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02.12.2013 07:01

Asian session: The greenback fell versus most of its 16 major peers

00:30 Australia Building Permits, m/m October +14.4% -4.3% -1.8%

00:30 Australia Building Permits, y/y October +18.6% +17.0% +23.1%

00:30 Australia Company Operating Profits Quarter III -0.8% +1.0% -0.5%

01:45 China HSBC Manufacturing PMI (Finally) November 50.4 50.5 50.8

02:30 Japan BOJ Governor Haruhiko Kuroda Speaks

The greenback fell versus most of its 16 major peers after figures today and yesterday showed manufacturing in China continued to grow last month. The manufacturing PMI for China, the world’s second-biggest economy, held at 51.4 last month, beating analyst estimates, according to government data yesterday. Figures released today by HSBC Holdings Plc and Markit Economics also indicated a reading above the 50 level dividing expansion from contraction.

The euro strengthened before a report that may confirm a fifth-straight period of manufacturing growth in the 17-nation region, while the pound climbed before a factory output reading that may indicate an eighth month of expansion. Data on a similar gauge for the euro region today may confirm manufacturing expanded in November at the fastest pace in more than two years, the median estimate in Bloomberg News survey showed. A U.K. factory index may indicate output growth continued last month, maintaining an uninterrupted streak that began in April, according to a separate poll.

Japan’s capital spending rose 1.5 percent in the third quarter from a year earlier, a finance ministry report showed. Bank of Japan Governor Haruhiko Kuroda said today in Nagoya that he expects a gradual increase in spending and will monitor the impact of the yen’s correction on small companies.

EUR / USD: during the Asian session, the pair rose to $ 1.3615

GBP / USD: during the Asian session, the pair rose to $ 1.6440

USD / JPY: during the Asian session, the pair fell to Y102.20

There is a full calendar on both sides of the Atlantic Monday, with the European final manufacturing PMI data for November likely to be the early highlight. Key Eurozone data gets underway from 0800GMT, with the release of the French car registrations data for November. The first of the main euro area PMI numbers comes at 0813GMT, when the Spanish numbers cross the wires. Italian data follows at 0843GMT, with France at 0848GMT, German at 0853GMT and the amalgamated euro data at 0858GMT. PMI numbers are seen in line with the flash data, showing a region just about holding on to a recovery. German data is seen at 52.5. At 0900GMT, German October machine orders will be released at 0900GMT. At 0915GMT, ECB Vice-President Vitor Constancio will deliver a keynote speech at a banking conference in Dublin. The UK November CIPS/Markit Manufacturing PMI numbers will cross the wires at 0928GMT and is seen edging higher to 56.1 from 56.0. Further UK data is expected at 0930GMt, when the BOE's third quarter FLS Usage and Lending Data are set to be published. Across the Atlantic, at 1330GMT, Federal Reserve Chairman Ben Bernanke will deliver the welcoming remarks to the Fed's College Challenge Finals, in Washington. The US data calendar kicks off at 1358GMT, with the release of the final November Markit PMI data. At 1500GMT, the Construction Spending data for both September and October are due for release. Construction spending is expected to rise 0.5% in October. The September data will be released for the first time with the October data. The lack of housing starts data makes the residential construction data harder to forecast, but declines in the NAHB index in both September and October suggest some weakness. October building permits, however, were sharply higher and could suggest a turnaround in the near future. In October, public construction should have been cut due to the government shutdown. Also at 1500GMT, the November ISM Index will cross the wires. The index is expected to fall to a reading of 55.8 in November after rising slightly to 56.4 in October. Regional conditions were somewhat softer in the month based on the declines in a number of surveys, including the MNI Chicago report.

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