Market news
11.01.2011, 13:05

European session:

05:00     Japan Coincident Index     102,1
05:00     Japan      Leading Economic Index     101,0

The euro rose from near a three- month low against the yen after Japanese Finance Minister Yoshihiko Noda said it was appropriate for his nation to buy euro-area government bonds to support Ireland.
The single currency strengthened the most against the Australian and New Zealand dollars among its 16 major counterparts amid bets Japan’s bond purchases may help ease Europe’s debt crisis. The dollar gained for the first time in three days versus the yen before a U.S. report that economists said will show confidence among small businesses increased. Australia’s dollar fell to a four-week low as flooding in the state of Queensland worsened.
Europe’s financial aid funds for distressed governments will sell bonds to raise as much as 34.1 billion euros ($44.2 billion) for Ireland in 2011 and 14.9 billion euros in 2012, the European Commission said last month.
“The paper is going to be AAA, so of course it’s going to be oversubscribed with the euro rallying,” Kenneth Broux, a senior market economist at Lloyds TSB Corporate Markets in London, said of the planned European debt. “But the fact that Asian investors are going to buy these bonds isn’t going to resolve the crisis in some of the countries. The euro remains a sell on rallies.”

EUR/USD: traded within $1.2910-$1.2990 range. Offers: $1.3000, $1.3020/25. Bids: $1.2910/00, $1.2890/85, $1.2860, $1.2850, $1.2830/25, $1.2800.

GBP/USD: tested support at $1.5505/1.5495, before bounced back to the session high $1.5590.

USD/JPY: due to dollar weakness across the board eased back down through Y83.00 to Y82.90. Support seen towards Y82.65/70 with stops reportedly through Y82.60.

US data starts at 1245GMT with the weekly ICSC-Goldman Store Sales data. At 1330GMT, Philadelphia Federal Reserve Bank President Charles Plosser is due to deliver a speech on the economic outlook to the RMA
Philadelphia Chapter meeting. US data then continues at 1355GMT with the weekly Redbook Average, while at 1500GMT, the latest IBD/TIPP Economic Optimism Index and Wholesale Inventories data are due. Late US data includes the release of the weekly ABC/Wash Post Consumer Confidence Index.

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