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12.03.2013 07:24

Asian session: The yen dropped for a fifth day

00:01 United Kingdom RICS House Price Balance February -4% -1% -6%

00:30 Australia National Australia Bank's Business Confidence February 3 1

05:00 Japan Consumer Confidence February 43.3 43.0 44.3


The yen dropped for a fifth day, extending its losing streak to the longest since November, as Bank of Japan deputy governor nominee Kikuo Iwata said decisive monetary easing is needed. Iwata, an economics professor at Gakushuin University in Tokyo, told lawmakers today that the BOJ can meet its 2 percent inflation target in two years by buying bonds.

The currency reached a 3 1/2-year low as BOJ data showed today that prices for goods paid by companies decreased for an 11th month, highlighting Japan’s entrenched deflation. The BOJ’s corporate goods price index fell 0.1 percent in February from a year earlier, data showed today. The 11th month of declines is the longest since April 2010.

The dollar rose against the euro before a report tomorrow that may show U.S. retail sales improved last month. The Commerce Department will probably say tomorrow that U.S. retail sales increased 0.5 percent in February from a month earlier when it rose 0.1 percent, according to a Bloomberg News survey of economists.

The pound slid toward the lowest since 2010 ahead of U.K. factory data today. U.K. manufacturing production probably stagnated in January following a 1.6 percent jump in December, economists forecast before today’s report.


EUR / USD: during the Asian session the pair fell to $1.3020.

GBP / USD: during the Asian session the pair fell to $1.4885.

USD / JPY: during the Asian session, the pair rose Y96.70.


German inflation data at 0700GMT in an otherwise data light session. All attention on today's release of UK production data at 0930GMT with most preparing for another set of disappointing data (medians IP +0.1% m/m, mfg flat m/m).


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