The main feature of forex trade in Asia overnight has been across the board strength in the JPY, as rumoured year-end buying (repatriation flows) turned up right on cue. USD/JPY has lost about a big figure from where it closed out Thursday in North America, presently at 97.80, while EUR/JPY has fallen to 132.65 from around 133.60.
While the JPY has seen decent strength, the pound continues soft, EUR/GBP presently up at .9390 from a North American close down around .9350. Budgeoning govenment spending and worries on how its going to be funded continue to weigh on the currency along with the parlous state of the economy.
For today, quite a few Economic data releases in Europe
07:45 GMT: French GDP Q-4 final expected -1.2% q/q, -1.0% y/y
08:30 GMT: Italian retailers confidence (Mar)
08:30 GMT: Italian services survey (Mar)
09:00 GMT: Italian industrial orders s.a (Jan) expected -4.5% m/m, -21.8% y/y
09:00 GMT: Italian industrial sales s.a (Jan)
09:30 UK GDP Q-4 final expected -1.5% q/q, -1.9% y/y
09:30 GMT: UK current account Q-4 expected -5.9 bln
10:00 GMT: Euro zone industrial new orderss s.a (Jan) expected -5.6% m/m, -28.4% y/y
10:30 GMT: Swiss KOF leading indicator (Mar) expected -1.55
