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24.01.2014 07:00

Asian session: The dollar pared its biggest weekly drop versus the yen

02:00 New Zealand Credit Card Spending December +3.5% -1.2%


The dollar pared its biggest weekly drop versus the yen since October amid speculation the Federal Reserve will decide to reduce stimulus at a meeting next week even after data showed signs that economic growth is slowing. The Federal Open Market Committee will reduce monthly asset purchases by $10 billion at each meeting to end the program this year, according to the median forecasts of economists in a Bloomberg survey. It next meets on Jan. 28-29.

The greenback rebounded from its steepest slide since August against the yen as a technical indicator signaled it might have fallen too far. Japan’s currency rose against most major peers yesterday after investors sought the safety of the nation’s assets amid a rout in emerging markets.

A report yesterday showed the number of Americans continuing to receive jobless benefits unexpectedly rose, after data earlier this month showed the U.S. added fewer jobs than analysts forecast. The number of Americans continuing to receive jobless benefits rose to 3.06 million in the period ended Jan. 11, the most since July, the Department of Labor said yesterday. Economists surveyed by Bloomberg News predicted a decline to 2.9 million. The economy added 74,000 jobs in December, according to Labor Department data on Jan. 10, versus a gain of 197,000 projected in a Bloomberg poll.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3680-00

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6520-40

USD / JPY: on Asian session the pair traded in the range of Y103.05-55


There is a full calendar Friday, although there is only limited releases in the US. However, the WEF continues in Davos and there will likely be a slew of comments from the greaT and good throughout the day. The European calendar gets underway at 0800GMT, when the Spanish December PPI data will cross the wires. That wull be followed by the release of the Dutch November consumer spending data at 0830GMT. Italian retail sales data will cross the wires at 0900GMT, with analysts looking for the on month data to come in flat. At 1100GMT, the ECB will announce the details of the latest repayments against the 1st and 2nd LTROs. Back in Europe, at 1400GMT, the Belgian January BNB business survey will be released. Economists are looking for an improvement to -5.7 from December's -6.4. At 1700GMT, ECB President Mario Draghi is slated to speak at the WEF in Davos, with the title: "The Path from Crisis to Stability." The UK December BBA Mortgage Approvals data will cross the wires at 0930GMT and will likely confirm the continuing surge in borrowing underpinned by the Government's Help to Buy  Bank of England Governor Mark Carney speaks in Davos at 1205GMT. Carney spoke in a BBC interview late Thursday and appeared to set the stage for the MPC restating forward guidance, However, he said there was no "immediate" need for a rate hike. The only issuance Friday sees the UK sell a total stg 3 bn in 1, 3 and 6-month T-bills.

Market Focus

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  • Eurozone: Consumer Confidence, January -4.9
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