Asian session: The yen rose

The dollar rose toward a six-week high against the euro after Treasury yields climbed and economists projected that U.S. consumer confidence improved, boosting demand for assets in the world’s largest economy.

The greenback headed for a weekly gain against 12 of its 16 major counterparts before a report next week forecast to show U.S. housing starts advanced last month.

The yen rose versus the euro as tightening measures by China spurred drops in Asian stocks, supporting demand for Japan’s currency as a refuge.

China’s central bank raised reserve requirements yesterday after reports showed inflation and lending exceeded economists’ estimates in April, with consumer prices gaining more than 5 percent. The half-point increase in banks’ reserve requirements takes effect May 18 and will boost levels for the nation’s biggest lenders to a record 21 percent.

EUR/USD: the pair shown low in the field of $1,4180 then grown.

GBP/USD: the pair shown low in the field of $1,6240 then grown.

USD/JPY: the pair decreased in around Y80,40.

European data starts early, with the France flash Q1 GDP data, which is expected to come in at 0.6% q/q, 1.8% y/y. This is the first of the major Q1 flash GDP releases due this morning, which are likely to be seized upon by the press as showing the widening spread between the performance of the major economies and those on the periphery. The German GDP at 0600GMT is expected to show a rise of 1% q/q, 4.3% y/y.

US data starts at 1230GMT, when consumer prices are expected to reflect continued price pressures from food and energy, though to a lesser extent than in at the wholesale level. Overall CPI is forecast to rise 0.4% in April, while core CPI is expected to rise 0.1%. Then, at 1355GMT, the Michigan Sentiment Index is expected to rise slightly to a reading of 70.0 in early-May.

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