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16.03.2012 09:20

Asian session: The yen headed for a weekly drop against most major peers

 

23:50 Japan Monetary Policy Meeting Minutes


The yen headed for a weekly drop against most major peers as signs of growth in the U.S. and prospects for further stimulus by the Bank Japan of prompted investors to seek higher-yielding assets.

The BOJ unexpectedly expanded its asset purchase program by 10 trillion yen ($120 billion) and set an inflation goal of 1 percent at its meeting that concluded on Feb. 14. One board member said the central bank should aim for 2 percent inflation, according to minutes of the meeting released today. The BOJ on March 13 expanded loans designed to boost long- term growth. On the same day, the Federal Reserve raised its outlook for U.S. growth, predicting unemployment “will decline gradually.

The greenback is poised for a five-day advance against the euro before U.S. data today forecast to show industrial production increased and consumer sentiment improved.

The dollar has risen against 14 of its 16 major counterparts this week as signs of strength in the U.S. economy reduced the chance for a third round of bond purchases -- known as quantitative easing or QE3 -- by the Fed to spur growth. Industrial output at U.S. factories, mines and utilities climbed 0.4 percent in February, according to the median of economists surveyed by Bloomberg News before today’s data release. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment rose to a one-year high of 76 in March, a separate poll showed ahead of the figures due today.


EUR/USD: during the Asian session the pair traded in a range $1.3065-$1.3100.

GBP/USD: during the Asian session the pair gain above $1.5700.

USD/JPY: during the Asian session the pair holds in range Y83.25-Y83.65.


On Friday EMU data sees the 1000GMT release of January trade data. US data starts at 1230GMT with CPI, which is expected to rise

0.5% in February after rising 0.2% in January both overall and excluding food and energy. Industrial production data follows at 1315GMT and is expected to rise 0.5% in February after holding steady in January. At 1355GMT, the Michigan Sentiment Index is expected to rise to a reading of 76.0 in early March from the 75.3 final February reading. Later on, at 1900GMT, Chicago Fed President Charles Evans speaks to the International Research eForum on Monetary Policy in Frankfurt. Late US data then sees the 2015GMT release of C&I Loans data.

Market Focus

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