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27.10.2011 08:43

Asian session: the euro advanced

20:00 New Zealand RBNZ Interest Rate Decision 2.50%

21:45 New Zealand Trade Balance September -0.751

23:50 Japan Retail sales, y/y September -1.2%

03:00 Japan BoJ Interest Rate Decision 0.00%-0.10%

07:00 Japan BOJ Press Conference


The Bank of Japan expanded stimulus as Europe’s deepening sovereign-debt crisis caused an appreciation in the yen that may endanger a recovery from the March earthquake, tsunami and nuclear crisis. Governor Masaaki Shirakawa and his policy board expanded their credit and asset-purchase programs to a total of 55 trillion yen ($724 billion) from 50 trillion yen in an 8-1 majority vote, the central bank said in a statement in Tokyo today. It also kept the overnight lending rate between zero and 0.1 percent.

The euro rose and stocks advanced in Asian trading.European leaders persuaded bondholders to take 50 percent losses on Greek debt and boosted the firepower of the rescue fund to 1 trillion euros ($1.4 trillion), responding to global pressure to step up the fight against the financial crisis. Ten hours of brinkmanship at the second crisis summit in four days delivered a plan that the euro area’s stewards said points the way out of the debt quagmire, even if key details are lacking. Last-ditch talks with bank representatives led to the debt-relief accord, in an effort to quarantine Greece and prevent speculation against Italy and France from ravaging the euro zone and wreaking global economic havoc.


EUR/USD: on Asian session the pair gain and showed new week’s high.

GBP/USD: on Asian session the pair advanced, but receded from week’s high.

USD/JPY: on Asian session the pair is under pressure.


In Europe, today sees the German state inflation data, which will be followed by the German flash HICP data for October. EMU data includes the 0800GMT release of September M3 data, which is followed at 0900GMT by the October releases of the business climate indicator and also the economic sentiment survey. US data starts at 1200GMT with the September release of the Building Permits Revision. US data continues at 1230GMT with the weekly Jobless Claims and also Q3 GDP and Chain Price Index data. Initial jobless claims are expected to rise to 405,000 in the October 22 week after falling slightly in the previous week. The advance estimate for third quarter GDP is for a 2.5% rate of growth, up from 1.3% in the previous quarter. While at 1500GMT, the Kansas City Fed Production data is due. Late US data sees the 2030GMT release of M2 Money Supply.

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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