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
- The Dollar gains as the markets tumble and investors seek a safe haven
Published On Fri, Jul 3 2009, 11:47 GMT - Dollar rises as the market are down and China still intends to use the greenback
Published On Thu, Jul 2 2009, 11:36 GMT - The YEN declines versus the Dollar and the Euro on Tankan Report
Published On Wed, Jul 1 2009, 11:45 GMT - Sterling rockets after good housing data and a weak Dollar
Published On Tue, Jun 30 2009, 11:30 GMT - The Dollar rises against most majors as China say the currency may still dominat
Published On Mon, Jun 29 2009, 10:33 GMT
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