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13.09.2013 06:01

Asian session: The dollar rose versus the yen

04:30 Japan Industrial Production (MoM) (Finally) July +3.2% +3.2% +3.4%

04:30 Japan Industrial Production (YoY) (Finally) July +1.6% +1.6% +1.8%


The dollar rose versus the yen, poised for a second weekly gain, ahead of a report that may show U.S. retail sales accelerated. Consumer purchases in the U.S. climbed 0.5 percent in August after a 0.2 percent increase in July, according to the median forecast of economists surveyed by Bloomberg News before today’s Commerce Department figures.

The yen weakened after Japan’s Cabinet Office said in its September report that the nation is “on the way to recovery at a moderate pace.” Prime Minister Shinzo Abe and the Bank of Japan are trying to revitalize the economy and end 15 years of entrenched deflation through an unprecedented stimulus program.

The euro was near a two-week high after Goldman Sachs Group Inc. upgraded its forecast to $1.40 in six months from $1.37. GS raised its forecast for the euro versus the dollar on the expectation improved growth prospects will boost capital inflows for the region as it recovers from a fiscal crisis. Europe’s common currency will climb to $1.38 in three months compared with a previous forecast for $1.34, analysts led by London-based chief currency strategist Thomas Stolper wrote in a client note on Sept. 12.


EUR / USD: during the Asian session the pair fell to $ 1.3270

GBP / USD: during the Asian session, the pair fell below $ 1.5780

USD / JPY: during the Asian session the pair rose to Y99.85


The calendar quietens down somewhat Friday, although we still have releases on both sides of the Atlantic. French data gets the session underway, with the release of the August Bank of France retail survey. The limited UK data will see the release of the July construction output numbers at 0830GMT. Further eurozone data is set for release at 0900GMT, with the release of the second quarter employment numbers. Also at 0900GMT, the ECOFIN is set to meet in Vilnius, Lithuania. Across the Atlantic, the US calendar gets underway at 1230GMT, when the August retail sales index is released, along with the August producer price index. At 1355GMT, the University of Michigan Sep Consumer Sentiment index is set to be published. At 1400GMT, the July Business Inventories data will cross the wires.



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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