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30.01.2014 07:09

Asian session: The greenback rose

00:00 Australia HIA New Home Sales, m/m December +7.5% +0.4%

00:30 Australia Import Price Index, q/q Quarter IV +6.1% +2.1% -0.6%

00:30 Australia Export Price Index, q/q Quarter IV +4.2% -0.5% -0.5%

01:45 China HSBC Manufacturing PMI (Finally) January 49.6 49.6 49.5

The greenback rose yesterday against most emerging-market currencies as the Federal Reserve cut monthly bond buying by $10 billion, offsetting efforts in South Africa and Turkey to bolster their currencies through interest-rate increases. The Fed said yesterday it will trim its monthly bond buying to $65 billion from $75 billion, sticking to its plan for a gradual withdrawal from departing Chairman Ben S. Bernanke’s unprecedented easing policy. It has undertaken three rounds of bond buying since 2008 under the quantitative-easing stimulus strategy, swelling its balance sheet to a record $4 trillion.

Data in the U.S. today will show gross domestic product expanded at a 3.2 percent annualized pace in the fourth quarter, while private consumption grew 3.7 percent, according to the median forecasts of economists surveyed by Bloomberg.

The Australian and New Zealand dollars fell after a private report signaled a slowdown in Chinese manufacturing. A Purchasing Managers Index by HSBC Holdings Plc and Markit Economics of China’s manufacturing sector declined to 49.5 in January from 50.5 a month earlier, and compared to the 49.6 median forecast in a Bloomberg survey. A number below 50 indicates contraction.

Demand for the kiwi also weakened as its central bank held rates steady, disappointing some traders who were betting on an increase. In New Zealand, Reserve Bank Governor Graeme Wheeler kept benchmark rates at a record-low 2.5 percent at a policy meeting today. Swaps trading prior to the decision had priced about an even chance of an increase. The kiwi dollar slumped 0.5 percent to 81.74 U.S. cents and fell 0.4 percent 83.69 yen.

EUR / USD: during the Asian session the pair fell to $ 1.3640

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6540-60

USD / JPY: during the Asian session, the pair rose to Y102.55

It will be another busy day on both sides of the Atlantic Thursday, although markets will continue to look back at the FOMC's decision to continue reducing new stimulus in the US economy. The European calendar kicks off at 0700GMT, with the release of the German December ILO employment data. Then, at 0800GMT, German Economy Minister Sigmar Gabriel speaks before parliament, in Berlin. Also set for release at 0800GMT is the Swiss January KOFeconomic barometer numbers. The official German state unemployment release wilcross the wires at 0855GMT. Amalgamated EMU data set for release at 1000GMT includes the January economic sentiment survey, the business and consumer survey and the business climate index.

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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