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29.02.2012 09:50

Asian session: The euro rose toward its strongest in almost three months

 

00:00 New Zealand NBNZ Business Confidence January 16.9 28.0

00:00 Australia HIA New Home Sales, m/m January -4.9% -7.3%

00:01 United Kingdom Gfk Consumer Confidence February -29 -27 -29

00:15 U.S. FOMC Member Pianalto Speaks 0

00:30 Australia Retail sales (MoM) January -0.1% +0.3% +0.3%

00:30 Australia Retail Sales Y/Y January +3.0% +2.7%

00:30 Australia Private Sector Credit, m/m January +0.3% +0.3% +0.2%

00:30 Australia Private Sector Credit, y/y January +3.5% +3.6% +3.5%

05:00 Japan Housing Starts, y/y January -7.3% -3.3% -1.1%


The euro rose toward its strongest in almost three months on speculation the European Central Bank’s allotment of three-year loans to banks today will spur demand for the region’s assets.

The dollar also weakened against most counterparts before Federal Reserve Chairman Ben S. Bernanke testifies to the House Financial Services Committee after saying Jan. 25 that policy makers are keeping open the option to increase bond purchases to support growth.

Australia’s currency climbed against 13 of its 16 major peers after a report showed retail sales advanced by the most in four months as a surge in spending at cafes and restaurants outweighed a decline in household goods purchases.

Sales increased 0.3 percent in January from a month earlier, when they fell 0.1 percent, the Bureau of Statistics said today. The so-called Aussie rose to as much as $1.0823, the strongest level since Feb. 9, before trading 0.4 percent higher at $1.0813.

New Zealand’s dollar strengthened after a survey by ANZ National Bank Ltd. showed business confidence rose to a five- month high in February, while a second gauge of sales and profits also advanced. The so-called kiwi gained 0.5 percent to 84.22 U.S. cents and added 0.4 percent to 67.68 yen.


EUR/USD: during the Asian session the pair rose, touched a monthly high.

GBP/USD: during the Asian session the pair advanced, showed new month’s high.

USD/JPY: during the Asian session the pair has grown, however lost the positions later.


Germany's DIW economic research institute releases their monthly economic barometer today, but scheduled European data starts at 0700GMT with the ILO measure of German unemployment and also German import prices, which are expected to gain 0.7% m/m, 3.0% y/y. At 0745GMT, France consumer spending is due and is expected to come in at 0.2% m/m, -2.0% y/y.The main German unemployment data is due at 0855GMT and is expected to show a -5k change, leaving the rate at 6.7%. At 0945GMT, Bank of England MPC members King, Bean, Tucker and Posen are at a Treasury Committee Inflation Report hearing a Bean, Tucker and Posen publish Treasury Select Committee annual reports. US data starts at 1200GMT with the weekly MBA weekly mortgage applications, while at 1330GMT GDP data and the Chain Price Index are due. At 1430GMT, Dallas Fed President Richard Fisher speaks to the Bolsa Mexicana on the "U.S. Economic Overview". At 1445GMT, The Chicago PMI is forecast to rise to a reading of 61.0 in February from the 60.2 reading in January.

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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