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Daily Analysis
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The Bears Roar Again Pushing the Yen higher
Wed, Oct 15 2008, 10:52 GMT
by Benny Menashe
The Yen gained broadly on Wednesday morning as investors showed concern that the credit crunch is reaching well beyond the financial sector, and might lead the global economy to a sharp slowdown. The carry traders were quick to close their sell position against the yen adding to its positive momentum. The Japanese investors repatriation is consider as another reason for the yen recent strength. The Japanese currency traded around the levels of 101.10 vs. the dollar and 138.50 against the Euro at 09:25 (GMT).
The euro continues to struggle as confidence in the EZ economy tumbles. The economic slowdown in the EZ is expected to be easier than that in the US. Nevertheless, the lack of flexibility compared to the US market will probably prolong the recovery in comparison with the US. The Euro deep to a three years low against the yen last week while some analyst expect the pair to decline more than 10% further. The euro traded around the levels of 1.3625 against the dollar and 138.00 vs. the yen at 10:05 (GMT).
The economic data for today will start with the CPI results for the month of September that is expected to stay unchanged at a rate of 3.6%. The US will publish the retail sales data for the month of September. The expectations are for a decline of 0.7%, if the result will be consistent with the forecast we might see some further pressure on the dollar.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 17:15 | Fed Chairman Bernanke Speaks | USD | 3 | |||
| 14:00 | Business Inventories m/m | USD | Aug | 1.10% | 0.50% | 2 |
| 12:30 | Core Retail Sales m/m | USD | Sep | -0.70% | -0.30% | 3 |
| 12:30 | PPI m/m | USD | Sep | -0.90% | -0.30% | 3 |
| 12:30 | Retail Sales m/m | USD | Sep | -0.30% | -0.60% | 3 |
| 12:30 | Core PPI m/m | USD | Sep | 0.20% | 0.20% | 2 |
| 9:00 | CPI y/y | EUR | Sep | 3.60% | 3 | |
| 9:00 | Core CPI y/y | EUR | Sep | 1.90% | 2 | |
| 8:30 | Claimant Count Change | GBP | Sep | 32.5K | 40.0K | 3 |
| 8:30 | Average Earnings Index +Bonus q/y | GBP | Aug | 3.50% | 3.50% | 2 |
| 8:30 | Unemployment Rate | GBP | Aug | 5.50% | 5.60% | 2 |
Published on Wed, Oct 15 2008, 10:54 GMT
Archive
- ECB may delay its stimulus exit amid concerns on Greece's deficit
Published On Tue, Feb 9 2010, 12:19 GMT - Sterling falls to a nine month low as the euro zone's debt worries investors
Published On Mon, Feb 8 2010, 12:25 GMT - Sterling & the euro fall as the BOE halts QE and Greece remains a concern
Published On Fri, Feb 5 2010, 12:27 GMT - Sterling falls on weak Service PMI data but the BOE may halt QE
Published On Thu, Feb 4 2010, 13:04 GMT - Sterling rises while the Euro plummets as the BOE eyes a halt to QE
Published On Thu, Jan 28 2010, 13:13 GMT
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