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15.03.2013 07:03

Asian session: The U.S. currency was weaker

21:30 New Zealand Business NZ PMI February 55.2 56.3


The U.S. currency was weaker after technical charts signaled recent advances may have come too fast. The 14-day relative strength index for the Dollar Index (DXY) was at 71.7 on March 13, above the 70 threshold that signals to some traders that a currency has climbed too far, too fast and is poised to reverse. The gauge is forecast to trade at 82.2 by year-end, according to the median forecast of economists surveyed by Bloomberg.

A core measure of U.S. consumer prices, which excludes more volatile food and energy costs, probably rose 2 percent for the year to February, economists forecast in a Bloomberg News poll before the Labor Department report today. Core prices picked up 0.2 percent from a month earlier, following a 0.3 percent advance in January, the survey showed.

The yen fell against the euro after Japan’s Prime Minister Shinzo Abe’s picks to run the central bank were confirmed by the upper house. The upper house of Japan’s parliament today confirmed Haruhiko Kuroda as Bank of Japan (8301) governor along with Kikuo Iwata and Hiroshi Nakaso as his deputies. The vote ushers in a new central bank leadership team amid market expectations for more monetary stimulus.

Australia’s dollar headed for the strongest weekly gain in six months before minutes on March 19 from the Reserve Bank’s latest meeting, when policy makers refrained from cutting interest rates.


EUR / USD: during the Asian session, the pair rose to $ 1.3030.

GBP / USD: during the Asian session, the pair traded in the range of $ 1.5070-00.

USD / JPY: during the Asian session, the pair traded in the range of Y95.85-25.


The EU leaders Summit continues in Brussels Friday, with budget issues and single markets talks to dominate. Cyprus is not on the official agenda and will be addressed by a special Eurogroup meeting called for later this afternoon, although it is not certain there will be any conclusive agreements. Although no time is slated, the Bank of Portugal Official Bulletin will be released Friday morning. There is Eurozone data due at 1000GMT, when the fourth quarter labour cost survey and the February final HICP data will hit the wires. At 1430GMT, European Economics and Monetary Affairs Commissioner Olli Rehn and European Council President Herman Van Rompuy are to speak at the Brussels Forum 2013. Lastly, as noted, Eurogroup finmins will meet  at around 1600GMT to discuss Cyprus.


Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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