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15.04.2013 06:02

Asian session: The yen rose

00:30 Japan BOJ Governor Haruhiko Kuroda Speaks

01:30 Australia Home Loans February -1.5% +1.6% +2.0%

02:00 China Retail Sales y/y March +12.3% +12.5% +12.6%

02:00 China Industrial Production y/y March +9.9% +10.1% +8.9%

02:00 China GDP y/y Quarter I +7.9% +8.0% +7.7%

04:30 Japan Industrial Production (MoM) (Finally) February -0.1% -0.1% +0.6%

04:30 Japan Industrial Production (YoY) (Finally) February -11.0% -10.5%

06:15 Japan BOJ Governor Haruhiko Kuroda Speaks


The yen rose against all its 16 major counterparts after Chinese growth unexpectedly slowed, fueling demand for haven assets. China’s gross domestic product rose 7.7 percent in the three months ended March 31 from a year earlier, the National Bureau of Statistics said in Beijing today. That compares with the 8 percent median forecast in a Bloomberg News survey of 41 analysts and 7.9 percent in the fourth quarter.

Japan’s currency headed for its biggest two-day advance in more than two years against the dollar after the U.S. Treasury said it would pressure the country to refrain from competitive devaluation. The U.S. Treasury said it would pressure Japan to avoid “targeting its exchange rate for competitive purposes” in its semi-annual currency report to Congress released in Washington on April 12.

Group of 20 finance ministers and central bankers meet on April 18 and April 19 in Washington ahead of weekend talks of the IMF and World Bank. At their last meeting in February, they signaled that Japan could stimulate its stagnant economy as long as policy makers refrained from publicly advocating a sliding yen.

The New Zealand and Australian dollars dropped by the most in almost two months against the U.S. currency after the data signaled the economic recovery in their biggest trading partner has lost momentum.

The euro fell for the first time in three days after Moody’s Investors Service said Cyprus’s risk of an exit from the currency block remains high.


EUR / USD: during the Asian session the pair fell to $ 1.3065.

GBP / USD: during the Asian session the pair fell to $ 1.5305.

USD / JPY: during the Asian session the pair fell Y97.55.


There is a full calendar on Monday, although the data on both sides of the Atlantic is largely second tier. In Europe, at 0630GMT, French data sees the release of the BoF March retail survey. That is followed at 0900GMT with the release of the eurozone February trade balance. At 1100GMT, the German banking association (BDB) president Juergen Fitschen is scheduled to give a press conference on economic and banking policy matters. At 1300GMT, ECB President Mario Draghi is to hold a lecture in Amsterdam. Also at 1300GMT, German Chancellor Angela Merkel will give a speech at a conference of her CDU/CSU bloc, in Berlin. German Chancellor Angela Merkel will give a second speech for the day at 1600GMT, speaking at the annual reception of the German banking association (BDB) in Berlin.

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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