Asia ended the week in a rather quiet fashion today, with no notable data on the docket and no real news to drive the markets, many traders seemed to be relegated to the sidelines as spectators only. Regardless of the fact that US equities were higher earlier, Asian stocks were mixed early and risk aversion was ever so slightly apparent as the Yen and Dollar both took steps higher in thinned trading. EUR/USD continued south after hitting a weekly high of 1.4070 in NY, the pair entered the day at 1.4020 levels, and touched just above 1.3960 on the downside.
GBP/USD was softer as well, dropping about 70 pips to its low of near 1.6268. The Pound reversed to just short of 1.6325 as the day progressed and Asian stocks looked to end a losing week higher for the day.
USD/JPY began the day right near 93.00 and ultimately looked to end the day at similar levels after posting a high near 93.20 and a low near 92.75 in a directionless market. The Yen was stronger versus the crosses, with EUR/JPY slipping almost a handle from a 130.60 high to a low of 129.68, and GBP/JPY once again posting a large move, today falling from a 152.15 high to touch bottom in the 150.95 ballpark. Japanese CGPI, the price at which manufacturers' sell goods, dropped -6.6% from last year, the largest decline on record, showing there were still clouds on the recovery horizon. By sessions end Yen gains were pared with stocks pushing out of the red and risk aversion subsiding. The high yielding Aussie and Kiwi were both losers again today against both the dollar and yen making that four consecutive weeks in a row of losses for AUD/JPY.
Tomorrow brings US and Canadian Trade balance and next week we should witness the full brunt of US earnings season on Wall Street. Have a nice weekend.
Upcoming Economic Data Releases (London Session) prior expected
| 7/10/2009 | 6:00 | GE | Wholesale Price Index (MoM) | JUN | 0.10% | - - |
| 7/10/2009 | 6:00 | GE | Wholesale price Index (YoY) | JUN | -8.90% | - - |
| 7/10/2009 | 6:45 | FR | Industrial Production (MoM) | MAY | -1.40% | -0.20% |
| 7/10/2009 | 6:45 | FR | Industrial Production (YoY) | MAY | -18.80% | -15.80% |
| 7/10/2009 | 6:45 | FR | Manufacturing Production (MoM) | MAY | -0.50% | 0.40% |
| 7/10/2009 | 6:45 | FR | Manufacturing Production (YoY) | MAY | -19.70% | -17.00% |
| 7/10/2009 | 6:45 | FR | Central Govt. Balance (Euros) | MAY | -71.9B | - - |
| 7/10/2009 | 6:45 | FR | Current Account (EURO) | MAY | -3.1B | - - |
| 7/10/2009 | 8:30 | UK | PPI Input NSA (MoM) | JUN | 0.40% | 0.80% |
| 7/10/2009 | 8:30 | UK | PPI Input NSA (YoY) | JUN | -9.40% | -12.10% |
| 7/10/2009 | 8:30 | UK | PPI Output n.s.a. (MoM) | JUN | 0.40% | 0.30% |
| 7/10/2009 | 8:30 | UK | PPI Output n.s.a. (YoY) | JUN | -0.30% | -0.80% |
| 7/10/2009 | 8:30 | UK | PPI Output Core NSA (MoM) | JUN | 0.20% | 0.20% |
| 7/10/2009 | 8:30 | UK | PPI Output Core NSA (YoY) | JUN | 1.20% | 1.10% |
| 7/10/2009 | 9:30 | GE | Germany's Steinmeier Briefs VAP Foreign Press in Berlin | 10-Jul |
