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13.05.2013 06:08

Asian session: The yen slid

01:30 Australia Home Loans March +2.0% +3.8% +5.2%

01:30 Australia National Australia Bank's Business Confidence April 2 -2

05:30 China Retail Sales y/y April +12.6% +12.8% +12.8%

05:30 China Fixed Asset Investment April +20.9% +21.1% +20.6%

05:30 China Industrial Production y/y April +8.9% +9.4% +9.3%

The yen slid for a fourth day to breach 102 per dollar for the first time in four years as Group of Seven finance chiefs indicated they'll tolerate a slide in the currency for now as they focus on Japan's recovery strategy.

The dollar's advance may be capped before Commerce Department figures today that may show U.S. retail sales fell in April for a second month, according to the median forecast of economists surveyed by Bloomberg News. Excluding automobiles and gasoline, sales probably climbed.

The greenback strengthened versus its 16 major peers after Treasury benchmark 10-year yields rose to the highest in seven weeks and before Federal Reserve Bank of Philadelphia President Charles Plosser speaks tomorrow. Plosser said May 9 that U.S. unemployment will probably fall to 7 percent at the end of 2013 and he would favor reducing the Fed's $85 billion monthly pace of bond-buying next month. His remarks highlight a debate within the Federal Open Market Committee on whether to expand or curb the pace of asset purchases that pumped up the central bank's balance sheet to $3.32 trillion.

The Australian dollar extended a slump from last week, the biggest five-day decline since November 2011, as Treasurer Wayne Swan is forecast to project a fifth and sixth year of budget deficits tomorrow.

EUR / USD: during the Asian session, the pair traded in the range of $ 1.2955-80

GBP / USD: during the Asian session, the pair is trading around $ 1.5350

USD / JPY: during the Asian session, the pair rose to Y102.15

With G7 finance ministers and central bankers out of London, the calendar quietens somewhat Monday, with a lack of data in Europe. Central bankers fly from London to Switzerland for the latest meeting of the BIS. Eurozone finance ministers meet for the Eurogroup in Brussels on Monday night and will have a lot to discuss given the continuing growth slippage in the zone and the push from many states for more time to hit their budget deficit targets. A final decision on the Commission recommendation that these states get two more years to get their deficits down to 3% will not come until the Eurogroup meets in June or July, however. They are also set to approve the next tranches of aid payment for both Greece and Cyprus.The limited European data calendar gets underway at 0630GMT, with the release of the Bank of France business survey. At 1230GMT, German Chancellor Angela Merkel is set to give a speech at a conference on sustained development, in Berlin. Wage talks for Germany's metalworking and engineering sector continue in southwestern German city of Boeblingen, getting underway at 1300GMT. At 1315GMT, German Finance Minister Wolfgang Schaeuble will give a speech at a tax advisers conference, in Dresden.

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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