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09.02.2012 09:11

Asian session: The euro rose toward a two-month high

01:30 China CPI y/y January +4.1% +4.0% +4.5%
01:30 China PPI y/y January +1.7% +0.8% +0.7%
05:00 Japan Consumer Confidence January 38.9 40.0
06:00 Japan Prelim Machine Tool Orders, y/y January +17.4% -6.6%

The euro rose toward a two-month high after a Greek government official signaled confidence that finance ministers in the currency bloc will approve a second financing accord for the debt-strapped nation.

The common currency rose for a third day against the yen after Greek politicians debated budget cuts needed to secure the bailout with a remaining dispute over pension cuts. Greece must pass an accord on spending cuts to receive a 130 billion-euro ($172 billion) rescue package from the so- called troika of lenders and avoid default. Greek Prime Minister Lucas Papademos and the leaders of the three parties supporting the government “agreed on all the points of the program with the exception of one which requires further elaboration and discussion” with the lenders, according to an e-mailed statement from the premier’s office. They failed to resolve a dispute over pension cuts.

The European Central Bank also meets today to set monetary policy.

The pound was restored after yesterday's falling on prospects the Bank of England will expand its asset-purchase program.  The Bank of England will increase bond purchases by 50 billion pounds ($79 billion) at a policy meeting today.

New Zealand dollar declined after Greek debt negotiations stalled and faster inflation in China tempered optimism the region’s central banks will ease policies to shore up economic growth. Data showed today consumer prices in China rose 4.5 percent last month from a year earlier, after December’s 4.1 percent gain, exceeding all 33 estimates in a Bloomberg News survey.


EUR/USD: during the Asian session the pair rose, updated new week’s high.

GBP/USD: during the Asian session the pair was restored after yesterday's falling.

USD/JPY: during the Asian session the pair gain, showed new week’s high.


A string of UK data is scheduled for release at 0930GMT, with the release of January BOE Quoted Rates, December Trade data and December manufacturing and industrial output numbers. Also at 0930GMT, the CML mortgage repossession data is set for release. The US calendar kicks off at 1330GMT, with the release of the weekly jobless claims data. At 1500GMT, Wholesale Inventories numbers are released, the same time the UK policy forum the NIESR release their updated growth forecasts. At 1530GMT, the Regular IMF news briefing is being held. The last scheduled event for the day is the US money supply data, due for release at 2100GMT.

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