2. HEADLINES
Race for weakness to see euro, sterling gain in
2013
The yen and dollar face a tough 2013 as the Japanese
and U.S. central banks print money furiously to
stimulate their economies, making the euro and
sterling unlikely relative winners despite Europe's
gloomy prospects.With a global economic recovery
looking shaky, analysts say the major central banks will
be happy to see their currencies weaken this year if it
helps their exporters to become more internationally
competitive.
RBI REFERENCE RATE Pound retreats after weak services PMI as
dollar gains
As on 4THJANUARY 2012
Sterling fell to its lowest in more than three weeks
against the dollar on Friday after weak UK services data
and as the dollar rose broadly after some U.S.
UNDERLYING RATE
policymakers called for monetary stimulus to be
USDINR 54.8458 slowed.Britain's dominant service sector shrank for the
first time in two years in December, a purchasing
EURINR 71.5405
managers' survey showed, suggesting the economy may
GBPINR 88.1646 have contracted in the fourth quarter of 2012 following
JPYINR 62.5000 a third quarter rebound.
Forex reserves up by $39.4 million to $296.58
billion
The country's forex reserves increased by $ 39.6 million
to $ 296.578 billion on the back of rise in currency
assets during the week ended December 28, the
Reserve Bank said today.
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6. FOREX FORTHCOMING EVENTS
DAY TIME CURRENCY DETAILS ACTUAL FORECAST PREVIOUS
THURSDAY 7:00 am GBP Asset Purchase Facility 375B 375B
THURSDAY 7:00 am GBP Official Bank Rate 0.50% 0.50%
THURSDAY Tentative GBP MPC Rate Statement
THURSDAY 7:45am EUR Minimum Bid Rate 0.75% 0.75%
THURSDAY 8:30am EUR ECB Press Conference
THURSDAY 8:30am USD Unemployment Claims 361K 372K
FRIDAY 4:30 am USD Manufacturing Production m/m 0.6% -1.3%
FRIDAY 8:30am USD Trade Balance -41.1B -42.2B
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