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19.12.2013 07:21

Asian session: The dollar climbed

00:30 Australia RBA Bulletin Quarter IV

04:30 Japan All Industry Activity Index, m/m October +0.4% -0.2% -0.2%


The dollar climbed against most of 16 major counterparts after the Federal Reserve decided to slow stimulus that’s seen to have debased the U.S. currency, reinforcing prospects the world’s largest economy is improving. The Federal Open Market Committee yesterday announced a plan to cut monthly bond purchases to $75 billion from $85 billion, taking its first step toward unwinding the unprecedented stimulus that Chairman Ben S. Bernanke put in place to help the economy recover from the worst recession since the 1930s.

The Fed reinforced assurances the benchmark rate is likely to stay low “well past the time that the unemployment rate declines below 6.5 percent, especially if projected inflation continues to run below” policy makers’ 2 percent goal. The central bank has kept the target for the federal-funds rate at a range of zero to 0.25 percent since 2008.

The yen rebounded against the dollar after its biggest slump in more than four months. The Bank of Japan policy makers start a two-day meeting today. BOJ officials see significant scope to increase government-bond purchases from 7 trillion yen ($67 billion) a month if needed to achieve their 2 percent inflation target, according to people familiar with the discussions. The BOJ monetary policy statement is due tomorrow.

The euro fell before European Union leaders meet today to discuss a planned banking union. In Europe, finance ministers backed an agency to handle failing banks and pledged to create an industry-financed resolution fund over the next 10 years. This is the “final building block of the whole banking union,” Dutch Finance Minister Jeroen Dijsselbloem told reporters before the summit in Brussels today.


EUR / USD: during the Asian session the pair fell to $ 1.3650

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6360-95

USD / JPY: on Asian session the pair fell to Y103.75


US data to the fore as further tapering data dependent. Weekly jobless claims, Phila Fad and existing home sales later. UK retail sales at 0930GMT in focus next ahead of US weekly claims, Phila Fed and housing data this afternoon.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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