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01:30 Australia Investment Lending for Homes (Jul) 1.9% -4.4% 1
01:30 Australia Home Loans (Jul) 1.0% 1.6% 0.6%Revised from 0.0% 2
01:30 Australia Current Account Balance (Q2) -7.42B -7.10B -11.12BRevised from 11.12B 2
04:30 Australia RBA Monetary Policy Statement 2
04:30 Australia RBA Interest Rate Decision (Sep 6) 4.75% 4.75% 4.75%
12:55 USA Redbook (03.09)
14:00 USA ISM Non-mfg PMI (August) 53.3 51.3 52.7
14:00 USA ISM Non-mfg business index (August) 55.6 - 56.1
The Swiss franc extended declines versus the dollar and euro after the Swiss National Bank set a minimum exchange rate of 1.20 francs per euro.
According to the SNB's statement the current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development. The Swiss National Bank (SNB) is therefore aiming for a substantial weakening of the Swiss franc and set the minimum exchange rate at Chf1.2000/euro.
But even at a rate of CHF 1.20 per euro, the Swiss franc is still high and should continue to weaken over time. If the economic outlook and deflationary risks so require, the SNB will take further
EUR/USD rocketed from the lows around Chf1.4035 to the highs on $1.4280 before it retreated to current $1.4181. But the day was closed much lower - at $1.3970.
GBP/USD initially fell to $1.6060 before rallied to $1.6204. rate failed to hold above the figure and fell to $1.5920.
USD/JPY rose from Y76.70 to Y77.60. After some attemps to correct the rate rose to Y77.72.
In Europe attention will be on UK Manufacturing production data for July at 08:30 GMT.
Germany's Industrial production report comes at 10:00 GMT.
Later the focus will be on BOC's rate decision at 13:00 GMT.
Japan's international trade and current account will end the day at 23:50 GMT.
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