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20.04.2012 08:26

Forex: Thursday’s review

Yesterday the yen fell against most of its major counterparts as Bank of Japan officials signaled they’ll keep acting to stem its strength to spur economic growth. The Bank of Japan is “committed” to monetary easing, Governor Masaaki Shirakawa said yesterday in a speech in New York. Deputy Governor Kiyohiko Nishimura said the central bank is ready to implement additional easing if necessary. Japan had a trade deficit of 82.6 billion yen ($1 billion) in March, versus a revised surplus of 29.4 billion yen in the previous month, data showed. The prediction was for a 223.2 billion-yen shortfall.

Europe’s shared currency fluctuated versus the dollar after yields on Spanish 10-year benchmark bonds and French five-year debt increased at auctions. Spain sold 2.54 billion euros ($3.33 billion) of two- and 10-year securities and France raised 10.5 billion euros in debt out of an 11 billion-euro goal. The yield on the 10-year Spanish note was 5.743 percent, compared with 5.403 percent when it was last sold in January. France’s five-year notes yielded 1.83 percent, up from 1.78 percent on March 15.


EUR/USD: yesterday in first half of day the pair decreased, however could will be restored later.

GBP/USD: yesterday the pair gain, traded nearby $1.6050.

USD/JPY: yesterday the pair rose updated a week’s high.


European data starts at 0600GMT Friday with Germany PPI. Then at 0800GMT by the German IFO business survey. UK data at 0830GMT sees Retail Sales for March, which are expected to bounce 0.4% m/m, 1.4% y/y (1.3% y/y ex-fuel). On the upside, the British Retail Consortium reported that the warm weather boosted sales  of spring clothing ranges in March. US data is limited to the 1400GMT release of BLS state unemployment data.

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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