USA
• Dollar Weakens Versus Euro on Speculation Retail Sales Declined: Jan. 14
(Bloomberg) -- The dollar declined from a five-week high against the euro on
speculation reports this week will show U.S. retail sales and manufacturing
weakened as a recession spread through the world’s largest economy. The
dollar also fell for the first day in four versus the British pound after Federal
Reserve Chairman Ben S. Bernanke said fiscal policy alone won’t lead to a
lasting economic recovery, signalling the government may need to do more
to stimulate growth.
Figures out today:
1200 US Jan 9 MBA Mortgage Application Survey
Market Composite Index Prev 1143.8
1330 US Dec Import Prices Exp -6% vs Prev -6.7%
1330 US Dec Retail & Food Sales Overall Sales Exp -1.2% vs Prev -1.8%
1500 US Nov Business Inventories Total Inventories Exp -0.4% vs Prev -0.6%
UK
Figures out today:
0930 UK 3Q Profitability of UK companies
• LONDON, Jan 13 (Reuters) - Britain's top share index fell for the fifth straight session on Tuesday, led by banks on
worries over the impact of the economic downturn on their earnings. The index is down 0.8 percent this month and
had lost more than 31 percent last year, its biggest annual drop since its launch in 1984.
Europe
Figures out today:
0700 GER Annual GDP
GDP, Monthly Exp 1.4 vs Prev +2.5%
GDP, Yearly Exp 1.1 vs Prev +2.6%
1000 EU Nov IndustrialProduction
MoM Pct Change (Current Period) Exp -2.1% vs Prev -1.2%
YoY Pct Change (Current Period) Exp -6.7% vs Prev -5.3%
• The euro is higher against the dollar and yen on Wednesday, reversing its downturn on Tuesday. Bank of Australia
chief currency strategist Richard Grace warned the euro could yet drop back toward $1.31; the European Central Bank
was tipped to cut interest rates Thursday. The European Central Bank's Governing Council meets on Thursday, and
traders are wary of a potentially larger-than-
Australia and New Zealand
• Australian, N.Z. Dollars Strengthen as Stocks, Commodities Gain: Jan. 14 (Bloomberg) -- The Australian and New
Zealand dollars rose against Japan’s currency, rebounding from one-month lows, as stock gains and higher
commodities prices spurred demand for higher-yielding assets. The currencies snapped four-day losing streaks versus
the yen after government reports today showed home-building approvals in Australia and New Zealand increased in
November, suggesting interest-rate cuts are helping combat slowdowns in the two nations’ economies.
• Australian Dollar May Fall Versus Pound, Commonwealth Bank Says: Jan. 14 (Bloomberg) -- The Australian dollar
may fall 11 percent against the British pound on an outlook for a deepening global slowdown, narrowing interest-rate
advantage and rising foreign-exchange volatility, Commonwealth Bank of Australia said. Australia’s biggest bank
forecasts the Australian dollar, also known as the Aussie, will weaken to 41.29 pence by the end of this quarter, wrote
Richard Grace, chief currency strategist at Commonwealth Bank in Sydney, in a research note yesterday.
Commodities
• World oil prices are higher Wednesday, pushed up in reaction to OPEC's comments that the cartel was prepared for
"further measures" to shore u the market, analysts said. Prices were also partly boosted by a severe cold spell
sweeping across the northeast U.S., they said. Nymex for February gained $1.27 to $39.05 a barrel, while Brent
gained 26 cents to $45.09.
• Gold is up $4.75 at $825.05 an ounce..
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