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S & P menurunkan rating Rusia menjadi BBB-, outlook negatif

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Friday, 25 April 2014 14:24

Standard & Poor memangkas rating sovereign Rusia oleh satu tingkat ke ' BBB - ' dengan outlook negatif pada Jumat , mengatakan bahwa ia melihat risiko untuk prospek pertumbuhan negara dan selanjutnya arus keuangan besar karena ketegangan dengan Barat .

The ' BBB - ' level rating adalah investment grade terendah di atas status ' junk ' .

Selain itu , mata uang lokal rating jangka panjang Rusia juga diturunkan menjadi ' BBB ' dari ' BBB + ' .

" Situasi geopolitik tegang antara Rusia dan Ukraina bisa melihat arus yang signifikan tambahan baik modal asing dan dalam negeri dari ekonomi Rusia dan sehingga lebih melemahkan sudah melemahnya prospek pertumbuhan , " membaca pernyataan lembaga pemeringkat itu .

Rating cut datang setelah negara itu ditempatkan pada ulasan untuk downgrade oleh Moody `s pada 28 Maret dan Fitch Ratings memangkas prospek menjadi negatif .

Rusia rubel turun 0,67 % RUB 35,951 terhadap dolar AS , level terendah sejak 17 April di berita , masih ada 2,7 % off semua waktu rendah RUB 36,873 dari 3 Maret .

 
 

USD/JPY: Yen trades flat, trimming losses from inflation data

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Friday, 25 April 2014 14:17

Following investors' run to safe-haven assets on escalating tensions in Ukraine on Thursday, the yen eased somewhat on Friday, after Japanese Consumer Price Index (CPI) figures showed that inflation trend is not as strong as markets had hoped.

The yen was traded virtually flat, 0.02% higher at ¥102.33 at the time of writing, erasing the earlier 17-pip kneejerk drop seen after the CPI data release.

The data revealed a 22-year high in the Tokyo April CPI on knock-on effects from the sales tax hike.

The core CPI for the whole of Japan rose 1.3% in March, data from the Ministry of Internal Affairs and Communications showed on Friday.

The same measure for the Ku-area of Tokyo rose 2.7% in April compared to the same month a year ago, the release also revealed.

"Overall, the data are unlikely to support expectations for further BoJ easing measures at their meeting next week. In the absence of compelling Japan-specific drivers, USDJPY is now primarily being driven by developments in US yields and the global risk environment," FX strategists at BNP Paribas wrote in a note on Friday.

 
 

Tokyo prices highest in 22 years on sales tax hike

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Friday, 25 April 2014 14:13

Consumer prices in Tokyo have accelerated the most in 22 years after the government implemented the sale tax hike at the beginning of April, bringing the Consumer Price Index (CPI) closer to the Bank of Japan's (BoJ) targeted level, but with import prices still with a way to go.

The core CPI, measuring prices excluding volatile food components, rose 2.7% in the Ku-area of Tokyo in April compared to the same month a year ago, data from the Ministry of Internal Affairs and Communications showed on Friday.

The same measure of consumer prices for the whole of Japan rose 1.3% in March, the statistics also showed.

National CPI for all items accelerated to 1.6% year-on-year in March, marking the highest growth rate since 2008 thanks to pre-tax-hike demand and the pass-through of higher import costs due to yen deprecation. The Tokyo all-items CPI figure was broadly in line with expectations, with rising to 2.9% from 1.3% as a result of the consumption tax hike.

The data measuring relative price level changes in Japan are measured in two separate sets, with the Ku-area of Tokyo being the leading indicator as it gives an indication of inflation rate for the current month, while the data for the whole of Japan are delayed by one month. As a result, inflation for Tokyo is considered a leading measure of inflation in Japan.

"While the consumption tax hike at the beginning of April lifted inflation in the capital region close to 3%, price pressure should abate in coming months as import prices have moderated," Marcel Thieliant, Japan economist at Capital Economics commented after Japan's inflation release.

While overall inflation, including all the items in the CPI basket, rose 0.3% in the whole of Japan in March compared to February, the monthly change in the relative price level in Tokyo rose 2.0% between April and March this year.

Also, monthly changes in core inflation picked up 1.9% in Tokyo between April and March this year, meaning that it was the tradable sector's prices that drove inflation rate higher. In fact, the biggest jump in prices was that of clothes and footwear, which rose 4.1% in April compared to March, reflecting the sales tax hike the most.

"With the yen essentially stable over the past year, import price inflation has fallen sharply in recent months, and it is only a matter of time before consumer prices start moderating, too. The upshot is that the BoJ still has more work to do to reach its 2% inflation target," Thieliant further noted.

Rising price levels underscore the government's bid to reverse the 15-years of deflation which has hampered investment and economic growth. Under Prime Minister Shinzo Abe and his three-pillar strategy of monetary easing, fiscal stimulus, and structural reforms, Japan has seen the first signs of what could be an escape from the destructive effects of deflation.

Economic growth soared at the start of Abe's term in office, rising 1.1% in first quarter of 2013, but is now losing steam, rising only 0.2% for the fourth quarter of 2013. The yen has weakened 22.72% since Abe took office in December 2012 after the BoJ introduced its massive quantitative easing policy in April last year to help boost exports and support local industries.

The BoJ has decided to adopt an explicit price stability target of 2% and also to adopt open-ended asset purchasing in an attempt to end the two-decades of deflation in Japan, the central bank informed on January 22 last year.

 
   

AUD/USD: Aussie edges higher, but set for weekly loss

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Friday, 25 April 2014 14:09

The Australian dollar edged higher on Friday, but will finish the week under $0.93 as there are no scheduled events that could boost the currency above the threshold. Australia's stock market is closed due to bank holiday.

The aussie lost ground on Wednesday, after inflation data is not likely to trigger any rate hike in the short term.

The aussie lost nearly 1% following the data, but managed to trim some losses towards the end of the week. It rose 0.14% to $0.9276 at the time of writing on Friday, but was still trading near its weakest levels since early April.

The aussie has erased most of April's gains, driven by a weakening US dollar, as Federal Reserve Chair Janet Yellen shattered the early rate hike rumors on the market that could have pushed the greenback higher against its major counterparts.

After Wednesday's domestic Consumer Price Index release, no further macroeconomic events are scheduled in Australia for the rest of week, as Friday will be a bank holiday due to Anzac Day, which remembers veterans from Australia and New Zealand.

Consumer prices in Australia accelerated on an annual basis to 2.9% in the first quarter, remaining at the upper end of the Reserve Bank of Australia's target range of 2% to 3%.

 
 

Crude rises as Ukraine crisis heats up, stirs supply fears

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Friday, 25 April 2014 01:55

Crude futures rose on Thursday after tensions between Russia and Ukraine heated up, with Moscow threatening action if Kiev continues to crackdown on separatists.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.94 a barrel during U.S. trading, up 0.49%. New York-traded oil futures hit a session low of $101.43 a barrel and a high of $102.35 a barrel.

The June contract settled down 0.30% at $101.44 a barrel on Wednesday.

 
   

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Date Curr Event Importance Actual Forecast Previous
Fri Apr 25 08:30 GMT GBP GBP Retail Sales Incl. Auto (MoM) Medium -0.4% 1.7%
Fri Apr 25 08:30 GMT GBP GBP Retail Sales Incl. Auto (YoY) Medium 3.8% 3.7%
Fri Apr 25 08:30 GMT GBP GBP BBA Loans for House Purchase Medium 48950 47550
Fri Apr 25 08:30 GMT GBP GBP Retail Sales (MoM) Medium -0.5% 1.7%
Fri Apr 25 08:30 GMT GBP GBP Retail Sales (YoY) Medium 3.8% 3.6%
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