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24.02.2014 06:24

Asian session: The euro slid


The euro slid from a one-month high against the yen after European Central Bank President Mario Draghi reiterated a willingness to act if the outlook for inflation deteriorates. Data due for release today and on Feb. 28 are estimated to show consumer-price gains in Europe held at less than half the ECB’s target of 2 percent. Consumer prices rose an annual 0.7 percent in January after a 0.8 percent gain the previous month, the European Union’s statistics office will confirm today, according to the median estimate in a Bloomberg News survey of economists. A Feb. 28 initial estimate will probably show prices gained 0.7 percent again in February, signaling the fifth consecutive reading of less than 1 percent.

In the U.S., data today may show the Chicago Fed national index, a weighted average of 85 economic indicators, fell to minus 0.2 in January from 0.16 a month earlier, according to a Bloomberg survey. A reading below zero indicates below-trend growth in the national economy.

The Japanese currency strengthened against all 16 major counterparts as Chinese stocks led declines in Asian shares, boosting haven demand.

Australia’s dollar fell after iron-ore prices touched a week-low and amid reports of property-lending curbs in China. Iron ore declined to $122.40 a metric ton on Feb. 21, the lowest since Feb. 13, according to data from The Steel Index Ltd. Total inventory of the steelmaking material at Chinese ports monitored by Shanghai Steelhome Information Technology Co. climbed to 100.9 million tons in the week ended Feb. 21, the highest since at least March 2010.


EUR / USD: during the Asian session the pair fell to $ 1.3725

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6625-45

USD / JPY: on Asian session the pair fell to Y102.15


A light domestic calendar for the UK with focus expected to be on Germany Ifo (0900GMT) and EZ CPI (1000GMT).

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