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07.10.2013 06:02

Asian session: The yen climbed

05:00 Japan        Coincident Index 107.7 107.6 107.6

05:00 Japan        Leading Economic Index 107.9 106.9 106.5

05:00 Japan        BoJ monthly economic report


The yen climbed against its 16 major peers after Treasury Secretary Jacob J. Lew renewed his call for extending a U.S. debt limit to avoid a default, boosting demand for Japan’s currency as a haven.

The Swiss franc rose against the greenback after House Speaker John Boehner said the U.S. could end up in default unless President Barack Obama negotiates, with the government shutdown about to enter a seventh day. Lew reiterated that the U.S. will run out of its ability to borrow on Oct. 17. The Obama administration has said it won’t negotiate with Republicans over funding the government or raising the debt ceiling, arguing that it is part of the basic functions of Congress and shouldn’t be used as a point of leverage.

The pound advanced from near a one-month low against the euro before the Bank of England’s policy meeting this week. The BOE will keep its benchmark rate at a record-low 0.5 percent and its asset-purchase target at 375 billion pounds ($601 billion) on Oct. 10, according to economists in a Bloomberg poll.


EUR / USD: during the Asian session the pair rose to $ 1.3575

GBP / USD: during the Asian session, the pair rose to $ 1.6050

USD / JPY: during the Asian session the pair fell to Y97.00


There is only a light calendar expected on both sides of the Atlantic. The US week ahead will be light on data due to the federal government shutdown, hich has shuttered the federal agencies responsible for compiling and releasing the most important reports. Monday's European calendar gets underway at 0900GMT, with the 3rd estimate of the second quarter EMU GDP data. At 1400GMT, the forth quarter Eurozone economic outlook will be released.

There is only a light calendar expected on both sides of the Atlantic. The US week ahead will be light on data due to the federal government shutdown, which has shuttered the federal agencies responsible for compiling and releasing the most important reports. The government reports scheduled for next week, the release of which will likely be delayed until after government operations are fully restored, include the August trade balance report Tuesday, August JOLTs job openings Tuesday, August wholesale inventories Wednesday, the August Treasury budget, September retail sales, August business inventories, September import prices and Friday's September Consumer Price Index. The week's report on initial claims, however, will survive.



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