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23:50 Japan CSPI, y/y December -0.5% -0.4%
The dollar reached its highest level in 2 1/2 years versus the yen before data forecast to show a pickup in U.S. durable goods orders, adding to signs of a recovery in the world’s biggest economy. Demand for U.S. goods such as machinery and electronics probably rose 2 percent last month after a 0.8 percent gain in November, according to the median estimate of economists surveyed by Bloomberg News before the Commerce Department publishes the data today. If confirmed, that would be the biggest advance since September.
The greenback strengthened against most of its 16 major counterparts before Federal Reserve officials begin a two-day policy meeting tomorrow.
Declines in the yen were tempered after investors decreased bearish bets and as technical indicators signaled the Japanese currency’s recent drop may have been too rapid. The yen’s 14-day relative strength index against the dollar was at 29.1, below the 30 level that some traders see as a signal an asset has fallen too far, too fast and may be due to reverse course. Against the euro, it was at 28.2.
Japan’s Economy Minister Akira Amari denied his government is actively targeting a weaker yen, saying it’s aimed at defeating deflation. Japan is “absolutely not deviating from global standards,” Amari told the World Economic Forum’s annual meeting in Davos, Switzerland on Jan. 26.
EUR/USD: during the Asian session, the pair traded in the range of $ 1.3450-70.
GBP/USD: during the Asian session the pair fell to $ 1.5750.
USD/JPY: during the Asian session, the pair traded in the range of Y90.85-25.
For today, the first data release is expected at 0900GMT, with the release of the EMU December M3 money supply numbers. Also at 0900GMT, the Italian January ISTAT consumer confidence survey will cross the wires. There are few scheduled central bank speakers, but at 0930GMT, Financial Stability Board Chairman Mark Carney is set to give a press briefing, in Zurich.The US calendar starts at 1300GMT, with the release of the December Building Permits Revision. At 1330GMT, the December Durable Goods Orders are released. At 1430GMT, the MNI Capital Goods Index for the January 25 week will be released, followed at 1500GMT by the release of the December NAR Pending Home Sales. At 1530GMT, the MNI Retail Trade Index for the Jan 26 week will cross the wires. The last data release scheduled for Monday is the January Dallas Fed manufacturing survey, also expected at 1530GMT.
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