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00:30 Australia Wage Price Index, q/q IV quarter +0.7% +0.8% +1.0%
00:30 Australia Wage Price Index, y/y IV quarter +3.6% +3.4% +3.6%
02:30 China HSBC Manufacturing PMI (preliminary) February 48.8 49.7
The dollar rose to a six-month high of 80.01 yen on speculation signs the U.S. economy is accelerating will reduce the case for more quantitative easing from the Federal Reserve. The U.S. currency gained for a fifth day versus the yen before data economists forecast will show the housing market is stabilizing.
Sales of previously owned homes in the U.S. probably rose for a fourth month in January, climbing 1.1 percent to a 4.66 million annual rate, the highest level since May 2010, according to the median estimate of economists surveyed by Bloomberg News before the National Association of Realtors releases its data today.
The euro was 0.2 percent from a three-month high versus Japan’s currency as the Greek government won a second bailout and sent debt-swap and austerity measures to parliament for approval. Euro-area finance ministers awarded 130 billion euros ($172 billion) in aid to Greece and reached an accord for greater debt relief from investor representatives in an exchange offer to tide the nation past a bond redemption next month.
Greece’s government agreed to fiscal measures, a voluntary debt swap known as private-sector involvement, and collective action clauses for bonds. Legislation needed to carry out those measures was submitted to lawmakers and posted on the Greek Parliament’s website.
The Australian and New Zealand dollars fell versus most major peers after a report signaled China’s manufacturing may shrink for a fourth month, spurring concern exports to the world’s fastest-growing major economy will drop. A preliminary reading of a purchasing managers’ index by HSBC Holdings Plc and Markit Economics showed the gauge was at 49.7 this month, after a final figure of 48.8 in January. A reading below 50 points to a contraction. January and February economic data are distorted by a weeklong Chinese holiday.
China is Australia’s biggest trading partner and New Zealand’s second-largest export destination.
EUR/USD: during the Asian session the pair the pair was in consolidation.
GBP/USD: during the Asian session the pair the pair was in consolidation.
USD/JPY: during the Asian session the pair gain, showed new month’s high.
On Wednesday At 0930GMT, the UK sees the release of the Feb BOE MPC Minutes. The minutes will again show divisions on the MPC, and while most analysts think the vote will have been unanimous in approving Stg50 billion in further quantitative easing there is a clear risk one or more members will have voted in favour of no change. France and Germany have moved to "harmonise" corporate tax rates by 2013, the Telegraph says. The paper says that will increase pressure on Ireland and the UK, as the EU will move to overall "harmonisation" of rates.
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