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05.03.2014 06:26

Asian session: The yen held its biggest decline in seven weeks

00:30 Australia Gross Domestic Product (QoQ) February +0.6% +0.7% +0.8%

00:30 Australia Gross Domestic Product (YoY) February +2.3% +2.5% +2.8%

01:45 China HSBC Services PMI February 50.7 51.0

The yen held its biggest decline in seven weeks versus the dollar after Russian President Vladimir Putin said he sees no immediate need to invade eastern Ukraine, tempering demand for safer assets. Putin said he’d only send soldiers to Ukraine in “an extreme case.”

The dollar may extend gains versus the yen before reports on U.S. jobs and services industries that will probably signal a continued expansion in the world’s largest economy. In the U.S., a report from ADP Research Institute in Roseland, New Jersey, is forecast to show companies added 155,000 workers to payrolls in February after hiring 175,000 the previous month, according to the median estimate of economists surveyed by Bloomberg News. Labor Department figures on March 7 will show payrolls rose 150,000 last month, economists forecast. The unemployment rate is projected to remain at 6.6 percent, the lowest level since October 2008.

The Institute for Supply Management’s non-manufacturing index probably slipped to 53.5 last month from 54 in January, a separate poll predicted before today’s release. Readings greater than 50 signal expansion.

Australia’s dollar held a two-day advance after data showed economic growth last quarter beat economists’ estimates. Gross domestic product expanded 0.8 percent in the three months ended December from the previous quarter, according to a Bureau of Statistics report released in Sydney today. That exceeded the 0.7 percent growth estimated by economists.

EUR / USD: during the Asian session the pair fell to $1.3725

GBP / USD: during the Asian session, the pair traded in the range of $1.6635-75

USD / JPY: on Asian session the pair traded in the range of Y102.10-30

The European calendar gets underway at 0813GMT, with the release of the Spanish February services PMI data. That will be followed at 0843GMT by the Italian data, at 0848GMT by the French numbers, by the German data at 0853GMT and the consolidated Euro area data at 0858GMT. Overall, services PMI are seen flat on the previous month, with the overall EZ data seen unchanged at 51.7. Composite PMI numbers will also be released and are also seen unchanged at 52.7. Further Euro area data set for release at 1000GMT includes the 2nd estimate of the fourth quarter GDP and the January retail sales data. Retail sales are seen 0.8% higher on month, down 0.2% y/y. GDP is expected to be unrevised at 0.3% q/q. EU Economic and Monetary Affairs Commissioner Olli Rehn presents a report on EU macroeconomic imbalances, in Brussels at 1030GMT. The UK services PMI data will be released at 0928GMT. The US calendar gets underway from 1200GMT, when the February MBA Mortgage Index for the Feb 28 week will be published. At 1315GMT, the February ADP National Employment Report will cross the wires. Economists are looking for a reading of 155,000 - down from the previous month's 175,000 as the weather impacts. There is a string of US data expected at 1500GMT, with The February final Markit Services PMI, February ISM Non-manufacturing index and the February Help-wanted online data. The ISM non-manufacturing index is expected to decline in February to 53.5 after rising to 54.0 in January. The Markit Services Index already released posted a decline in the flash estimate for the month. Also due at 1500GMT is the Bank of Canada's latest policy announcement. Analysts are near unanimous the BOC will leave rates unchanged at 1%. At 1530GMT, the EIA Crude Oil Stocks data for the Feb 28 week will cross the wires. At the same time, Treasury Secretary Jack Lew testifies before the Senate Finance Committee on the FY2015 budget.

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