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16.08.2013 06:02

Asian session: The dollar is poised for its biggest weekly gain

1:30 Australia RBA Assist Gov Debelle Speaks


The dollar is poised for its biggest weekly gain in a month versus the yen with benchmark Treasury yields at a two-year high before data that may add to signs of an improvement in the U.S. economy.

The U.S. currency is set for a weekly advance against most major peers before reports forecast to show housing starts rebounded and consumer confidence increased to a six-year high. A report from the Commerce Department due today is forecast in a Bloomberg News survey to show housing starts climbed in July to a 900,000 annualized rate from an 836,000 pace in June. In a sign construction will keep advancing, building permits are projected to increase to a 945,000 rate from 918,000 the prior month.

The Thomson Reuters/University of Michigan index of consumer sentiment probably advanced to 85.2 in August from 85.1 in July, according to the median projection of economists surveyed by Bloomberg.

The Federal Reserve will reduce bond purchases next month according to economists in a Bloomberg survey. Fed Chairman Ben S. Bernanke will probably reduce the central bank’s monthly bond purchases next month, 65 percent of economists surveyed by Bloomberg predict. The Federal Open Market Committee’s first step may be small, with monthly purchases tapered by $10 billion to a $75 billion pace, according to the median estimate in the survey of 48 economists conducted Aug. 9-13.

New Zealand’s dollar advanced to the strongest level since June as the nation’s two-year swap rate rose to its highest level since August 2011.


EUR / USD: during the Asian session the pair fell to $ 1.3335

GBP / USD: during the Asian session the pair traded in a range of $ 1.5625-45

USD / JPY: during the Asian session the pair rose to Y97.65


A fairly light data calendar today, the US providing the main points of interest with housing data at 1230GMT and UofM at 1355GMT.


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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