Asian sesion: Yen under pressure after S&P cuts Japan rating to AA-, outlook stable.

The euro was near a two-month high versus the dollar before a German report that’s forecast to show consumer prices rose at the fastest pace in two years, adding to signs the recovery in Europe’s largest economy is picking up.

The single currency headed for a monthly gain against 14 of its 16 major counterparts on speculation that European Central Bank officials will reiterate today their concern that inflation will quicken.

The Australian dollar fell after Prime Minister Julia Gillard announced a one-off levy on most income earners to fund rebuilding after recent floods, damping demand for the South Pacific nation’s assets.

The dollar traded near a one-week low against the yen after the Federal Open Market Committee said an expansion in the world’s largest economy is “continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions.”

USD/JPY slowly creeping its way aback above Y83.00, after rate corrected back from initial react highs of Y83.08 to Y82.80 following the S&P Japan downgrade.

Ratings agency Standard and Poors cut Japan's long-term sovereign credit rating by one notch to AA-, whilst stating the outlook on the long-term rating is stable. Also Thursday, S&P said the short-term rating was affirmed at A-1+. S&P said the downgrade reflected their appraisal that Japan's government debt ratios will continue to rise further than envisaged before the global economic downturn hit the country.

EUR/USD: the pair decreased in around $1.3660.

GBP/USD: the pair slightly receded from the high reached yesterday.

USD/JPY: the pair sharply grown in around Y83.00.

UK data includes the January CBI Distributive Trades Survey at 1100GMT.

Today sees the meetings in Davos continue, with US Treasury Secretary Tim Geithner and ECB President Jean-Claude Trichet among the attendees. Thursday also sees the release of the state CPIs from Germany, which lead up to the release of flash HICP for January, which at the time of writing is forecast to come in at -0.3% m/m, +2.1% y/y.

At 1000GMT, the EMU economic sentiment survey is expected to edge up to a reading of 106.6. The EMU business climate indicator is also released.

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