Asian session: The yen and Swiss franc rose

Data:01:30 Australia National Australia Bank's Business Confidence (Jul) 2
01:30 Australia Home Loans (Jun) 0.0%
02:00 China Producer Price Index (YoY) (Jul) 7.5%
02:00 China Consumer Price Index (YoY) (Jul) 6.5%
05:00 Japan Consumer Confidence Index (Jul) 37.0

The yen and Swiss franc rose versus the majority of their counterparts as concern about a U.S. economic slowdown and the euro-region’s debt crisis spurred demand for the two currencies as a refuge.

The dollar fell against the euro and yen on speculation the Federal Reserve today will reiterate its pledge to keep record monetary stimulus after global equities slid.

Australia’s dollar erased losses that took it to below parity versus the greenback as Asian stocks pared a decline.

The Federal Reserve meets today on monetary policy and may prolong a pledge to maintain record monetary stimulus, economists at JPMorgan Chase & Co., BNP Paribas and Goldman Sachs Group Inc. said.

EUR/USD: the pair become stronger in $1.4250 area.

GBP/USD: the pair become stronger in $1.6340 area.

USD/JPY: the pair shown low in the field of Y77.00 then receded.

UK data includes the Trade Balance and Index of Production for June at 0830GMT as well as BOE Quoted Rates data at the same time. The median
forecasts for these look for the visible trade balance to come in at -8.2 billion with total trade at -3.8 billion. IP is expected to rise
by 0.4% m/m, 0.2% y/y with manufacturing output up 0.2% m/m, 2.9% y/y. Also, at 1400GMT UK NIESR GDP growth data is due.
Federal Reserve policymakers face enormous challenges and pressures ahead of the 1815GMT announcement today.

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