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30.10.2012 07:23

Asian session: The yen remained

 

 

00:00 Australia HIA New Home Sales, m/m September -5.3% -3.7%

03:00 Japan BoJ Interest Rate Decision - 0.10% 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement -

06:00 Japan BOJ Outlook Report October

 

The yen climbed against all of its major counterparts as the Bank of Japan’s second round of easing in two months disappointed some investors expecting more. The BOJ expanded its asset-purchase program by 11 trillion yen ($138 billion) to 66 trillion yen, the central bank said after a policy meeting today. The Nikkei newspaper reported earlier that the BOJ may increase the program by 10 trillion yen.

Japan’s industrial production slid 4.1 percent in September from the previous month, the most since last year’s earthquake and tsunami in March, government data showed today. The decline exceeded the most pessimistic estimate of economists surveyed by Bloomberg.

The Dollar Index was near a seven-week high amid demand for refuge assets as Atlantic superstorm Sandy ravaged the American Northeast coast and before reports that may show Europe’s debt crisis is damping growth.

Euro remained before reports that may show Spain’s gross domestic product shrank last quarter, while Germany’s jobless rate rose this month for the first time in more than three years. The Spanish economy probably shrank 0.4 percent in the three months ended Sept. 30 from the previous quarter, according to the median estimate of economists surveyed by Bloomberg News before preliminary government data today. Germany’s unemployment rate may have risen to 6.9 percent this month from 6.8 percent in September a separate poll showed ahead of today’s release. That would be the first gain since June 2009,


EUR / USD: during the Asian session the pair was trading around the level of $1.2900.

GBP / USD: during the Asian session the pair was trading around the level of $1.6030.

USD / JPY: during the Asian session the pair fell to Y79.30.


There is a fairly robust calendar Tuesday, although most of the schedule is more skewed towards second tier data. Eurozone data kicks off at 0700GMT, with the release of the German ILO employment change for September. At 0800GMT, we see the release of Q3 GDP data for Spain.  German October unemployment data is due to be published at 0855GMT. EMU October consumer confidence is due out at 1000GMT, along with the EMU October business climate indicator. UK data is scheduled for release at 1100GMT, with the Confederation of British Industry's October Distributive Trades survey of the retail sector.


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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