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24.09.2012 07:22

Asian session: The yen advanced

 

The yen advanced versus all of its major counterparts as Asian stock declined amid concern disagreement on debt-crisis solutions will curb European growth, supporting demand for haven assets. Japan’s currency touched its strongest in more than a week against the euro before a report that may show business confidence in Germany held near the lowest in more than two years. The Ifo institute’s business climate index, a gauge of confidence among German executives, was probably at 102.5 this month, according to the median estimate of economists in a Bloomberg News survey. The index fell to 102.3 in August, the lowest since March 2010. The Munich-based institute will release the data today.

German Chancellor Angela Merkel and French President Francois Hollande clashed over the weekend on a timetable to introduce joint oversight of the euro area’s banking sector.

Australia’s dollar slid versus its peers on speculation growth in China, its biggest trading partner, is weakening.


EUR/USD: during the Asian session the pair fell.

GBP/USD: during the Asian session the pair fell to $1.6200.

USD/JPY: during the Asian session, the pair traded in the range of Y78.00-15.


The European data calendar is light and is dominated by the release of the German Sep IFO business survey at 0800GMT.  At1430GMT, September Dallas Fed Manufacturing Outlook Survey. At 1900GMT, the U.S. September Treasury Allotments By Class numbers are scheduled to be released.

24.09.2012 07:04

Forex: Friday’s review

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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