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20.09.2013 06:00

Asian session: The euro was near a seven-month high

00:00 China Bank holiday

03:00 New Zealand Credit Card Spending August -0.3% +1.2%

04:00 Japan BOJ Governor Haruhiko Kuroda Speaks


The euro was near a seven-month high before data forecast to show consumer confidence was the strongest in more than two years in the 17-nation currency bloc and manufacturing expanded for a third month. An index of household confidence in the countries that share the euro probably rose to minus 14.5 in September, the highest level since July 2011, from minus 15.6 in the previous month, according to the median estimate of economists surveyed by Bloomberg News before the European Commission releases its preliminary reading today.

The shared currency traded 0.4 percent from an almost four-year high versus the yen before European Central Bank President Mario Draghi speaks next week. Draghi has refrained from printing euros to buy bonds, the opposite strategy to the Fed, which decided to maintain monthly asset purchases at $85 billion at a two-day meeting ended Sept. 18.

Kansas City Fed President Esther George, Minneapolis Fed President Narayana Kocherlakota, and St. Louis Fed President James Bullard will separately give speeches today. George dissented for the sixth Federal Open Market Committee meeting in a row this week, repeating that the policy risks creating financial imbalances.

The yen was poised for weekly losses against 15 of its 16 major peers. Bank of Japan Governor Haruhiko Kuroda said today policy makers will continue to take appropriate action in conducting monetary policy.


EUR / USD: during the Asian session the pair traded in the range of $ 1.3525-40

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6025-45

USD / JPY: during the Asian session the pair traded in the range of Y99.15-55


There is data expected on both sides of the Atlantic Friday, but the day's main events come later, when Fed FOMC members speak. The European data calendar gets underway at 0645GMT, when the French second quarter employment data will be released. At 0800GMT, the Italian June and July industrial orders data will cross the wires. At 1400GMT, the September flash consumer confidence data will cross the wires. Analysts are looking for a reading of -14.5, up modestly from August's -15.6. Later, at 2200GMT, EU Economics and Monetary Affairs Commissioner Olli Rehn will give a speech at Columbia University, in New York.

The UK data starts at 0830GMT, with the release of the BOE External Claims on UK MFIs and the August Public Finances Data will be published. Although the burgeoning economic recovery has not done much to reduce the borrowing figures, August's public finances data may finally start to show some improvement following the pick-up in activity. The deficit is likely to have remained high, however.


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