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01.11.2011 09:04

Asian session: The euro fell versus the dollar and yen

00:00 Australia HIA New Home Sales, m/m September -3.5%

00:30 Australia House Price Index (QoQ) Quarter III -1.2%

00:30 Australia House Price Index (YoY) Quarter III -2.2%

01:00 China Manufacturing PMI October 50.4

01:30 Japan Labor Cash Earnings, YoY September 0.0%

02:30 China HSBC Manufacturing PMI October 51.0

03:30 Australia Announcement of the RBA decision on the discount rate 4.50%

05:30 Australia Commodity Prices, Y/Y October +19.0%

06:00 Japan BOJ Governor Shirakawa Speaks



The euro fell versus the dollar and yen on speculation an economic slowdown in the region will pressure the European Central Bank to consider cutting interest rates.

The Australian dollar fell for a third day against its U.S. counterpart after the Reserve Bank cut interest rates for the first time in 2 1/2 years on signs global growth is moderating. The so-called Aussie declined against its 16 major peers after RBA Governor Glenn Stevens said inflation is close to the central bank’s target, adding to prospects policy makers may further reduce rates. Demand for the Australian and New Zealand dollars was limited after data showed manufacturing in China, the South Pacific nations’ major trading partner, slowed.


EUR/USD: on Asian session the pair continues yesterday's falling.

GBP/USD: on Asian session the pair weakened.

USD/JPY: on Asian session the pair receded from session high.


Tuesday’s events in the UK start at 0700GMT with UK Nationwide house price data, which is expected to remain unchanged for October, edging up 0.5% y/y. This is followed by the Markit/CIPS Manufacturing PMI just before 0930GMT, which is expected to show a decline to the 50.0 level for October. The first estimate of UK third-quarter GDP data is due at 0930GMT and is currently forecast to post a rise of 0.4% q/q, 0.4% y/y.  US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed by the weekly Redbook Average at 1255GMT. US data at 1400GMT includes the ISM Index and Construction Spending. The ISM manufacturing index is expected to rise slightly to a reading of 52.0 in October.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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