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08.04.2013 06:01

Asian session: The yen dropped

01:30 Australia ANZ Job Advertisements (MoM) March +3.0% -1.5%

05:00 Japan Eco Watchers Survey: Current March 53.2 56.3 57.3

05:00 Japan Eco Watchers Survey: Outlook March 57.7 57.5


The yen dropped to the weakest level since June 2009 as investors sold the currency amid concern Bank of Japan measures to fight deflation, announced last week, will debase the currency. BOJ officials said April 4 the central bank will increase its monthly bond purchases to 7.5 trillion yen, exceeding the 5.2 trillion yen forecast by economists surveyed by Bloomberg. They also suspended a cap on some bond holdings and dropped a limit on debt maturities. The policy makers set a two-year horizon for their goal of 2 percent inflation.

Japan’s currency, traditionally considered a haven, fell on April 5 for a second day against the greenback even as a Labor Department report showed U.S. payrolls grew by 88,000 workers in March, the least in nine months. The median forecast in a Bloomberg survey of economists was for a gain of 190,000.

Gains in the dollar versus the euro were limited before Bernanke is scheduled to speak at the Fed Bank of Atlanta 2013 Financial Markets Conference today. The central bank’s next policy meeting is April 30-May 1. The Fed is buying $85 billion of bonds a month in the third round of its quantitative-easing strategy to spur the economy. While policy makers reiterated after their March meeting the U.S. central bank will maintain its purchases until there’s significant improvement in the labor market, Bernanke told reporters the pace may be altered if warranted by a healing economy.


EUR / USD: during the Asian session the pair fell below $ 1.3000.

GBP / USD: during the Asian session, the pair traded in the range of $ 1.5320-50.

USD / JPY: during the Asian session, the pair rose to Y98.85.


The markets are up and running after the shortened Easter holiday weekend, although there is only limited data in Europe. Monday's session gets underway at 0900GMT when German Chancellor Angela Merkel and Russian President Vladimir Putin give a joint press conference at the Hanover industry fair. At 0930GMT, the German government gives a press conference, in Berlin. The only eurozone data set for release is expected at 1000GMT, with the release of the German February industrial output numbers. Through Monday and Tuesday, Treasury Secretary Lew is in Europe for meetings with officials. At 1200GMT, German Finance Minister Wolfgang Schaeuble is slated to give a speech on strengthening EU institutions, in Mannheim.


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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