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22.11.2011 08:57

Asian session: the yen weakened

02:00 New Zealand Expected Annual Inflation 2y from now IV quarter +2.9%

The yen weakened against most major counterparts after ratings companies affirmed the U.S. credit grades, sapping demand for Japan’s currency as a haven. The yen was bought earlier after a U.S. Congress budget supercommittee failed to reach agreement on reducing the budget deficit. The U.S.’s credit ratings and outlook aren’t affected by the supercommittee’s failure, Standard & Poor’s said. The rating company stripped the U.S. of its top AAA credit rating on Aug. 5, cutting the rating to AA+ after months of political gridlock about deficit cuts.
The euro gain after Moody’s affirmed the Aaa credit rating of the U.S. and maintained its negative outlook. Fitch Ratings reiterated that the talks failure would likely lead to a revision of the U.S. rating outlook to negative.
Today was the deadline for the Congressional Budget Office to receive information for analyzing how a proposal would affect the U.S. budget deficit, in advance of the supercommittee’s Nov. 23 target date for reaching a deal. The failure to agree sets the stage for $1.2 trillion in automatic spending reductions.
The Federal Reserve will today release minutes of its Nov. 1-2 meeting when central bank officials lowered their U.S. economic-growth projections.

EUR/USD: on Asian session the pair grows.

GBP/USD: on Asian session the pair is restored.

USD/JPY: on Asian session  the pair showed a new week’s high, but has lost the positions later.


On Tuesday at 0930GMT, UK data sees the release of the October public sector finances. The bulk of data releases is on the other side of the pond. At 1145GMT, the ICSC-Goldman Store Sales data for the November 19 week are released. At 1330GMT, the Canadian September retail sales numbers are out.The main US release is at 1330GMT, with teh release of the US Q3 GDP second reading. Third quarter GDP is forecast to be revised down to a 2.4% rate of growth. The key factors are expected to be upward revision to PCE, nonresidential fixed investment, and residential fixed investment that should be offset by downward revisions to inventories and net exports. The chain price index is expected to be unrevised at +2.5%. At 1355GMT, the Nov 19 week Redbook Average data is released.At 1800GMT, Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks to CFA Winnipeg, Canada.

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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