Most currency pairs ended the week in Asia in an orderly fashion after a week that saw the Yen stronger and the Euro higher and many people worldwide feeling a little bit better about things due to the equity rally. The big news happened yesterday in NY with the Swiss National Bank decision to go out and buy foreign assets to help calm its currency and fight deflation. This move sent USD/CHF 4 big figures higher and EUR/CHF over 5 big figures higher and the bank bought up foreign currencies. This led many to speculate that the same could be done with Japan in order to tame the ever-rising yen, but most dismiss this notion as the Swiss economy is not nearly as big a cog in the global wheel as Japan is. Japan had last intervened in the FX market in March 2004 to help stop the rapid rise of the yen which was helping to quash a Japanese recovery. Anyhow, today USD/JPY basically ended the session at net flat after trading in a range between 97.13 and 98.06. No fireworks here today folks...EUR/JPY remained close to unchanged as well, stuck in a range as well, in this instance between 125.39 and 126.58. EUR/USD remained close to the week's highs as it flirted with 130.00 pre Asia open by reaching 1.2945. Subsequently, the high in Asia became 1.2936 and the pair was poised to exit the session right near the .2900 figure.
Keep in mind that this weekend is the G-20 meeting in England and as is usual with these meetings the expectations are high and the results usually tend to disappoint. A team effort will be stressed at this particular clam bake, and although ineffectiveness is the status quo, you never know what might be said to spark a move in the FX markets.
Upcoming Economic Data Releases (London Session):
| 3/13/2009 | 7:00 | GE | Wholesale Price Index (MoM) | FEB | -0.40% | - - |
| 3/13/2009 | 7:00 | GE | Wholesale price Index (YoY) | FEB | -5.90% | - - |
| 3/13/2009 | 8:15 | SZ | Producer & Import Prices (MoM) | FEB | -0.80% | -0.20% |
| 3/13/2009 | 8:15 | SZ | Producer & Import Prices (YoY) | FEB | -0.90% | -1.20% |
| 3/13/2009 | 10:00 | EC | Euro-Zone Labour Costs (YoY) | 4Q | 4.00% | 3.60% |
| 3/13/2009 | 10:00 | EC | Euro-Zone Retail Sales (MoM) | JAN | 0.00% | 0.20% |
| 3/13/2009 | 10:00 | EC | Euro-Zone Retail Sales (YoY) | JAN | -1.60% | -2.30% |
| 3/13/2009 | EC | ECB's Stark Speaks in Tutzing, Germany | 13-Mar |
