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21.09.2012 08:00

Asian session: The yen headed



00:00 Australia Conference Board Australia Leading Index July +0.2% +0.0%

03:00 New Zealand Credit Card Spending August +0.1% +1.9%

The yen headed for a weekly gain against most major peers as signs of a global economic slowdown spurred demand for the refuge of Japan’s currency. Reports yesterday showed a composite index for manufacturing and services industries in the euro area dropped to a three-year low and a factory output gauge in China signaled contraction for an 11th month.

The euro was poised for the biggest five-day decline since July against the greenback before data next week forecast to show German business sentiment remained near the lowest in more than two years. The Ifo institute in Munich will probably say its business climate index, based on a survey of 7,000 executives, was at 102.8 this month from 102.3 in August, according to the median estimate of economists surveyed by Bloomberg News before the data on Sept. 24. Last month’s reading was the lowest since March 2010.

Losses in the euro were limited before Spanish Prime Minister Mariano Rajoy meets his Italian counterpart Mario Monti today in Rome. The Financial Times reported that Spanish and European Union officials were working on plans to trigger European Central Bank bond purchases.

The plan will be announced on Sept. 27 and will focus on structural reforms to the Spanish economy requested by the EU, rather than new taxes and spending cuts, the newspaper said yesterday, citing officials involved in the talks.

The International Monetary Fund will cut economic forecasts for the global economy “by a few decimal points,” a fund official said yesterday.


EUR/USD: during the Asian session, the pair rose to $1.3300.

GBP/USD: during the Asian session, the pair rose above $1.6250.

USD/JPY: during the Asian session, the pair traded in the range of Y78.20-40.

At 1300GMT, German Finance Minister Wolfgang Schaeuble talks to the foreign press, in Berlin. The data calendar gets underway just ahead of 0600GMT, when UK retailer John Lewis release their latest weekly sales numbers. Despite a fairly sluggish UK retail sector. Lewis has been an outperformer. UK public sector finance data is expected at 0830GMT. No major US releases are expected at 1230GMT, but Canadian inflation data is slated for release, with consumer prices for August and also wholesale sales numbers for July expected. US data kicks off at 1400GMT, with he release of the August BLS unemployment and mass lay-off data. At 1640GMT, Atlanta Federal Reserve Bank Pres Dennis Lockhart speaks to the Atlanta Institute of Internal Auditors on the subject of "U.S. Economic Outlook and Monetary Policy." He will answer questions from the audience. Late data, out at 2015GMT, sees U.S. C&I loans numbers hit the screens.

Market Focus

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  • 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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