• Asian session: The yen rose against all of its major peers

Market news

9 April 2012

Asian session: The yen rose against all of its major peers

 

00:00 Switzerland Bank holiday

00:00 Germany Bank holiday

00:00 France Bank holiday

00:00 United Kingdom Bank holiday

01:30 China CPI y/y March +3.2% +3.4% +3.6%

01:30 China PPI y/y March 0.0% -0.2% -0.3%

05:00 Japan Eco Watchers Survey: Current March 45.9 46.6 51.8

05:00 Japan Eco Watchers Survey: Outlook March 50.1 49.7


The yen rose against all of its major peers as data showing Japan returned to a current-account surplus and tensions over a North Korean rocket launch bolstered the allure of the currency as an investment haven. The yen has weakened almost 5 percent against the dollar since the Bank of Japan set a 1 percent inflation goal on Feb. 14 and increased its planned purchases of government bonds. The BOJ starts a two-day policy meeting today.

The euro touched a one-month low versus the Japanese currency before a German report that may show exports declined in February. Exports from Germany, the euro area’s biggest economy, probably decreased 1.2 percent in February from the prior month, when they rose 2.4 percent, a Bloomberg News survey of economists showed before the report due tomorrow.

The dollar weakened against the yen before data this week that may show inflation in the U.S. eased. U.S. consumer prices advanced 0.3 percent last month after climbing 0.4 percent in February, according to a separate survey of economists taken before the Labor Department’s April 13 release. The Labor Department reported last week that nonfarm payrolls increased by 120,000 last month, the smallest gain in five months.


EUR/USD: during the Asian session the pair fell to the last week’s low.

GBP/USD: during the Asian session the pair decreased, lowered below $1.5850.

USD/JPY: during the Asian session the pair traded in range Y81.20-Y81.55.


The data schedule starts at 1330GMT for the US on Monday, with the release of the weekly Capital Goods Index. This is followed at 1400GMT by the Conference Board Employment Trends and at 1430GMT by the weekly Retail Trade Index, while later data sees the 1900GMT release of Treasury Allotments By Class.

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