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07.08.2013 06:01

Asian session: The yen touched a six-week high

01:30 Australia Home Loans June +1.8% +2.2% +2.7%

01:30 Australia RBA Assist Gov Debelle Speaks

The yen touched a six-week high as the Bank of Japan starts a meeting today on prospects it will refrain from adding to unprecedented stimulus that’s helped to weaken the currency 11 percent against the dollar this year. The BOJ will probably remain on hold when concluding its two-day meeting tomorrow, according to all 25 economists surveyed by Bloomberg News. The central bank currently buys more than 7 trillion yen ($72 billion) of government bonds every month in its plan to foster 2 percent annual inflation in two years.

Fed Bank of Chicago President Charles Evans, who has been among the most vocal proponents of monetary accommodation, said there has been “good improvement” in the labor market and indicated that tapering of stimulus in September is possible.

The pound maintained a decline versus the euro before Bank of England Governor Mark Carney speaks today about implementing forward guidance aimed at anchoring interest rates. Carney will discuss the Monetary Policy Committee’s analysis of steering expectations today when the BOE presents its quarterly Inflation Report. The central bank said on July 4 that the expected increase in future interest rates was “not warranted by the recent developments in the domestic economy.”

The euro was 0.4 percent from a seven-week high against the dollar before German data forecast to show industrial production rose.

EUR / USD: during the Asian session the pair fell to $ 1.3290

GBP / USD: during the Asian session the pair fell to $ 1.5320

USD / JPY: during the Asian session the pair fell to Y97.10

Although there are data releases on both sides of the Atlantic Wednesday, the stand out factor will be the latest Bank of England Quarterly Inflation Report and the first QIR press briefing from Governor Mark Carney. Early data to be released from Paris includes the July Bank of France business survey and the French June foreign trade data, due at 0630GMT and the 0645GMT respectively. At 0715GMT, the Switzerland July CPI data will cross the wires. At 1000GMT, the German June industrial output data will be published. The BOE's August QIR will be released at 0930GMT, to be followed immediately by the Governor's press conference.  Across the Atlantic, the US calendar gets underway at 1100GMT, with the release of the MBA Mortgage Index data for the August 2 week. The Canadian data releases get underway from 1230GMT, when the June building permits data will be released, with economists looking for a reading of -2.8% versus +4.5% in May. At 1400GMT, the July IVEY PMI reading is set to cross the wires, with an expected reading of 57.0. At 1430GMT, the EIA Crude Oil Stocks data for the week ending August 2 are expected. There are only limited appearances slated from Fed officials, although 1740GMT sees Cleveland Federal Reserve Bank President Sandra Pianalto deliver a speech in Cleveland. Late data sees the US June Consumer Credit numbers and the July Treasury allotments released at 1900GMT.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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