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10.04.2012 08:23

Asian session: The dollar fell against most of its peers

 

01:00 China Trade Balance, bln March -31.5 -3.0 +5.4

01:30 Australia ANZ Job Advertisements (MoM) March +3.3% +1.0%

01:30 Australia National Australia Bank's Business Confidence March 1 3

03:30 Japan BoJ Interest Rate Decision - 0.10% 0.10% 0.10%

05:00 Japan BoJ Monetary Policy Statement -

06:00 Japan Prelim Machine Tool Orders, y/y March -8.6% +2.4%


The most-accurate foreign-exchange forecasters say the euro will slide as austerity-driven spending cuts from Spain to Italy reignite debt turmoil and drag the region into recession.

The yen remained lower against all of its 16 major counterparts as speculation persisted that the Bank of Japan (8301) will add to monetary easing later this month. The Japanese currency pared declines after the BOJ kept policy unchanged today.

The dollar fell against most of its peers after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy is far from a complete recovery, spurring speculation the Fed will increase stimulus measures. The U.S. economy is still “far from having fully recovered” from the effects of the global financial crisis, Bernanke said yesterday. A Labor Department report on April 6 showed hiring by American employers in March amounted to 120,000, trailing the most-pessimistic forecast in a Bloomberg survey.

The Australian and New Zealand dollars erased gains versus the yen after the Bank of Japan (8301) declined to boost stimulus measures and a Chinese official said the global environment remains “grim.” China’s trade surplus was $5.35 billion, the customs bureau said in a statement on its website today. Exports rose 8.9 percent from a year earlier, while inbound shipments increased 5.3 percent. The median estimate in a Bloomberg News survey of economists was for a $3.15 billion trade deficit. Australian business confidence rebounded to 3 last month from a five-month low of 1 in February, a National Australia Bank Ltd. (NAB) survey of about 400 companies taken March 26-30 and released in Sydney today showed.


EUR/USD: during the Asian session the pair updated yesterday's high.

GBP/USD: during the Asian session the pair gain to $1.5930.

USD/JPY: during the Asian session the pair fell to yesterday's low.


European data also starts at 0600GMT with German trade data. This is followed at 0630GMT by the France BoF business survey and at 0645GMT by France industrial output data. At 0730GMT, ECB Governing Council member Miguel Fernandez Ordonez is due to give an opening speech  entitled "The New Reality Of The Spanish Banking System", in Madrid. The EMU and UK OECD leading indicator data is due from 1000GMT, while at the same time the UK Conference Board Leading Indicator data is also due.

10.04.2012 08:03

Forex: Monday’s review

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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