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25.01.2013 07:04

Asian session: The yen headed

23:30 Japan National Consumer Price Index, y/y December -0.2% -0.2% -0.1%

23:30 Japan National CPI Ex-Fresh Food, y/y December -0.1% -0.2% -0.2%

23:30 Japan Tokyo Consumer Price Index, y/y January -0.6% -0.6% -0.6%

23:30 Japan Tokyo CPI ex Fresh Food, y/y January -0.6% -0.5% -0.5%

23:50 Japan Monetary Policy Meeting Minutes January


The yen headed for a record stretch of weekly losses against the dollar as data showing a decline in Japanese consumer prices added to the case for further monetary stimulus from the central bank. Japanese consumer prices excluding fresh food fell 0.2 percent in December from a year earlier, the statistics bureau reported in Tokyo today, the seventh decline in eight months.

The Bank of Japan announced open-ended easing and a 2 percent inflation target this week. The Japanese currency remained weaker after touching a 2 1/2-year low as Governor Masaaki Shirakawa said he will make “considerable efforts” to reach the price target.

The Dollar Index rose before U.S. data forecast to show home sales increased. The dollar was supported before a report which may show home sales in the U.S. increased. Purchases of new houses probably climbed to a 385,000 annual rate in December, according to the median estimate of economists in a Bloomberg News survey, which would be the best showing since April 2010. The National Association of Realtors releases the data today.

Losses in the euro were limited before data forecast to show a rise in business confidence in Germany, Europe’s largest economy. Economists polled by Bloomberg expect the Ifo institute’s business climate index, based on a survey of 7,000 executives, climbed to 103 this month from 102.4 last month. That would be the highest since July.


EUR/USD: during the Asian session the pair fell to $1.3350.

GBP/USD: during the Asian session the pair fell to the previous day's low.

USD/JPY: during the Asian session, the pair rose to Y90.70, updating monthly high.


Germany Ifo due at 0900GMT to provide early interest but this will be overshadowed by the LTRO repayment announcement around 1100GMT. The World Economic Forum continues in Davos Friday and along with the scheduled appearances on the main conference stage, the day is likely to be dotted with ad hoc comment from policy makers. There is also a full ata calendar, starting at 0700GMT with the release of the German November construction numbers. At 0930GMT, the latest UK GDP data is released, giving an early glimpse at the fourth quarter growth numbers.


Market Focus

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