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16.10.2012 06:01

Asian session: The yen declined

 

 

00:30 Australia RBA Meeting's Minutes -

00:30 U.S. FOMC Member Williams Speaks -


The yen declined against most of its major peers as Asian stocks rose and before U.S. data forecast to show improvement in industrial production and housing starts, reducing demand for refuge assets. U.S. industrial production probably increased 0.2 percent in September from the previous month, when it fell 1.2 percent, according to the median estimate of economists surveyed by Bloomberg News before the Fed releases the figures today.

The Japanese currency slid for a fourth day to an almost one-month low against the greenback after Federal Reserve Bank of St. Louis President James Bullard said U.S. growth will pick up next year and push down unemployment.

Demand for the euro was supported before European Union leaders meet this week to discuss measures to contain the debt crisis. The 17-nation euro rose before EU leaders start a two-day summit in Brussels on Oct. 18 amid speculation Spain will ask for a financial bailout. The country is preparing to make request for a rescue and allow the European Central Bank to begin buying its debt, the Financial Times reported, citing an unidentified Spanish economy ministry official.

New Zealand’s dollar slid after data showed annual inflation was the slowest in more than 12 years. Consumer prices in New Zealand rose 0.8 percent in the third quarter from a year earlier, the country’s statistics bureau said in Wellington today. The result was the lowest since the fourth quarter of 1999.


EUR / USD: during the Asian session, the pair traded in the range of $1.2950-75.

GBP / USD: during the Asian session, the pair traded in the range of $1.6060-85.

USD / JPY: during the Asian session, the pair rose to Y78.90, updating monthly high.


Tuesday's calendar gets underway at 0600GMT, with the release of the ACEA September new car registrations. Inflation data is expected on the Continent at 0900GMT, with the release of the EMU September final HICP (%yoy) Perhaps the main European release comes at 0900GMT when Germany's October ZEW survey will be available. In what is a first for the ONS, both UK September consumer and producer inflation data will be published at 0830GMT. At 1230GMT, the day's inflation theme continues with the release of the September Consumer Price Index. The September Industrial Production and Cap Utilization data will be released at 1315GMT. The last scheduled data for the day is released at 1400GMT, when the US October Housing Market Index numbers are expected.

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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