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01:30 China CPI y/y December +2.0% +2.3% +2.5%
01:30 China PPI y/y December -2.2% -1.8% -1.9%
05:00 Japan Eco Watchers Survey: Current December 40.0 41.1 45.8
05:00 Japan Eco Watchers Survey: Outlook December 41.9 51.0
The yen touched the weakest level since June 2010 against the dollar on speculation the Bank of Japan will cooperate with Prime Minister Shinzo Abe’s government to ramp up efforts to stimulate the economy. Japan’s currency headed for a ninth week of declines as the Cabinet approved 10.3 trillion yen ($116 billion) of fiscal stimulus after the nation posted wider-than-expected current account and trade deficits. The nation’s current account swung to a 222.4 billion yen deficit in November from a 376.9 billion yen surplus the previous month, Finance Ministry data showed today. The median estimate of economists in a Bloomberg News survey was for a 17.1 billion shortfall.
The euro held the biggest gain in five months against the greenback from yesterday before a report that may show the region’s industrial output increased. Economists surveyed by Bloomberg forecast euro-area industrial production rose 0.3 percent in November from the previous month when it fell 1.4 percent. The European Union’s statistics office releases the data on Jan. 14.
The 17-nation currency was supported after the European Central Bank left its main refinancing rate at a record low of 0.75 percent at a meeting yesterday in Frankfurt, as President Mario Draghi said the economy should regain momentum.
EUR/USD: during the Asian session the pair fell to $1.3250.
GBP/USD: during the Asian session, the pair retreated from yesterday's high to $1.6140.
USD/JPY: during the Asian session, the pair climbed to Y89.35, but declined later.
With the central bank meetings for the week behing us, Friday's focus returns to the data calendar. At 0700GMT, the European Commission Vice President Olli Rehn gives a briefing at the European Policy Centre, in Brussels. The data calendar gets underway at 0700GMT, with the release of the French November current account and the November central govt deficit data. At 1830GMT, German Finance Minister Wolfgang Schaeuble is slated to speak at University of Heidelberg, in Germany. UK data is released at 0930GMT, when UK November Industrial Production numbers will cross the wires. At 1500GMT, the January monthly GDP Growth Forecast will hit the screens.
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