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27.02.2012 09:22

Asian session: The yen was 0.8 percent from its weakest level in almost four months

 

The yen was 0.8 percent from its weakest level in almost four months against the euro amid signs Europe will contain its debt crisis and the U.S. economic recovery is gaining pace. The yen has plunged since the Bank of Japan, which has struggled for more than a decade against deflation, said on Feb. 14 that it would aim for 1 percent annual gains in consumer prices and would add 10 trillion yen ($123 billion) to the economy.

The 17-nation euro held a seven-day gain, the longest stretch since 2010, after the People’s Bank of China said the nation will do its part to boost International Monetary Fund resources. Group of 20 nations said a decision to aid Europe hinges on the region delivering more financial firepower within two months.

The dollar eased from a nine-month high versus the yen on signs it may have risen too rapidly. The dollar erased a gain of as much as 0.6 percent versus the yen as a technical indicator suggested its recent appreciation has been too rapid. The greenback’s 14-day relative strength index against Japan’s currency was at 82, above the 70 level that some traders see as a sign an asset may be about to reverse direction. There are also indications the U.S. economy is improving. The number of Americans signing contracts to buy previously owned homes in January rose 1 percent from the previous month, figures from the National Association of Realtors are forecast to show today, according to a Bloomberg News survey of economists. Initial applications for jobless benefits are at a four-year low, a government report showed last week.


EUR/USD: during the Asian session the pair decreased, receded from a level of highs.

GBP/USD: during the Asian session the pair decreased, receded from a level of highs.

USD/JPY: during the Asian session the pair fell, after showed new month’s high.


Core European data for Monday starts at 1345GMT, ECB chief economist Peter Praet delivers a keynote speech and sits on a panel at a symposium, "Perspectives for a common stability culture in Europe," organised by Konrad-Adenauer-Stiftung, Berlin. At 1400GMT, German Chancellor Angela Merkel delivers a government declaration in parliament on the second Greek aid program; followed by the actual vote.

US data starts at 1300GMT with the latest Building Permits Revisions. At 1430GMT the weekly Capital Goods Index is due, followed at 1500GMT by NAR Pending Home Sales and at 1530GMT by both the weekly Retail Trade Index and the Dallas Fed Manufacturing Outlook

Survey.

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