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13.04.2012 08:00

Asian session: The yen remained lower after a two- day decline

 

02:00 China GDP y/y Quarter I +8.9% +8.4% +8.1%

02:00 China Industrial Production y/y March +11.4% +11.5% +11.9%

02:00 China Retail Sales y/y March +14.7% +15.1% +15.2%


The yen remained lower after a two- day decline against the dollar and the euro before Japanese ministers discuss measures against deflation today amid speculation the central bank will add to monetary easing. Japan’s Economic and Fiscal Policy Minister Motohisa Furukawa said ministers will discuss deflation later today, after BOJ Governor Masaaki Shirakawa said yesterday defeating price declines and achieving sustained growth are extremely important tasks for the central bank.

Australia’s dollar, known as the Aussie, slid against all of its 16 major counterparts after China said gross domestic product grew 8.1 percent year-on-year in the first quarter. That’s the slowest expansion in almost three years and compared with the 8.4 percent gain estimated by economists in a Bloomberg News survey. The Australian dollar fell 0.4 percent to $1.0392. China is Australia’s largest trading partner.

The dollar was headed for a weekly loss versus the majority of its peers before U.S. data projected to show U.S. inflation slowed. U.S. consumer prices probably rose 0.3 percent last month after climbing 0.4 percent in February, according to the median estimate of a Bloomberg survey before the Labor Department releases the figure. That would follow a report last week that showed nonfarm payrolls increased by 120,000 in March, the smallest gain in five months.

Fed Bank of New York President William C. Dudley said yesterday that it’s “too soon to conclude that we are out of the woods, as underlined by the March labor-market release,” adding he still supports holding rates close to zero through late 2014. Speeches are scheduled today from Dudley and Fed Chairman Ben S. Bernanke.


EUR/USD: during the Asian session the pair is corrected after yesterday's growth.

GBP/USD: during the Asian session the pair fell, receded from yesterday's highs.

USD/JPY: during the Asian session the pair rose to Y81.20.


European data starts at 0600GMT with final HICP data from Germany where the preliminary reading was 0.4% m/m, 2.3% y/y. UK data at 0830 includes the Producer Price Index and also Construction Output data. US events start at 1200GMT when New York Fed President William Dudley speaks to the Buffalo Niagara Partnership's Movers & Shakers Breakfast and will answer questions from the audience. In the afternoon he will visit the Roswell Park Cancer Institute. US data starts at 1230GMT when consumer prices are forecast to rise 0.3% in March following the energy-driven jump in February. Then, at 1700GMT, Federal Reserve Chairmman Ben Bernanke will speak to the Russell Sage Foundation and The Century Foundation on "Rethinking Finance".

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