JPY

Aussie car crash

Data/Event Risks GBP: MPC member Weale speaks early on, but only small risk of an impact on sterling. CAD: Inflation data is released at 12:30 GMT. The CAD has performed well in the face of the stronger dollar, only easing modestly vs. the greenback and holding below the 1.02 level for the most part. Inflation is seen falling further to 0.6% on the headline measure, with the core rate falling to 1.2% (from 1.4%). A weaker number could well serve undermine the resilience of the CAD seen so far this month.
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17/05/2013 @ 06:49 GMT

Dollar dominance

The dollar is once again dominant at the start of the European session. The weaker than expected German GDP data gave some impetus to the move, pushing EURUSD below the 1.29 level ahead of the Eurozone numbers due to be announced at 09:00 GMT. At the same time, USDJPY has carved out a new high for the year (again) at 102.62, with AUDUSD making a new low at 0.9852. The dollar itself (looking at the DXY dollar index) is 0.40% from the 2012 high (84.1). Breaking this would put the dollar at levels last seen nearly 3 years ago.
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15/05/2013 @ 08:00 GMT

The new reality

Data/Event Risks EUR: The ZEW data at 09:00 GMT the main data risk for the single currency. Focus will be on German data after the fall seen in last month’s release (sentiment back below 40 level), with market expecting a bounce back up to this level. Steady (last was 36.3) or lower would knock the euro. EU finance minister meet today, so just worth keeping an eye out for stray comments. Banking union is back on the agenda. AUD: Australia budget presentation at 09:30 GMT (see below).
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14/05/2013 @ 07:05 GMT

Stronger US sales lift dollar

EURUSD down 20 pips to 1.2950 after stronger US retail sales, rising 0.1%, vs. expectations for 0.3% fall. USDJPY at 102.00, AUDUSD 0.9957.
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13/05/2013 @ 12:34 GMT

Green light for the yen

The stance of G7 leaders on the yen and currencies in general remained unchanged at their meeting over the weekend. As such, the yen touched above the 102 level on USDJPY in Asia trade before pulling back to 102.60. Whilst there may be bigger concerns from Japan's major Asian trading partners (such a South Korea), G7 leaders appear content with the weaker yen, so long as policies do not specifically target exchanges rates.
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13/05/2013 @ 07:06 GMT

The suffering Aussie

Data/Event Risks EUR: Eurozone finance ministers meet later in the day, but there are no potentially market-moving events are on the agenda. Nevertheless, there always remains the risk of stray comments from finance ministers impacting the single currency. USD: Retail sales are seen falling 0.3% in April, after a 0.4% fall in March. Firmer data should be dollar supportive, although the positive relationship between strong data and the dollar has been declining recently.
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13/05/2013 @ 06:51 GMT

Breaking barriers

Data/Event Risks CAD: Labour market data the focus, especially after the disappointing numbers seen recently. The rate seen holding steady at 7.2%, with employment rising 15k (54.5k decline last month). The CAD held up fairly well to the stronger US dollar seen yesterday, but could play catch up with other weaker currencies if labour market data disappoints.
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10/05/2013 @ 07:08 GMT

EUR at session highs, EURJPY above 130

EURUSD at session highs just below 1.3140 after data showed German production rising 1.2% in March, market anticipating marginal decline. EURJPY back above 130.
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08/05/2013 @ 10:10 GMT

EUR and GBP hurting, JPY surging

The afternoon session is seeing both sterling and the single currency losing ground to the dollar, whilst the JPY has once again taken fright at the proximity of the 100 level on USDJPY. As such, EURJPY has retreated fairly sharply from the 130 level, with GBPUSD back below the 1.55 level. A close below here has not been seen for over a week now. There appear to be no specific reasons for the moves seen this afternoon, the only general feeling is that traders are reluctant to push significant breakouts, preferring the comfort of more established ranges.
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07/05/2013 @ 14:40 GMT

EUR up on stronger German data

In an otherwise quiet session, EURUSD has moved back above the 1.31 level on the back of stronger than expected German Factory Orders data for March, rising 2.2% MoM, the same as the prior month increase. EURJPY has also nudged back above 130 after the data.
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07/05/2013 @ 10:18 GMT

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