The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥99.50 level and was supported around the ¥98.15 level. Bank of Japan ramped up its purchase of corporate bond purchases overnight, part of the central bank’s strategy to steer market interest rates lower and reduce credit strains in the capital market. BoJ Policy Board member Suda spoke today to business leaders. Q4 capital spending data will be released overnight. The Nikkei 225 stock index gained 0.85% to close at ¥7,290.96. U.S. dollar offers are cited around the ¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥125.60 level and was supported around the ¥122.35 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥140.70 level while the Swiss franc moved higher vis-à-vis the yen and tested bids around the ¥84.85 level. The Chinese yuan depreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8434 in the over-the-counter market, up from CNY 6.8413. Data released in China overnight saw the February Purchasing Managers Index improve to 49.0 in February from 45.3 in January. The Chinese media reported China is considering an additional fiscal stimulus to shore up the domestic economy.
SCHEDULE
Wednesday, 4 March 2009
all times GMT
(last release in parentheses)
0001 UK February Nationwide consumer confidence (40)
0030 Australia Q4 gross domestic product (0.1% q/q)
0030 Australia Q4 gross domestic product (1.9% y/y)
0130 Japan Bank of Japan Policy Board member Suda speaks
0200 NZ February ANZ commodity prices (-4.3%)
0845 Italy February PMI, services
0850 France February PMI, services (40.1)
0855 Germany February PMI, services (41.6)
0900 Eurozone February PMI, services (38.9)
0930 UK February PMI, services (42.5)
1000 Eurozone January retail sales (0.0% m/m)
1000 Eurozone January retail sales (-1.60% y/y)
1030 UK February BRC shop price index
1200 US MBA mortgage applications
1230 US February Challenger job cuts (222.4% y/y)
1315 US February ADP employment change (-522,000)
1500 US February ISM, non-manufacturing index (42.9)
1900 US Federal Reserve Beige Book
2350 Japan Q4 capital spending (-13.00%)
2350 Japan Japanese purchases of foreign equities and bonds
2350 Japan Foreign purchases of Japanese equities and bonds
Thursday, 5 March 2009
all times GMT
(last release in parentheses)
0030 Australia January building approvals (-2.90% m/m)
0030
Australia January trade balance (A$ 589 million)
0030 Australia January building approvals (-32.90% y/y)
0500 US February ICSC chain store sales
0745 France Q4 ILO unemployment rate
0750 France January producer prices (-1.40% m/m)
0750 France January producer prices (0.00% y/y)
1000 Eurozone Q4 gross domestic product (-1.50% q/q)
1000 Eurozone Q4 gross domestic product (-1.20% y/y)
1200 UK Bank of England interest rate decision
1245 Eurozone European Central Bank interest rate decision
1330 US Q4 non-farm productivity (3.2%)
1330 US Q4 unit labour costs (1.8%)
1330 US Weekly initial jobless claims
1330 US Continuing jobless claims
1330 Canada January building permits (-3.9% m/m)
1500 US January factory orders (-3.9%)
1500 Canada February Ivey PMI (36.1)
2230 Australia February performance of construction index (34.1)
Friday, 6 March 2009
all times GMT
(last release in parentheses)
0700 Germany January producer prices (-1.0% m/m)
0700 Germany January producer prices (4.3% y/y)
0815 CH February consumer price index (-0.8% m/m)
0815 CH February consumer price index (0.1% y/y)
0930 UK February producer price index, input (1.5% m/m)
0930 UK February producer price index, input (2.3% y/y)
0930 UK February PPI, output (0.1% m/m)
0930 UK February PPI, output (3.5% y/y)
0930 UK February PPI, core output (0.4% m/m)
0930 UK February PPI, core output (4.1% y/y)
0930 UK Q4 Bank of England housing equity withdrawal (-£5.7 billion)
1330 US February non-farm payrolls, net change (-598,000)
1330 US February unemployment rate (7.6%)
1330 US February average hourly earnings (0.3% m/m)
1330 US February average hourly earnings (3.9% y/y)
1330 US February average weekly hours (33.3)
2000 US January consumer credit (-US$ 6.6 billion)
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
SUPPORT RESISTANCE
L1. 87.05 92.70
L2. 86.00 96.05
L3. 84.50 98.90
