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18.10.2013 06:02

Asian session: The dollar was set for a weekly drop


The dollar was set for a weekly drop versus its 16 major counterparts as Federal Reserve officials signal a delay in stimulus reduction before reports next week that may show U.S. home sales and confidence declined. Sales of previously owned homes in the U.S. probably declined 3.3 percent last month, according to the median estimate of economists surveyed by Bloomberg News before an Oct. 21 report by the National Association of Realtors. If confirmed, that would be the biggest monthly drop since June 2012.

A final reading of the Thomson Reuters/University of Michigan consumer sentiment index on Oct. 25 may show a decline to 75 this month, a separate poll shows. That compares with an initial estimate for a drop to 75.2, the weakest in nine months.

A non-farm payrolls report for September, among the data releases delayed as an impasse among U.S. lawmakers kept the government shut for 16 days, will be published on Oct. 22. Analysts surveyed by Bloomberg predict employers added 180,000 jobs last month after boosting positions by 169,000 in August.

The Bloomberg U.S. Dollar Index remained weaker after its lowest close in eight months, after a deal by Congress to extend funding and debt-limit deadlines into next year reopened the government and buoyed higher-yielding assets.

The Aussie pared losses after China’s National Bureau of Statistics said gross domestic product rose 7.8 percent in the three months through September from a year earlier, after climbing 7.5 percent in the previous period. The figure matches estimates by economists in a Bloomberg survey.


EUR / USD: during the Asian session the pair retreated to $ 1.3660

GBP / USD: during the Asian session, the pair fell to $ 1.6140

USD / JPY: during the Asian session the pair rose to Y98.15


There is a much quieter data calendar Friday, although Fed speakers are again to the fore, as the US central bank holds a conference in Washington. Although the US government is again functioning on all cylinders, the catch-up with delayed data doesn't start until next week, when the jobs data is set for release on Tues Oct 22. Friday's European calendar starts at 0800GMT, with the release of the September current account data. There is a host of UK data set for release at 0830GMT, including the September CML mortgage lending data, the September BOE capital issuance data and the September BOE Trends in Lending numbers. There is more eurozone data set for release at 0900GMT, when the September trade balance will cross the wires. There is no sovereign issuance planned for Friday. There is a much quieter data calendar Friday, although Fed speakers are again to the fore, as the US central bank holds a conference in Washington. Although the US government is again functioning on all cylinders, the catch-up with delayed data doesn't start until next week, when the jobs data is set for release on Tues Oct 22. At 1200GMT, Richmond Federal Reserve Bank President Jeffrey Lacker opens the Fed's conference on resolution of systemically important banks, in Washington. There is no US data set for release, but Canadian September CPI data will be released at 1230GMT. Back in the States, from 1700GMT, Federal Reserve Gov Daniel Tarullo will deliver a speech at the Fed's Washington conference. At 1800GMT, Chicago Federal Reserve Bank President Charles Evans will deliver a speech on the economy and monetary policy in Chicago. New York Fed President William Dudley will speak at 1940GMT at the Fed's Washington conference. The last Fed speaker sees Federal Reserve Gov. Jeremy Stein deliver a speech on managing financial imbalances, in Boston.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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