Market news

11.05.2011, 08:02

Asian session:

Data:

02:00 China Producer Price Index (YoY) (Apr) 6.8%

02:00 China Retail Sales (YoY) (Apr) 17.1%

02:00 China Consumer Price Index (YoY) (Apr) 5.3%

02:00 China Industrial Production (YoY) (Apr) 13.4%

The yen maintained losses against most of its major counterparts as signs the global economic recovery is picking up supported stocks and commodities, damping demand for Japan’s currency as a refuge.

The dollar snapped a two-day loss against the euro before data forecast to show initial jobless claims dropped and retail sales rose.

The Australian dollar pared gains after China said today that inflation surpassed its target level for a fourth month, spurring expectations the nation will take more measures to cool growth.

China’s consumer prices rose 5.3 percent in April from a year earlier after gaining 5.4 percent in March, the National Bureau of Statistics said, showing that inflation had exceeded Premier Wen Jiabao’s 4 percent target each month this year. Separate reports showed China’s industrial production advanced 13.4 percent last month and retail sales grew 17.1 percent.

EUR/USD: the pair bargained within the limits of $1,4370-$ 1,4420.

GBP/USD: the pair bargained within the limits of $1,6340-$ 1,6380.

USD/JPY: the pair shown high in the field of Y81,11 then decreased in around Y80,75.

UK data includes BoE quoted rates data and also March trade data, at 0830GMT. The February visible trade deficit was the narrowest since the same month a year ago, and exports hit a record high, although it is far too early to declare success in the hoped for rebalancing of the UK economy, whereby improvements in net trade would offset weaker domestic demand. With the February figures boosted by erratics, analysts' median forecast is for a widening across the range of March deficits - visible to stg7.5 billion, total to stg3.3 billion and non-EU to stg3.4 billion. The UK then releases the Bank of England inflation report at 0930GMT, while also in the UK today, UK Chancellor George

Osborne Speaks at an IoD event at the 02 Arena.

US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while at 1230GMT, the international trade gap is expected to widen to $47.7 billion in March. Import prices surged in the month, though petroleum prices were again a large part of that gain. At the same time, Boeing reported 98 aircraft orders in March, up sharply from 21 in February. This is followed by the weekly EIA Crude Oil Stocks data at 1430GMT.

Later on, at 1800GMT, the U.S. Treasury is expected to post a $65.0 billion budget gap in the April tax month, smaller than the$82.7 billion gap in April 2010.

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