Daily Forex News March 13th 2013 FCTOFX: The Japanese Yen stayed in tight range in the Asian session today after this week's selloff was halted by news that the opposition Democratic Party of Japan is going to vote down Iwata's appointment as deputy Bank of Japan governor. It's seen that markets have gone too far in pricing in aggressive quantitative easing once the team of Kuroda as governor and Iwata and Nakaso as deputy governors comes on board later this month. Thus, the uncertainties over Iwata's situation triggered some jitters in the markets. Nonetheless, it should be noted that the Democratic Party of Japan has already voiced support for both Kuroda and Nakaso and thus their appointment should be a matter of formality only. And even without Iwata: Kuroda will still pursue aggressive easing measures to bring Japan out of deflation.

1. Daily Forex News March 13th 2013
FCTOFX: The Japanese Yen stayed in tight range in the Asian session today
after this week's selloff was halted by news that the opposition Democratic
Party of Japan is going to vote down Iwata's appointment as deputy Bank of
Japan governor. It's seen that markets have gone too far in pricing in
aggressive quantitative easing once the team of Kuroda as governor and
Iwata and Nakaso as deputy governors comes on board later this month.
Thus, the uncertainties over Iwata's situation triggered some jitters in the
markets. Nonetheless, it should be noted that the Democratic Party of Japan
has already voiced support for both Kuroda and Nakaso and thus their
appointment should be a matter of formality only. And even without Iwata:
Kuroda will still pursue aggressive easing measures to bring Japan out of
deflation.
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2. Daily Forex News March 13th 2013
Indeed, even without the support of the Democratic Party of Japan, the
chances of Iwata’s approval isn't lost. The ruling Liberal Democratic Party
already has a majority in the lower house. And in the 242 seat upper house,
they have already got 102 seats: just 16 short of a majority. “Your party” has
11 seats while altogether other minority parties and independents hold 53
seats. That is more than enough for the Liberal Democratic Party to get the
16 votes needed. “Your Party”, “the Japan Restoration Party” and the “New
Renaissance Party” are all scheduled to announce their voting intentions
today. In any case, we'd expect the Japanese yen's selloff to resume sooner
or later after the situation is cleared.
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3. Daily Forex News March 13th 2013
The Australian dollar performed well against other major currencies this
week. GBP/AUD dropped to another record low of 1.4380 yesterday while
AUD/JPY jumped to a 4 year high of 99.56. However the Aussie lost some
momentum today as data showed home loans unexpectedly fell 1.5% in
January. Economists noted that it's the fourth straight month of decline in
home loan approvals and could raise the chance for another Reserve Bank of
Australia rate cut. However, it's also argued that the full impacts of last
year’s four rate cuts haven’t been reflected in the markets yet. And the
Reserve Bank will continue to stand pat and wait for the cuts to be passed on
to consumers before acting.
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4. Daily Forex News March 13th 2013
Elsewhere, markets are pretty directionless so far. Sterling dipped yesterday
on weak production data but recovered in the Asian session. The Euro is still
struggling around 1.3 against the dollar for the moment. US retail sales will
be the main focus of the day. Dollar and stocks have been strong recently
and have had positive responses to solid economic data from the US. The
DOW edged to a new record high of 14,450 yesterday but the S&P 500 and
NASDAQ failed to follow and ended the day lower. More positive data is
needed to sustain the rally in equities as well as the greenback. Retail sales
are expected to rise 0.5% in February with ex-auto sales up 0.5%. The US will
also release import price index and business inventories.
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5. Daily Forex News March 13th 2013
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daily weekly and monthly maximum drawdowns set from just 1% to 25%. We
currently have 14 co-existing strategies, trading over 17 currency pairs,
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