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20.01.2011 08:49

Asian session: The dollar rose

Data:
02:00 China GDP y/y +9,8%
02:00 China CPI y/y +4,6%
02:00 China  PPI y/y +5,9%
02:00 China  Industrial Production y/y +13,5%
02:00 China  Retail Sales y/y +19,1%
05:00 Japan Coincident Index 102,4
05:00 Japan Leading Economic Index 100,6

The dollar rose against the euro, snapping a three-day drop, as a decline in Asian stocks and speculation China will take more measures to cool growth boosted demand for the greenback as a refuge.
The U.S. currency strengthened versus 15 of its 16 major counterparts after a report showed China’s economic growth accelerated in the fourth quarter, adding pressure for monetary tightening. 
The yen rose for a second day versus Australia’s dollar as the stock losses damped demand for higher-yielding assets. 
New Zealand’s currency fell after a government report showed inflation quickened by less than some economists forecast.
China’s economic growth quickened to an annual rate of 9.8 percent in the fourth quarter, from 9.6 percent in the prior three months, the statistics bureau said in Beijing. Consumer prices rose 4.6 percent in December from a year earlier, compared with 5.1 percent the previous month.
Gains in the dollar were tempered before a report today that economists said will show continuing claims for U.S. jobless benefits increased.

EUR/USD: the pair decreased in around $1,3440.
GBP/USD: the pair decreased in around $1,5940.
USD/JPY: the pair bargained within the limits of Y82,00-Y82,25.

UK data includes SMMT Car Production at 0930GMT as well as the 1100GMT release of the CBI Industrial Trends Survey for January. France industrial orders for November rounds off European data at 1100GMT.
US data starts at 1330GMT, when initial jobless claims are expected to fall 25,000 to 420,000 in the January 15 employment survey week after rising 35,000 in the previous week. Claims were at a level of 420,000 in the December 18 employment survey week.

20.01.2011 08:42

Forex: Wednesday's review

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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