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31.01.2013 07:24

Asian session: The dollar headed

00:01 United Kingdom Gfk Consumer Confidence January -29 -27 -26

00:30 Australia HIA New Home Sales, m/m December +4.7% +6.2%

00:30 Australia Import Price Index, q/q IV quarter -2.4% +0.5% +0.3%

00:30 Australia Export Price Index, q/q IV quarter -6.4% -1.5% -2.4%

00:30 Australia Private Sector Credit, m/m December 0.0% +0.2% +0.4%

00:30 Australia Private Sector Credit, y/y December +3.5% +3.4% +3.6%

01:30 Japan Labor Cash Earnings, YoY December -1.1% +1.1% -1.4%

05:00 Japan Annualized Housing Starts, bln December 0.911 0.895 0.880


The dollar headed for a sixth monthly decline against the euro before data forecast to show U.S. jobless claims rose. U.S. applications for unemployment insurance payments rose by 21,000 to 351,000 in the week ended Jan. 26, the Labor Department is forecast to report today, according to the median estimate of economists in a Bloomberg News survey.

The greenback traded near its weakest level in more than a year versus Europe’s shared currency and fell against the yen after the Fed said it will continue buying Treasuries and mortgage bonds. The Fed yesterday repeated that its purchases, divided between $40 billion a month of mortgage-backed securities and $45 billion a month of Treasury securities, will continue “if the outlook for the labor market does not improve substantially.”

The central bank also left unchanged its statement that it planned to hold its target interest rate near zero as long as unemployment remains above 6.5 percent and projected inflation stays below 2.5 percent.

The yen rose against all 16 of its major peers as a decline in Asian stocks boosted demand for safer assets.

The New Zealand dollar rose against Australia’s currency for a third day after Reserve Bank Governor Graeme Wheeler said policy makers expect economic growth to strengthen this year.


EUR/USD: during the Asian session, the pair traded in the range of $1.3560-80.

GBP/USD: during the Asian session, the pair rose to yesterday's high.

USD/JPY: during the Asian session the pair fell to Y90.70.


There is a full calendar on both side of the Atlantic Thursday, starting with the release of German December retail sales and ILO employment change at 0700GMT. Other German data due Thursday, although there is no fixed release, will see German January flash HICP cross the wires. At 0745GMT, the French December PPI and consumer spending numbers will be released At 0800GMT, further eurozone inflation data will be released, when Spain's January flash HICP are scheduled to hit screens. At 0810GMT, EU Internal Markets Commissioner Michel Barnier will speak at a financial services conference, in Brussels. ECB Vice President Vitor Constancio will speak at 0830GMT. German official January unemployment numbers are set for release at 0855GMT, while the German Retailers Association (HDE) releases its new sales forecasts at 0900GMT, in Berlin. At 1000GMT, the latest monthly Japanese FX intervention operations data will be posted on the MOF website. At 1200GMT, ECB Governing Council member Erkki Liikanen is scheduled to speak at the Brussels conference.

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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