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10.05.2012 08:55

Asian session: The yen and dollar fell


01:30 Australia Changing the number of employed April 44.0 -4.2 15.5

01:30 Australia Unemployment rate April 5.2% 5.3% 4.9%

03:00 China Trade Balance, bln April 5.4 9.8 18.4

05:00 Japan Eco Watchers Survey: Current April 51.8 52.5 50.9

05:00 Japan Eco Watchers Survey: Outlook April 49.7 49.5 50.9

The yen and dollar fell against most of their major peers as Asian stocks reversed earlier losses, reducing demand for the haven currencies. The yen erased gains after Bank of Japan (8301) board member Sayuri Shirai said the central bank must keep monitoring currency movements. The yen weakened against the euro as the currency’s 14-day relative strength index against the euro rose to 72 yesterday, above the 70 level some traders see as signaling an asset may reverse direction.

Australia’s dollar rallied after the country’s jobless rate unexpectedly fell. Australia’s unemployment rate fell to 4.9 percent in April from 5.2 percent a month earlier, the statistics bureau said in Sydney today. That matches the lowest level since December 2008 and contrasts with a rise to 5.3 percent predicted by economists in a Bloomberg News survey. Payrolls increased by 15,500, compared with the median estimate for a reduction of 5,000 in another poll. The Australian currency pared gains after China reported slower growth in exports and imports. Overseas shipments rose 4.9 percent from a year earlier, the customs bureau said on its website today. That compares with the 8.5 percent median estimate in a Bloomberg survey of 33 analysts. Import growth of 0.3 percent trailed forecasts for a 10.9 percent gain. The trade surplus was $18.4 billion, almost double estimates of $9.9 billion.

The euro fell to the lowest in more than three months yesterday as Greek leaders struggled to reach an agreement on implementing austerity measures. Evangelos Venizelos, leader of Greece’s Pasok party and the former finance minister, said he’ll try to form a government when he receives a three-day mandate from President Karolos Papoulias today. Pasok yesterday rejected terms for a government set by Alexis Tsipras of Greece’s anti- bailout Syriza party which then gave up its bid to build a coalition. Euro-area leaders from the European Central Bank’s Joerg Asmussen to German Finance Minister Wolfgang Schaeuble have begun to raise doubts that Greece can stay in the monetary union.

EUR/USD: during the Asian session the pair holds in a range $1.2925-55.

GBP/USD: during the Asian session the pair holds in a range $1.6120-50.

USD/JPY: during the Asian session the pair holds in range Y79.60-75.

European data for Thursday starts at 0645GMT with France industrial output and government deficit data. ECB speakers start at  0700GMT when ECB Governing Council member Ewald Nowotny is due to  participate in the Austrian National Bank's conference entitled "European Monetary Union: Lessons from the Debt Crisis", in Vienna. Also at 0700GMT, German Chancellor Angela Merkel delivers a government declaration in parliament on the upcoming G8 meeting, in Berlin. At 0800GMT, ECB Executive Board member Peter Praet is due to give the keynote address at the Austrian National Bank's conference, while at the same time, the ECB publishes the Monthly Bulletin for May. UK data at 0830GMT includes BOE Quoted Rates and Vehicle Licensing  Statistics but focus will be on the Industrial Production and Manufacturing Output data. US data starts at 1230GMT with the weekly jobless claims as well as trade and import/export price data. Initial jobless claims are expected to rise 3,000 to 370,000 in the May 5 week after falling 27,000 in the previous week. Also in the US today, Federal Reserve Chairman Ben Bernanke is due to speak via satellite at the 48th Annual Conference on Bank Structure and Competition, sponsored by the Chicago Fed, followed by Martin Gruenberg, acting chairman of the FDIC. At 1400GMT, Minneapolis Fed Pres Naryana Kocherlakota speaks t the Business Law Institute in Minneapolis on "Toward a More Transparent FOMC.' US data continues at 1430GMT with the weekly EIA natural gas storage data.

Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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