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16.08.2012 08:07

Asian session: The yen slid versus all its major counterparts

 

 

01:00 Australia Consumer Inflation Expectation August +3.3% +2.4%

05:45 Australia RBA Assist Gov Debelle Speaks


The yen slid versus all its major counterparts as Asian stocks rose and the extra yield investors receive from U.S. securities climbed to the most in more than six weeks, damping the allure of Japan’s currency. The difference between yields on two-year U.S. Treasuries and similar maturity Japanese government notes was 20 basis points, the most since July 3. Five-year U.S. government debt offered a premium of 59 basis points over its Japanese counterpart, up from this year’s low of 36 basis points.

The dollar touched a one-month high against the yen before U.S. housing data that may curtail prospects for monetary stimulus by the Federal Reserve that tends to debase the greenback. Reports due today are forecast to show new home construction remained near an almost four-year high and building permits increased. The annual pace for U.S. housing starts was probably at 756,000 in July, according to the median estimate of economists surveyed by Bloomberg News before today’s Commerce Department report. That compares with a 760,000 rate in the previous month, the fastest since October 2008. The rate for building permits may have climbed to 769,000 last month from 760,000 in June, a separate poll showed.

New Zealand’s currency was supported after whole-milk powder prices climbed for a second-straight time at auction, according to Fonterra, the world’s largest dairy exporter. The price for October delivery rose 7.3 percent an trade-weighted index on the company’s GlobalDairyTrade website showed. The company accounts for about 40 percent of the global trade in dairy products.


EUR / USD: during the Asian session, the pair traded in a range of $1.2280-$1.2305.

GBP / USD: during the Asian session, the pair traded in the range of $1.5670-90.

USD / JPY: during the Asian session, the pair rose, updated the monthly high.


UK data at 0830GMT sees Retail Sales for July as well as SMMT Car Production data. Food sales in June were hit by the exceptionally wet  weather, with the start of the barbecue season a washout, but non-food sales were up 1.2% on the month, boosted by heaving early summer discounting in clothing and footwear. EMU data at 0900GMT sees final HICP for July, which had a preliminary reading of 2.4%. US data starts at 1230GMT with the weekly jobless claims and also Housing Starts data. The weekly EIA Natural Gas Storage data then follows at 1430GMT. Late US data then sees the 2030GMT release of M2 Money Supply.

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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