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23.05.2012 08:51

Asian session: The yen climbed against all of its 16 major peers

 

00:00 Australia Conference Board Australia Leading Index March 0.0% 0.2%

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

03:30 Japan BoJ Monetary Policy Statement -

07:30 Japan BOJ Press Conference


The yen climbed against all of its 16 major peers after the Bank of Japan refrained from adding monetary stimulus that debases the currency. The yen gained for the first time in three days after the central bank left its asset-purchase fund unchanged, as was forecast by all economists in a Bloomberg News survey. Half of the 14 economists in the Bloomberg survey anticipate the BOJ will add stimulus by July, when its price forecasts will indicate any progress in countering decade-long deflation. The central bank expanded its asset-purchase program in February and April.

The Dollar Index touched the highest in 20 months as elections loom in Greece on June 17 that may determine whether the nation stays in the euro currency bloc.  The euro earlier declined by as much as 0.3 percent as European Union leaders prepare to meet today and Greece heads for new elections after an inconclusive vote this month. Dow Jones reported that former Greek Prime Minister Lucas Papademos said while it’s unlikely the nation will leave the euro, it’s still a risk. CNBC quoted Papademos as saying that no preparations for a departure are under way in Greece.

The Australian dollar slid to this year’s low as Asian stocks dropped, sapping demand for higher- yielding currencies.


EUR/USD: during the Asian session the pair traded in a range $1.2640-1.2685.

GBP/USD: during the Asian session the pair traded  in a range $1.5740-1.5770.

USD/JPY: during the Asian session the pair fell to Y79.50.


On Wednesday ECB current account is due, at 0800GMT. UK data provides the focus of the morning, with the latest Bank of  England MPC Minutes and also Retail Sales data both at 0830GMT. The BoE minutes will likely show a split on the MPC. MPC member David Miles voted for stg25 billion extra in quantitative easing in April and things have, arguably, deteriorated since then so he looks sure to have dissented again in May. US data starts at 1100GMT with the weekly MBA mortgage applications data. This is followed at 1400GMT by monthly New-Home Sales data and also the FHFA Home Price Index.

23.05.2012 08:42

BOE Minutes:

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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