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01.03.2012 09:19

Asian session: The dollar fell against most major peers


00:30 Australia Building Permits, m/m January -1.0% +2.1% +0.9%

00:30 Australia Building Permits, y/y January -24.5% -13.7% -14.6%

00:30 Australia Private Capital Expenditure IV quarter +12.3% +3.9% -0.3%

01:00 China Manufacturing PMI February 50.5 50.9 51.0

02:30 China HSBC Manufacturing PMI (finally) February 48.8 49.7 49.6

05:30 Australia RBA Commodity prices, y/y February +6.0% +3.5%

The dollar fell against most major peers before a report forecast to show a U.S. manufacturing index rose for a fourth month. The U.S. economy expanded at a “modest to moderate pace” in January and early February, fueled by manufacturers, including automakers, the Fed said yesterday in its Beige Book business survey.

Higher-yielding currencies including the Australian and New Zealand dollars gained after Japanese companies’ capital spending jumped by the most in almost five years in the fourth quarter, brightening the outlook for global growth.

China’s purchasing managers’ index rose to 51.0 last month from 50.5 in January, the nation’s statistics bureau and logistics federation said in a statement today. China is Australia’s biggest trading partner and New Zealand’s second- largest export destination.

The Australian dollar pared an earlier gain versus the yen after the Bureau of Statistics said the number of permits granted to build or renovate houses and apartments gained 0.9 percent in January from the previous month when they dropped a revised 0.8 percent. The result compares with the median forecast of a 2 percent rise in a separate Bloomberg poll.

Another report showed business investment in Australia unexpectedly fell 0.3 percent in the fourth quarter from the previous three-month period.

Demand for the euro was limited before European Union leaders meet in Brussels today to discuss the region’s debt crisis. The EU said “serious action” is needed to revive economic growth across the region, according to an issues paper prepared for the two-day summit. As EU leaders grapple with how to overhaul and jump-start their economies, the Brussels meeting will focus on growth and postpone discussion of Europe’s financial-crisis firewall. Luxembourg Prime Minister Jean-Claude Juncker backed combining the EU’s temporary rescue fund with a permanent bailout facility that comes online later this year, after German objections derailed a decision this week.

EUR/USD: during the Asian session the pair restored after yesterday's falling.

GBP/USD: during the Asian session the pair advanced, remaining above $1.59.

USD/JPY: during the Asian session the pair decreased, after yesterday's growth.

UK data starts early on Thursday with the 0700GMT release of the latest Nationwide House Price index. UK data also sees the Markit/CIPS  Manufacturing PMI at 0928GMT. At 1000GMT, Bank of England MPC member David Miles delivers a speech at a  ro.manchester Business Conference. This morning also sees the release of the final Manufacturing PMI figures from core-Europe, including France at 0848GMT, Germany at 0853GMT and the main EMU data at 0858GMT. EMU data at 1000GMT includes flash HICP, which is expected to come in at 2.6%, while at the same time January unemployment is expected to remain at 10.4%. The scheduled US data calendar starts at 1330GMT when initial jobless claims. PCE is expected to also rise 0.4% in the month, as retail sales rose 0.4% and were up 0.7% excluding motor vehicle sales. The core PCE price index is forecast to post another 0.2% rise. At 1500GMT, Federal Reserve Chairman Ben Bernanke repeats his prepared semi-nnual monetary policy report to the Senate Banking Committee, followed by Q&A. At 1730GMT, Atlanta Fed President Dennis Lockhart speaks to the Atlanta Fed's Banking Industry Outlook Conference. Late US data includes the 2100GMT release of M2 Money Supply. Later on, into 0300GMT Friday, San Francisco Fed President John Williams discusses the

economy on a panel at the Hawaii CFA Economic Forecast Dinner.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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