest rates low.
The dollar also fell amid signs U.S. growth is slowing. Retail sales fell 0.5 percent in May, the first drop since June, according to a survey of economists before the Commerce Department report today. The producer-price index rose 0.1 percent in May after a 0.8 percent increase in April, another survey showed before today’s data.

EUR/USD: the pair  grown in $1.4440 area .
GBP/USD: the pair   grown in  $1.6420 area. 
USD/JPY: the pair  grown in  Y80.30 area. 
It is a busy week for UK data, starting at 0830GMT today with inflation data for May. CPI looks set to continue at levels well over double the BOE's 2% target through into early 2012. Expected hikes in house hold energy tariffs will boost CPI up to annual rates close to 5% from the late summer. 
US data starts at 1230GMT with PPI and retail sales. At 1400GMT, business inventories are expected to rise 0.9% in April, as factory inventories were already reported up 1.3% in the month and wholesale inventories rose 0.8%.

14.06.2011 08:02

Asia Pacific stocks close:

14.06.2011 07:45

Forex: Monday's review

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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