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27.09.2013 06:20

Asian session: The yen strengthened

01:15 U.S. FOMC Member Esther George Speaks

The yen strengthened versus all of its 16 major counterparts as investors sought safety amid concern a budget deadlock among U.S. lawmakers will send the nation to the brink of a federal government shutdown. The U.S. Senate plans to vote today on a spending bill, three days before federal spending authority runs out and a few weeks until the country hits its borrowing limit.

A gauge of the greenback was poised for its first five-day gain in four weeks after Federal Reserve Bank of Kansas City President Esther George said labor-market gains warrant tapering the U.S. central bank’s bond purchases, which tend to debase the currency. George of the Kansas City Fed signaled support for a reduction in U.S. central bank stimulus.

U.S. consumer purchases increased 0.3 percent in August after a 0.1 percent advance in July, according to the median forecast in a Bloomberg News survey of economists before today’s report. The data will also show personal income rose 0.4 percent in August, the biggest gain since February, after a 0.1 percent gain a month earlier, according to the poll.

The Thomson Reuters/University of Michigan index of sentiment this month was at 78 compared to a preliminary reading of 76.8, economists projected in a separate survey. It was at 82.1 in August.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3470-90

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

USD / JPY: during the Asian session the pair fell to Y98.60

No respite ahead of the weekend, as Friday sees a full calendar on both sides of the Atlantic, with another day loaded with central bank speakers. German flash HICP numbers are also expected, although there is no fixed release time. CPI m/m is expected at 0.0% y/y is expected at 1.5%. Monthly HICP is expected at 0.0% and y/y at 1.6%. French data is due at 06456GMT, with the release of the revised second quarter GDP data and the Aug consumer spending data. France GDP Q/Q is expected at 0.5%, unrevised. France GDP Y/Y is also to be released and is expected to be unrevised at 0.3%. Spanish data expected at 0700GMT when Spain's September flash HICP and the August retail sales index will be published. Switzerland's September KOF economic barometer will also be released at 0700GMT. Italian data set for release at 0800GMT includes the Sep ISTAT business survey. EMU data will be released at 0900GMT, when September economic sentiment survey and the September business climate index numbers are published. Economic confidence data for the Eurozone is expected to increase to 96.6 compared with 95.2 last. ECB President Mario Draghi and Governing Council member Inacio Visco are due to speak at an event in Milan, from 0900GMT.

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