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13.06.2013 06:19

Asian session: The yen surged

01:00 Australia Consumer Inflation Expectation June +2.3% +2.3%

01:30 Australia Unemployment rate May 5.5% 5.6% 5.5%

01:30 Australia Changing the number of employed May 50.1 -9.8 1.1

The yen surged, jumping to the strongest level in two months against the dollar, after government data showed Japanese investors were net sellers of overseas bonds and stocks for a fourth-straight week. Japanese domestic money managers sold a net 386.9 billion yen ($4.1 billion) of foreign debt and a net 221.8 billion yen of overseas equities in the week ended June 7, according to figures released by the Ministry of Finance in Tokyo today.

The greenback's volatility against the Japanese currency climbed to the highest in more than two years before U.S. economic data that may provide more direction about when the Federal Reserve will begin to slow stimulus.

New Zealand's dollar dropped against all of its major peers after the central bank signaled the currency remains overvalued. Reserve Bank of New Zealand Governor Graeme Wheeler reiterated that he is prepared to intervene in currency markets to cap gains in the kiwi dollar. The bank lowered economic growth estimates and maintained its forecast for the three-month bank bill yield, suggesting no increase to the benchmark until mid-2014.


EUR / USD: during the Asian session the pair rose to $ 1.3370

GBP / USD: during the Asian session the pair traded in the range of $ 1.5665/00

USD / JPY: during the Asian session the pair fell below Y95.00


There is another full data calendar for traders Thursday, although early focus will undoubtedly be on the volatile overnight session in Asia. The calendar gets underway from 0600GMT, with the release of the German May wholesale price index. At 0750GMT, German Economics Minister Philipp Roesler will deliver a speech at a jubilee event in Frankfurt. The ECB issues its latest monthly bulletin at 0800GMT, with the content expected to mirror the opening statement from President Mario Draghi at the recent monthly press conference. At 0815GMT, Bundesbank Vice President Sabine Lautenschlaeger sits on a panel to discuss financial regulation at a ZEW conference, in Frankfurt. There is a German government briefing on the upcoming G8 summit, in Berlin, from 0830GMT. Peer Steinbrueck, the main challenger to German Chancellor Angela Merkel in September's national elections, talks to the foreign press in Berlin from 1100GMT.

Market Focus

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