Dollar Set for Weekly Gain on U.S. Outperformance; Aussie Falls

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The dollar headed for a sixth weekly gain as traders bet the U.S. economic recovery will outpace the performance of Europe and Japan.

The euro held its first decline in four days before data today forecast to show the regions inflation matched the slowest pace since 2009, adding pressure on the European Central Bank to increase stimulus. The yen weakened after a report showed Japans household spending declined for a seventh month. The Aussie fell, while the Norwegian krone and Canadian dollar extended losses after OPEC members left their output target unchanged.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major counterparts, rose 0.2 percent to 1,101.96 as of 9:19 a.m. in Tokyo, on track for its highest close since March 2009. It has gained 0.2 percent this week.

The dollar advanced 0.3 percent to 118.10 yen. It added 0.1 percent to $1.2455 per euro. The yen slipped 0.2 percent to 147.09 per euro.

Australias dollar slid 0.4 percent to 85.12 U.S. cents. The krone weakened 0.4 percent to 6.9550 per dollar, after tumbling 1.4 percent yesterday. Canadas loonie fell 0.2 percent to C$1.1348 per U.S. dollar, adding to yesterdays 0.7 percent drop.

Source: Bloomberg

WTI Heads for Biggest Weekly Drop in Three Years on OPEC Action

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West Texas Intermediate headed for the biggest weekly decline in three years after OPEC took no action to ease a global supply glut and stem a slide in prices that has driven oil into a bear market.

Futures dropped as much as 8.1 percent in New York. The Organization of Petroleum Exporting Countries maintained its collective target of 30 million barrels a day, Ali Al-Naimi, Saudi Arabias oil minister, said yesterday after the 12-member group met in Vienna. WTI may fall as low as $60 a barrel during the next month, according to Energy Analytics Group.

Crude has collapsed about 36 percent since its June peak as the U.S. pumped at the fastest rate in more than three decades amid signs of weakening demand. OPEC is not sending œany signals to anybody and just wants a fair price, Secretary-General Abdalla El-Badri said at a press conference. Brent in London slumped 6.7 percent to a four-year low yesterday.

WTI for January delivery lost as much as $5.94 to $67.75 in electronic trading on the New York Mercantile Exchange and was at $68.76 at 10:13 a.m. Sydney time. Floor trading was closed yesterday because of the U.S. Thanksgiving holiday and transactions will be booked with todays for settlement purposes. Prices are down 10 percent this week, the most since May 2011.

Source : Bloomberg

Inflation of Japan Slows for Third Month in Challenge for Kuroda

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Japans consumer price gains slowed for a third straight month, challenging Bank of Japan Governor Haruhiko Kurodas effort to stoke faster inflation.

Consumer prices excluding fresh food increased 2.9 percent in October from a year earlier, the statistics bureau said today in Tokyo, matching the median projection in a Bloomberg News survey of economists. Stripped of the effect of Aprils sales-tax increase, core inflation -- the BOJs key measure -- was 0.9 percent.

Tumbling oil prices are complicating the task of stoking inflation in an economy that slid into recession last quarter. The inflation number is the last key data point on consumer price changes before an election next month, with Prime Minister Shinzo Abe seeking a renewed mandate for his economic growth strategy.

Kuroda said there was no limit to steps the BOJ could take to reach its 2 percent inflation goal after he led a divided board last month to increase stimulus.
The yen fell 0.2 percent against the dollar to 117.93 as of 8:34 a.m. in Tokyo.

Source: Bloomberg

Japan Stocks Rise as Investors Weigh Economic Data, Oil Prices

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Japanese stocks rose as investors weighed economic data and as oil prices slid after OPEC took no action to ease a global supply glut.

The Topix gained 0.5 percent to 1,398.10 as of 9:01 a.m. in Tokyo, with all but three of its 33 industry groups rising. The measure is headed for 0.2 percent loss this week and a 4.8 percent gain in November. The Nikkei 225 Stock Average added 0.5 percent to 17,330.84 today. The yen fell 0.1 percent to 117.88 per dollar, weakening for the first day in four.

Reports in Tokyo today showed Japans consumer prices rose 2.9 percent from a year earlier in October, slowing for a third straight month, while household spending dropped 4 percent. The jobless rate dropped to 3.5 percent from 3.6 percent, while retail sales unexpectedly declined 1.4 percent from September and industrial production rose 0.2 percent on the month, beating estimates for a 0.6 percent contraction.

West Texas Intermediate crude tumbled 6.3 percent to $69.05 a barrel in electronic trading, and Brent fell to the lowest since 2010. The Organization of Petroleum Exporting Countries maintained its production ceiling of 30 million barrels a day at a meeting in Vienna, resisting calls from Venezuela that a supply cut was needed to stem the rout that has sent oil prices into a bear market this year.

Through yesterday, the Topix is up 18 percent from an Oct. 17 low after the central bank added to quantitative easing and the $1.1 trillion pension fund pledged to buy more shares.

Source: Bloomberg

Most Asian Stocks Rise as Japan Climbs After Data; Energy Drops

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Most Asian stocks rose as Japanese equities advanced as investors weighed economic data including inflation. Energy shares led losses after oil prices plunged.

Almost two shares rose for each that fell on the MSCI Asia Pacific Index, which rose less than 0.1 percent to 140.84 as of 9:05 a.m. in Tokyo. The measure is heading for a 0.6 percent weekly advance, paring its monthly decline to 0.7 percent. Japans Topix index climbed 0.8 percent as the yen fell for the first time in four days. U.S. markets were closed yesterday for the Thanksgiving holiday.

The Asia-Pacific measure rebounded 5.3 percent from an Oct. 17 low through yesterday as the Bank of Japan expanded bond purchases, China cut interest rates and speculation grew the European Central Bank will take more stimulus measures. ECB President Mario Draghi said yesterday the bank is open to buying a wide variety of assets for further easing.

Japans consumer price index slowed a third straight month amid tumbling oil prices, challenging the BOJs efforts to stoke inflation. CPI growth excluding food fell in October to 2.9 percent from a year earlier from 3 percent the month before. Retail sales rose 1.4 percent from a year earlier after gaining 2.3 percent in September. The economy slid into recession last quarter after an April sales-tax increase damped consumer spending. Industrial production unexpectedly rose.

Source : Bloomberg