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14.01.2014 07:07

Asian session: The yen dropped

05:00 Japan Eco Watchers Survey: Current December 53.5 54.2 55.7

05:00 Japan Eco Watchers Survey: Outlook December 54.8 54.3 54.7


The yen dropped against all of its 16 major peers after data showed Japan’s current-account deficit widened to a record in November. Japan posted a record 592.8 billion yen ($5.73 billion) shortfall in its current account in November, the broadest measure of international trade, according to a Ministry of Finance report released in Tokyo today. The yen tends to strengthen during a period of financial turmoil because the nation had an annual current-account surplus since at least 1985, making it less reliant on foreign capital.

Government data showed today investors in the Asian nation increased holdings of dollar bonds for a fifth month, as economists forecast the Bank of Japan will boost asset purchases this year that hold domestic yields at the lowest globally.

The yen fell against the dollar after Osaka-based Suntory Holdings Ltd. agreed to buy Beam Inc. in the U.S. for $16 billion.

The Bloomberg Dollar Spot Index snapped a three-day decline before Charles Plosser from the Federal Reserve Bank of Philadelphia and Richard Fisher from the Dallas Fed speak today. Plosser, an opponent of bond purchases by the Fed, said earlier this month policy makers shouldn’t try to make up for a permanent loss in potential growth caused by the financial crisis. Fisher argued for a $20 billion reduction in the central bank’s monthly bond purchasing pace instead of the $10 billion announced last month. The regional Fed chiefs and other voting members of the Federal Open Market Committee next meet on Jan. 28-29.

The New Zealand dollar extended a gain from yesterday versus its Australian peer after reports showed business confidence surged to an almost 20-year high in the smaller nation.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3655-70

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6375-00

USD / JPY: during the Asian session, the pair rose to Y103.55


Tuesday sees a full calendar on both sides of the Atlantic, with a list of data releases and central bank speakers. The European calendar kicks off at 0700GMT, with the release of the December wholesale prices index. French data due at 0700GMT sees the release of the November current account and the December HICP data. HICP is expected to rise 0.4% on month, up 0.9% on year. At 0800GMT, ECB Governing Council member Ewald Nowotny speaks at the Euromoney Central and Eastern European Forum 2014, in Vienna. Italian December final HICP will be released at 0900GMT and is seen up 0.6% on year. At 1000GMT, the EMU November industrial output numbers will be released and is seen up a seasonally adjusted 1.4%. At 1800GMT, Bundesbank Vice-President Sabine Lautenschlaeger will speak on "European bank union: status quo and outlook." Then, at 1830GMT, Spanish Prime Minister Mariano Rajoy will deliver a speech in Washington. UK inflation data due at 0930GMT and will be in focus, most see the y/y number to remain unchanged at 2.1% though others comment that last year's increase in energy prices could feed through to raise that to 2.2%.

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • 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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