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07.11.2013 07:01

Asian session: The euro held a gain from yesterday

00:30 Australia Unemployment rate October 5.6% 5.7% 5.7%

00:30 Australia Changing the number of employed October 9.1 10.3 1.1

05:00 Japan Leading Economic Index September 106.8 109.4 109.5

05:00 Japan Coincident Index September 107.6 108.3 108.2


The euro held a gain from yesterday versus most major peers before European Central Bank policy makers meet today amid speculation the region’s economy isn’t fragile enough to warrant an interest-rate cut. The ECB will leave its main refinancing rate at a record-low 0.5 percent today, according to 67 of 70 economists surveyed by Bloomberg News. Bank of America Corp., Royal Bank of Scotland Group Plc and UBS AG predict the central bank will reduce borrowing costs by 25 basis points.

A gauge of U.S dollar strength remained lower before data that may show an expansion in U.S. gross domestic product slowed last quarter. U.S. GDP grew at a 2 percent annualized rate in the third quarter, down from 2.5 percent in the previous three months, according to a Bloomberg survey before the data are released today. Nonfarm payrolls rose by 120,000 last month after a 148,000 gain in September, Labor Department figures may show tomorrow, a separate poll indicates.

Australia’s dollar slid after a government report showed employers added 1,100 jobs in October. Economists forecast a gain of 10,000 workers, according to the median response in a Bloomberg poll.


EUR / USD: during the Asian session the pair traded in the range of $ 1.3500-20

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6065-85

USD / JPY: during the Asian session the pair traded in the range of Y98.55-75


The main focus for the day is undoubtedly the key policy decisions from both the ECB and the BOE, both due lunchtime. Across the Atlantic, the third quarter US GDP data will be the highlight. There is only a limited European data calendar expected ahead of the central bank decisions. At 0800GMT, Spain's September industrial output data is set for release. At 1100GMT, Germany's September industrial output data will be published. The ECB announces the latest policy decision at 1245GMT, with President Draghi's press conference expected at 1330GMT.

The first central bank decision of the day is expected at 1200GMT, when the Bank of England announces their outcome. With the economic recovery starting to gain traction, no change is seen either in Bank Rate or QE levels, with forward guidance firmly anchored.

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