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By Christopher Vecchio, analyst of currency 13 June 2012 14: 09 GMT
basic titles
-Choice of the European destiny of the Merkel pits against the interests of German voters - Bloomberg
-Battles of Rajoy ECB of loans; Monti calls to Action of the EU - Bloomberg
-When Romney not so tough on China - Reuters
-Dimon foul controls on the risk - WSJ
-Pressure monte for Monti the Italy-WSJ
Summary of Asian and European Session
High and correlated with the active risk turned higher beta currencies at the end of yesterday U.S. session and in the demonstration continued throughout the Asian session on Wednesday. While the broader market a slight drop in Asia at the beginning, they have rebounded with a fervor in Europe and that was about it. No there was no big moves or outliers in FX, and as such, it is a very confusing image. While the New Zealand Dollar was brought to the rally past two weeks and continues to lead in the night, which piqued my interest is that the Japanese Yen has stabilized and appeared alongside the Kiwi as top interpreter.
In part, the rise of the Yen force is today because bad exceptionally data out of the United States which suggests the basic consumer weakens (long-argued in this column as the wage growth did not follow the pace of inflation) and that deflation can be implemented. Contracting of advance retail sales may alongside signs of deflation in the producer price index have established trade there in the short term, if only temporarily, with the USDJPY falling on the side of a place in gold. A deeper look at the data suggests that it is not the case, however, given that the main reason for the decline in the two reports is due to the decline in the price of oil.
Contrary to popular belief, deflation in oil is an event hailed, it down the costs of production of the finished products, which reduces their cost as well. It is widely publicized that the Federal Reserve takes a position anti-deflation, but what is more appropriate and what makes some appropriate deflation, including in the base rate, that is growth in wages over the past months has not kept pace with inflation. If the wage growth continues to trail, will introduce income and which, ultimately, is the greatest threat to the American economy.
The Dollar faded slowly these days, but the reappearance of the rise of the Yen is now referring to recital (new) which is coming on the record in the next few days. The Swiss National Bank meets tomorrow to their political quarterly meeting; The euro area and us inflation data is due; the Bank of the Japan meets Friday; and the second Greek election takes place Sunday. Given the expected results of these events - relaxation more considered short-term and disappointment in Greece - action price today by the Yen and more importantly, crude oil (sitting to $ 82.40/brl at the as of writing), asserts that this aversion to risk-is just around the corner.
Take a look at credit, Italian and Spanish credit deteriorate once again, with their respective yields 10-year note amounting to % and % 6.715 6.215. Stress is more apparent on the short end of the curve, with performance in Italian 2-year note passing 20, 9-base points to 4.678% yield.
USDJPY 5 min chart: 13 June 2012
Graphing with Marketscope - prepared by Christopher Vecchio
The Japanese Yen is the top performer, WINS 0.19% on the day against the US Dollar. Similarly, the New Zealand Dollar is 0.18 per cent more. The Euro and the Swiss Franc are poorly against the US Dollar, won 0.17% and 0.19%, respectively. The pound sterling is the worst performer, with the GBPUSD 0.16 per cent Wednesday so far.
24-Hour price Action
Main levels: 14: 05 GMT
So far, on Wednesday, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is low, trade 10172.30 at the time when this report was written, after opening at 10181.47. The index traded mostly lower, with the high in the 10196.09 and the 10161.52 low.
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By Christopher Vecchio, analyst of currency 13 June 2012 14: 09 GMT
basic titles-Choice of the European destiny of the Merkel pits against the interests of German voters - Bloomberg
-Battles of Rajoy ECB of loans; Monti calls to Action of the EU - Bloomberg
-When Romney not so tough on China - Reuters
-Dimon foul controls on the risk - WSJ
-Pressure monte for Monti the Italy-WSJ
Summary of Asian and European Session
High and correlated with the active risk turned higher beta currencies at the end of yesterday U.S. session and in the demonstration continued throughout the Asian session on Wednesday. While the broader market a slight drop in Asia at the beginning, they have rebounded with a fervor in Europe and that was about it. No there was no big moves or outliers in FX, and as such, it is a very confusing image. While the New Zealand Dollar was brought to the rally past two weeks and continues to lead in the night, which piqued my interest is that the Japanese Yen has stabilized and appeared alongside the Kiwi as top interpreter.
In part, the rise of the Yen force is today because bad exceptionally data out of the United States which suggests the basic consumer weakens (long-argued in this column as the wage growth did not follow the pace of inflation) and that deflation can be implemented. Contracting of advance retail sales may alongside signs of deflation in the producer price index have established trade there in the short term, if only temporarily, with the USDJPY falling on the side of a place in gold. A deeper look at the data suggests that it is not the case, however, given that the main reason for the decline in the two reports is due to the decline in the price of oil.
Contrary to popular belief, deflation in oil is an event hailed, it down the costs of production of the finished products, which reduces their cost as well. It is widely publicized that the Federal Reserve takes a position anti-deflation, but what is more appropriate and what makes some appropriate deflation, including in the base rate, that is growth in wages over the past months has not kept pace with inflation. If the wage growth continues to trail, will introduce income and which, ultimately, is the greatest threat to the American economy.
The Dollar faded slowly these days, but the reappearance of the rise of the Yen is now referring to recital (new) which is coming on the record in the next few days. The Swiss National Bank meets tomorrow to their political quarterly meeting; The euro area and us inflation data is due; the Bank of the Japan meets Friday; and the second Greek election takes place Sunday. Given the expected results of these events - relaxation more considered short-term and disappointment in Greece - action price today by the Yen and more importantly, crude oil (sitting to $ 82.40/brl at the as of writing), asserts that this aversion to risk-is just around the corner.
Take a look at credit, Italian and Spanish credit deteriorate once again, with their respective yields 10-year note amounting to % and % 6.715 6.215. Stress is more apparent on the short end of the curve, with performance in Italian 2-year note passing 20, 9-base points to 4.678% yield.
USDJPY 5 min chart: 13 June 2012
Graphing with Marketscope - prepared by Christopher VecchioThe Japanese Yen is the top performer, WINS 0.19% on the day against the US Dollar. Similarly, the New Zealand Dollar is 0.18 per cent more. The Euro and the Swiss Franc are poorly against the US Dollar, won 0.17% and 0.19%, respectively. The pound sterling is the worst performer, with the GBPUSD 0.16 per cent Wednesday so far.
24-Hour price Action
4-Hour Price Action
Main levels: 14: 05 GMTSo far, on Wednesday, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is low, trade 10172.30 at the time when this report was written, after opening at 10181.47. The index traded mostly lower, with the high in the 10196.09 and the 10161.52 low.
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