Market news
08.02.2011, 09:38

Asian session: The dollar and the yen fell

Data:
00:01 United Kingdom RICS House Price Balance (Jan) -31
05:00 Japan Eco Watchers Survey: Current (Jan) 44.3
05:00 Japan Eco Watchers Survey: Outlook (Jan) 47.2
The dollar and the yen fell against most major counterparts as Asian stocks gained before reports forecast to show German industrial output rebounded and U.S. small business confidence improved.
The pound strengthened for the first time in four days versus the greenback after U.K. data showed an increase in retail sales and improvement in the housing market. 
German industrial production increased 0.2 percent in December from the previous month, when it dropped 0.7 percent, a  survey of economists showed before today’s report. 
Losses in the dollar may be tempered before Federal Reserve Chairman Ben S. Bernanke testifies tomorrow at a hearing of the House Budget Committee.
A government report last week showed the U.S. unemployment rate unexpectedly dropped to 9 percent in January from 9.4 percent the previous month.
There’s a 49 percent chance U.S. policy makers will raise borrowing costs by December, according to interest-rate futures contracts on the Chicago Board of Trade. The probability was 33 percent a month ago. The benchmark rate has been at a range of zero to 0.25 percent since December 2008.

EUR/USD: the pair become stronger above a mark $1.3560.
GBP/USD: the pair become stronger in around $1.6150.
USD/JPY: the pair decreased in around Y82.10.

At 1100GMT, Germany industrial output for December is expected to rise by a reading of 0.2% m/m, 12.4% y/y.

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