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13.11.2013 07:01

Asian session: The euro halted a two-day gain

00:00 New Zealand RBNZ Governor Graeme Wheeler Speaks

00:30 Australia Wage Price Index, q/q Quarter III +0.7% +0.8% +0.5%

00:30 Australia Wage Price Index, y/y Quarter III +2.9% +2.9% +2.7%


The euro halted a two-day gain before data this week that may show the region’s factory output dropped and growth slowed, fanning speculation the European Central Bank will take more measures after a rate cut last week. Factory production in the 17-nation euro region probably fell 0.3 percent in September from August, when it rose 1 percent, according to the median estimate of economists in a Bloomberg News survey. The European Union’s statistics office will report the figure today.

The yen was near a two-month low as Bank of Japan board member Ryuzo Miyao said he is slightly more mindful of downside risks to the economy, backing speculation the central bank will expand stimulus next year. In Japan, government figures today showed machine orders fell 2.1 percent in September from a month earlier, compared with a 1.8 percent decline estimated by economists. Prices of goods traded among companies slid 0.1 percent last month, the first month-on-month drop in a year, the BOJ said.

The pound remained lower following a three-day slide before the Bank of England publishes economic forecasts in its quarterly Inflation Report today. The pound weakened yesterday when the National Statistics Office said core annual inflation slowed to 1.7 percent in October, the least since September 2009. Economists had forecast the costs of living excluding alcohol, food, tobacco and energy, rose 2 percent.


EUR / USD: during the Asian session the pair rose to $ 1.3450

GBP / USD: during the Asian session, the pair fell to $ 1.5885

USD / JPY: during the Asian session the pair fell to Y99.40


There is a full calendar on both sides of the Atlantic Wednesday, with the early part of the session likely to be dominated by the UK jobs data and the BOE Inflation Report. The European calendar gets underway at 0800GMT, when the Spanish October final HICP numbers will cross the wires. Annualised HICP is seen higher by 0.1% on month. At the same time, ECB Governing Council member Christian Noyer is scheduled to speak at a banking conference in Paris. Further Euro area data is expected at 1000GMT, when the Sep industrial output numbers are set to cross the wires. Analysts are looking for a flat reading on month, an improvement on the previous month's 2.1% fall. At 1210GMT, ECB Governing Council member Jens Weidmann is scheduled to give a speech, in Frankfurt. ECB Governing Council member Luis Maria Linde will give a speech on Spain's economic crisis, in Barcelona, at 1800GMT.

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