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12.10.2012 06:00

Asian session: The yen declined

 

 

01:00 Japan BOJ Governor Shirakawa Speaks

 

The yen declined against its major counterparts as signs that the U.S. economy is stabilizing curbed demand for safer assets. Japan’s currency weakened versus the euro for a second day before data today forecast to show U.S. consumer confidence hovered near the strongest since May. The Thomson Reuters/University of Michigan preliminary sentiment index was probably 78.0 in October, little changed from 78.3 in September, the highest since May, according to the median forecast of economists in a Bloomberg News survey before the data today. A report yesterday showed applications for jobless benefits fell to the least since February 2008. Labor Department figures yesterday showed applications for jobless benefits in the world’s largest economy decreased 30,000 to total 339,000 in the week ended Oct. 6, the fewest in more than four years.

The euro headed for a weekly drop against the dollar before figures economists said will show industrial production in the currency bloc shrank. Industrial output in the 17-nation euro area may have fallen 0.4 percent in August from the prior month, when it gained a revised 0.5 percent, a separate Bloomberg poll of economists showed. The European Union’s statistics office is scheduled to release the figures today.

Singapore’s dollar climbed against all of its 16 major counterparts. The nation’s central bank unexpectedly announced it will leave monetary policy unchanged today, seeking to curb consumer price gains even after the economy shrank an annualized 1.5 percent last quarter.


EUR/USD: during the Asian session, the pair traded in a range of $1.2920-$1.2945.

GBP/USD: during the Asian session the pair fell to $1.6025.

USD/JPY: during the Asian session, the pair rose to Y78.55, but fell later.


Another full calendar Friday, with the IMF/World Bank meetings continuing in Tokyo. Also at the weekend, the G7 finance minister meet in Tokyo. The US calendar kicks off at 1230GMT, with the release of the September Producer Price Index. At 1355GMT, the October University of Michigan Consumer Sentiment data will be released. Late data is expected at 2015GMT, with the release of the U.S. C&I Loans data.


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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