- Asian session: The euro was 0.2 percent from a two-week low
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Asian session: The euro was 0.2 percent from a two-week low
01:00 Australia CPI, q/q Quarter I
+0.2% +0.7% +0.4%
01:00 Australia CPI, y/y Quarter I +2.2% +2.8% +2.5%
03:30 Australia RBA Assist Gov Lowe Speaks
The euro was 0.2 percent from a two-week low before a German report forecast to show business confidence fell in the currency bloc's largest economy, fueling speculation the European Central Bank will cut interest rates. The Ifo institute's business climate index for Germany, based on a survey of about 7,000 executives, dropped to 106.2 in April from 106.7, according to the median estimate of economists surveyed by Bloomberg News before today's report. A German purchasing managers' index unexpectedly fell yesterday, while the Bundesbank said in its monthly report this week that the nation's recovery may be delayed.
New Zealand's dollar jumped after central bank Governor Graeme Wheeler said growth has picked up. The Reserve Bank of New Zealand left its benchmark interest rate unchanged today at 2.5 percent. The RBNZ "does not want to see financial or price stability compromised by housing demand getting too far ahead of supply," Wheeler said in a statement.
Australia's currency dropped versus all of its major peers after data showed the nation's inflation slowed. In Australia, the so-called trimmed mean gauge of core prices rose 0.3 percent in the first quarter from the previous period, the Bureau of Statistics said in Sydney today, compared with the median forecast of economists of a 0.5 percent gain.
The yen swayed between gains and losses as investors speculated whether comments from the Bank of Japan this week can weaken it to 100 per dollar for the first time in four years.
EUR / USD: during the Asian session the pair traded in a range of $ 1.2985/05
GBP / USD: during the Asian session the pair rose to $ 1.5250.
USD / JPY: during the Asian session the pair fell to Y99.15.
The European calendar gets underway at 0700GMT, with the release of the Spanish March PPI numbers. The main release on the Continent is expected at 0800GMT, with the release of the April IfO business survey. Also at 0800GMT, the Italian February retail sales numbers will cross the wires. The US calendar starts at 1100GMT, when the MBA Mortgage Index data for the April 19 week will cross the wires. At 1200GMT, German Chancellor Angela Merkel gives a speech at a conference, in Frankfurt. Also at 1230GMT, ECB Executive Board member Yves Mersch is slated to speak, in Dresden, Germany, while Vice-President Vitor Constancio presents to the Economic and Monetary Affairs Committee in Brussels. At 1315GMT, ECB Governing Council member Jens Weidmann is scheduled to speak on bank regulation in a monetary union, in Dresden. At 1430GMT, the latest EIA Crude Oil Stocks numbers are released. The last calendar entry is at 1730GMT, when Germany German Chancellor Angela Merkel and European Council President Herman Van Rompuy meet in Berlin.
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