Market news

07.02.2011, 10:17

Asisan session: The euro rose

Data:

00:30 Australia Retail sales (MoM) +0.2%

05:00 Japan Leading Economic Index 101.4

05:00 Japan Coincident Index 103.1

The euro rose against the majority of its major peers after European Central Bank board member Jose Manuel Gonzalez-Paramo said interest rates will have to rise if inflation doesn’t start to decline by the end of this year

Europe’s single currency snapped a three-day decline versus the dollar and climbed a second day versus the yen. German reports this week will show factory orders climbed from a year earlier and industrial production expanded. The pound rose against all 16 of its most-traded counterparts on speculation the Bank of England will be forced to raise interest rates to contain inflation.

German factory orders rose 21.3 percent in December from a year ago, the Economy Ministry will say today according to a survey. Industrial production expanded 0.2 percent in December, after falling 0.7 percent the previous month, a separate survey showed before tomorrow’s report.

The U.S. dollar weakened against the pound and the Swedish krona on speculation Federal Reserve officials may signal the job market hasn’t recovered sufficiently to require tighter monetary policy.

The pound rose before a report likely to show U.K. manufacturing expanded for an eighth month in December. Output rose 0.4 percent after a 0.6 percent gain in November, the Office for National Statistics is predicted to say Feb. 10.

EUR/USD: the pair shown high in the field of $1,3630 then decreased.

GBP/USD: the pair become stronger in around $1,6180.

USD/JPY: the pair bargained within the limits of Y82,15-Y82,50.

European data only starts at 1100GMT, when Germany manufacturing orders are expected to decline by a reading of -1.9% m/m after a strong gain the previous month, but still be higher by 20.8% y/y.

US data starts at 1430GMT with the weekly MNI Capital Goods Index, which is followed at 1500GMT by the Employment Trends Index for January and at 1530GMT by the weekly MNI Retail Trade Index. US data continues

at 2000GMT with Treasury Allotments By Class for January and also consumer credit usage, which is expected to rise $2.0 billion in December. Revolving credit likely continued its downward trend for the 29th straight month, while non-revolving credit is expected to rise. Retail sales rose 0.6% in the month, and were up 0.5% excluding motor vehicle sales.

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