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03.01.2013 07:19

Asian session: The yen and dollar rose versus the euro

00:00Japan Bank holiday-

00:00China Bank holiday-

01:00China Non-Manufacturing PMIDecember 55.656.1


The yen and dollar rose versus the euro as investors turned their focus to whether U.S. policy makers can reach an agreement to raise the nation’s debt limit.

The U.S. Treasury will probably exhaust what it called “extraordinary” measures by late February or early March to keep funding the government after the nation hit its $16.4 trillion debt ceiling on Dec. 31. The International Monetary Fund said yesterday that the U.S. economic recovery would have been derailed if the fiscal cliff issue had not been resolved. The Washington-based fund also said the U.S ought to raise the debt ceiling “expeditiously.”

ADP Research Institute may say today that companies in the U.S. added 140,000 workers in December, up from a 118,000 increase the prior month, according to the median estimate of economists surveyed by Bloomberg News. The data will be followed by a government report tomorrow projected to show payrolls rose 150,000 workers last month, the most since August.

The Japanese currency strengthened against all major counterparts amid signs it had been oversold. The yen’s 14-day relative-strength index fell to 24 against the euro and 18 versus the dollar. Readings below 30 signal that an asset price may be set to reverse course.

Japan’s markets are shut today for a holiday.


EUR/USD: during the Asian session the pair fell to $1.3125.

GBP/USD: during the Asian session the pair fell to $1.6200.

USD/JPY: during the Asian session, the pair traded in the range of Y87.10-35.


The main unemployment data from Germany is due at 0855GMT. UK data at 0700GMT sees the December House Price Index from the Nationwide, which is one of two main private sector house price surveys, the other being the Halifax - which will produce its December survey later in the month. Scheduled US data starts at 1200GMT with the weekly MBA Mortgage Index, followed at 1230GMT by Challenger Layoffs data and then at 1315GMT by the ADP National Employment Report. At 1330GMT, jobless claims are forecasted to rise 10,000 after dropping 12,000 in the previous week.

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