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DPJ oppose dovish Iwata as we await US retail sales

Article By: ,  Financial Analyst
March 13, 2013 9:36 AM

Consolidation is the FX theme this morning as we await the US retail sales data at 12.30 today (four-hour time difference with the US). The report this month is of greater interest than normal as the markets will be looking to see if recent tax increases have had an impact on the US consumer, with the consensus looking for a 0.5% month-on-month rise.

The DPJ has said it would oppose the appointment of super dove nominee Iwata for deputy governor of the BoJ. This has taken the shine off the USD/JPY rally seen since the robust US jobs report, with the pair retracing over 100 points from the highs in Asia on Tuesday. The political view, though, is that Iwata is extremely popular with the smaller political parties in Japan and this will probably be enough to get him over the line into the deputies position.

Today’s data in Europe consists of EU industrial production as Italy goes to auction. Other data in the US includes retail sales figures along business inventories and mortgage applications. In Asia tonight the RBNZ meeting will be of market interest in light of the recent drought and the potential halt to rate hike expectations.

 


EUR/USD

Supports 1.2960-1.2890-1.2865 | Resistance 1.3085-1.3135-1.3210


USD/JPY

Supports 95.50-95.00-94.30 | Resistance 96.60-97.50-97.80


GBP/USD

Supports 1.4820-1.4803-1.4765 | Resistance 1.4965-1.45015-1.5105

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