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09.08.2013 06:04

Asian session: The Aussie headed

01:30 Australia RBA Monetary Policy Statement Quarter III

01:30 China PPI y/y July -2.7% -2.0% -2.3%

01:30 China CPI y/y July +2.7% +2.8% +2.7%

05:00 Japan BoJ monthly economic report August

05:00 Japan Consumer Confidence July 44.3 45.3 43.6


The Aussie headed for its biggest weekly gain in more than a year after data today showed China’s inflation stayed subdued in July and figures yesterday showed the nation’s imports and exports rebounded more than estimated. A government report yesterday showed Chinese shipments overseas climbed 5.1 percent in July from a year earlier after sliding 3.1 percent in June; imports rose 10.9 percent following a 0.7 percent decline.

The euro was near a seven-week high versus the greenback before an Aug. 14 report analysts said will show the currency region’s economy returned to growth in the second quarter. Euro-area gross domestic product expanded 0.2 percent in the second quarter, after contracting for the previous six quarters, according to the median estimate in a Bloomberg survey before the report is released next week.

Sterling was within 0.4 percent of the strongest in a month versus the euro as Carney said on BBC Radio 4’s “Today” program that “without question” inflation at 2 percent is the target. The pound jumped 0.9 percent against the dollar yesterday as the central bank’s Inflation Report and review of forward guidance fueled speculation the outlook for growth and inflation will prevent it from keeping borrowing costs at a record low. U.K. government bonds were little changed.


EUR / USD: during the Asian session the pair traded in the range of $ 1.3375-85

GBP / USD: during the Asian session the pair traded in the range of $ 1.5525-45

USD / JPY: during the Asian session the pair fell to Y96.30


Friday sees a quiet end to the week, with only limited data on both sides of the Atlantic. There remains a dearth of ECB speakers, as Euro area officials remain on their vacations. The European calendar kicks off at 0645GMT, with the release of the French June industrial output numbers. Analysts are looking for an increase of 0.3% on the month and an increase of 1.5% on year. At 0800GMT, the Italian July final HICP numbers will cross the wires. The annualised YoY numbers is seen coming in at 1.2%.on year.

There is a raft of UK data expected at 0830GMT, including the release of June Trade Data, June Construction Output and the July BOE Quoted Rates. While most other UK indicators have been showing sharp improvements, trade balances are the black sheep in the official data family. Net exports have made a negligible contribution to the UK's economic recovery, despite sterling's near 20% plunge when the financial crisis kicked-in. "The performance of net exports has, however, been distinctly underwhelming, adding just 1.5 percentage points to total growth since the start of the recession," Bank Of England Deputy Governor Charles Bean said in a speech back in May. The UK's rebound has not seen the hoped for rebalancing of the economy toward exports.


Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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