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13.12.2013 07:37

Asian session: Japan’s currency headed for a seventh weekly drop

04:30 Japan Industrial Production (MoM) (Finally) October +0.5% +0.5% +1.0%

04:30 Japan Industrial Production (YoY) (Finally) October +4.7% +4.7% +5.4%


Japan’s currency headed for a seventh weekly drop against its U.S. peer before the Federal Reserve and the Bank of Japan hold policy meetings next week.

The yen also touched its lowest in five years versus the euro, set to complete a five-week decline, before European Central Bank Vice President Vitor Constancio and executive board members Benoit Coeure and Peter Praet speak today. ECB policy makers Peter Praet and Benoit Coeure are also scheduled to speak separately in Antwerp and Paris today. Praet told Bloomberg Television on Nov. 14 that the bank may adopt negative rates as it battles slow inflation. Coeure said this month the ECB would consider offering more long-term loans to banks only when they are in a position to lend to companies and households.

Australia’s dollar headed for an eight-week loss as Reserve Bank Governor Glenn Stevens signaled a weaker currency is preferable over lower interest rates. It touched a more-than-three month low of 89.14 U.S. cents after he said 85 cents ‘‘would be closer to the mark than 95 cents,’’ in an interview in the Australian Financial Review today.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3740-60

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6330-60

USD / JPY: during the Asian session, the pair rose to Y103.95


There is a much quieter calendar Friday, with even the data schedule having a Christmas feel. Early European data sees German November wholesale prices released at 0700GMT, with the Bank of France retail trade data released at 0730GMT. At 0800GMT, Spain's November final HICP numbers will cross the wires. Analysts sees the number flat on month, with the final year-on-year coming in at +0.3%. Also at 0800GMT, BOE Governor Mark Carney, BOF Governor Christian Noyer and ECB Executive Board Member Benoit Coeure attend a French Treasury Conference taking place in Paris. Further European data is expected at 1000GMT, when the EMU third quarter employment numbers are released. There are further comments from ECB officials expected at 1115GMT, when Executive Board member Peter Praet delivers a speech on "The Role of the ECB in Times of Crisis," in Antwerp, Belgium. There is little on the US calendar, with just the November PPI data expected at 0830ET. The PPI is expected to be unchanged in November after an energy-led decline in October. Core PPI is forecast to rise 0.1%. Analysts see energy prices falling in the month, while a plunge in farm prices received suggests that food prices declined in November after rebounding in October.

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