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11.07.2012 08:40

Asian session: The yen remained stronger against the dollar

00:30 Australia Westpac Consumer Confidence July 95.6 99.1

01:30 Australia Home Loans May +0.2% +0.9% -1.2%


The yen remained stronger against the dollar after a three-day gain on signs Europe’s debt crisis is hurting growth and on bets Japan’s central bank will refrain from adding stimulus to temper the currency’s appreciation. Ten of 17 analysts surveyed by Bloomberg News expect no change at the end of the two-day Bank of Japan meeting tomorrow. The central bank last week raised the economic assessment of all nine regions for the first time since October 2009.

Japan’s currency touched a one-month high against the euro after Germany’s top court signaled deliberations may be longer on a case that may decide the fate of the region’s bailout mechanism. Germany’s Federal Constitutional Court in Karlsruhe heard arguments yesterday on whether to put German approval of the European Stability Mechanism and fiscal pact on hold until it rules on the legality. Both houses of parliament approved the new laws on June 29 with a two-thirds majority. German President Joachim Gauck withheld his signature due to legal challenges that were discussed at the hearing.

The 17-nation euro was 0.3 percent from a record low versus Australia’s dollar as data showed German inflation slowed and ahead of a report forecast to show euro-area manufacturing stagnated. In Germany, a final reading of consumer price inflation in June, calculated using a harmonized European Union method, was at 2 percent, the Federal Statistics Office in Wiesbaden said today. That would be the lowest rate since January 2011 and unchanged from the level indicated in the preliminary reading released June 27.

Demand for the U.S. dollar was limited before the Federal Reserve releases minutes of its June 20 gathering.

EUR / USD: during the Asian session the pair was trading near yesterday's low.

GBP / USD: during the Asian session the pair gain.

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

Scheduled European data starts at 0600GMT with Germany final HICP data for June, while at 0645GMT, France current account data for May is due. At 0930GMT, the German government gives a press conference in Berlin,while at 1000GMT the OPEC monthly report is due and at 1100GMT, the ECB publishes a report on the international role of the euro. In European bond issuance, Germany re-opens its 10-year benchmark 1.75% July 2022 Bund issue for up to E5.0bln. Back in Europe at 1300GMT, ECB Governing Council member Ewald Nowotny is due to attend a bill signing, in Vienna.

US data starts at 1100GMT with the MBA Mortgage Application Index, while at 1230GMT, the international trade gap is forecast to narrow to $48.5 billion in May. US data continues at 1400GMT with Wholesale Inventories, followed at 1430GMT by the weekly EIA Crude Oil Stocks data. Also today, the US auctions 9-year 10-month notes, while at 1800GMT, the latest FOMC Meeting Minutes are due.



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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