ZuluTrade Blog

USDJPY rose to a 6 month high...

Market View | Thursday, November 15, 2012 3:27 AM GMT

Good Morning,


- USDJPY rose to a 6 month high on prospects Japanese elections next month will hand power to the opposition party that advocates more aggressive monetary easing (high USDJPY 80.95/EURJPY 103.21). Opposition party leader Abe made strong comments that he wants the BOJ to target inflation, will work to weaken JPY and increase government spending should he win the election. EUR-cross trades the dominant theme, besides the EURJPY rally, many of these crosses trading at interesting chart levels (for example EURCAD 1.2800, EURGBP 0.8040 etc). It's Q3 GDP day today in Europe - France surprised already with a stronger than expected 3rd quarter GDP.

- French Prime Minister Jean-Marc Ayrault appealed to Germany for greater understanding of France and the French government's efforts to overhaul its economy and social welfare system, saying in an interview with a German newspaper that Paris and Berlin need to have greater understanding for each other.

- France Data Recap     Period     Survey    Actual   Prior       Last

* GDP qoq               Q3          0.0 %     0.2 %    0.0 %      -0.1 %

* GDP yoy               Q3          0.0 %     0.2 %    0.3 %       0.1 %

- The U.K.’s top Aaa rating will be assessed at the beginning of next year as the nation’s economy slows amid government efforts to reduce deficits and Europe’s debt crisis, according to Moody’s Investors Service.

- The head of Japan's main opposition party, Shinzo Abe, said on Thursday he wants to work with the Bank of Japan to reverse the trend for yen strength as it hurts the competitiveness of small firms.

- Shinzo Abe, head of the opposition Liberal Democratic Party, speaks in Tokyo: * Reiterates call for Bank of Japan inflation target of up to 3 percent and says central bank benchmark rate should be lowered to zero or below * Says BOJ shouldn’t wait to implement further easing until Governor Masaaki Shirakawa’s term ends in April * Will increase public spending if LDP takes power


- Japan Data Recap          Period     Survey      Actual    Prior

* Housing Loans              Q3          -         3.0 %      2.7 %

* Tokyo Condominium Sale     Oct         -       -14.4 %     -9.3 %

 - China unveils new leadership under Xi Jinping, PBOC chief Zhou dropped from Central Committee


- Australia Data Recap             Period   Survey   Actual   Prior

* Consumer Inflation Expectation     Nov       -      2.2 %     2.6 %

* New Motor Vehicle Sales yoy        Nov       -      8.6 %    14.1 %


- New Zealand Data Recap       Period    Survey     Actual    Prior

* Business PMI                   Oct        -        50.5      48.5

* ANZ NZ Job Ads mom             Oct        -        -0.8 %    -3.0 %

* ANZ Consumer Confidence        Nov        -       114.1     110.5


- President Barack Obama said he is open to "new ideas" to raise tax dollars from wealthy Americans beyond simply returning to higher, Bush-era tax rates, showing some flexibility as he enters negotiations with Republicans. But he said it will be difficult to find an alternate way.

- Federal Reserve officials generally gave positive reviews during a policy meeting last month to their latest round of bond-buying, but they remained divided over whether to continue those programs next year, according to minutes of the central bank's policy meeting released Wednesday.

- Federal Reserve Bank of San Francisco President John Williams said the central bank will probably buy about $85 billion in bonds per month starting in early 2013 and continue purchasing securities well into the second half of the year.





US Empire Manufacturing Nov


US Initial Claims


US Philly Fed Index Nov


Fed Lacker


Fed Bernanke


Fed Fisher


Fed Plosser


Germany GDP Q3


Spain GDP Q3


Italy GDP Q3


Eurozone GDP Q3


Eurozone CPI Oct


ECB Asmussen


ECB Draghi & PM Monti


ECB Asmussen


UK Retail Sales Oct


Sweden Unemployment Rate Oct


Norway Trade Balance Oct


Canada Manufacturing Sales Sep


Canada Existing Home Sales Oct


Have a nice day

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