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09.03.2012 09:44

Asian session: The euro dropped against most of its major peers


00:30 Australia Trade Balance January 1.33 1.53 -0.67

01:30 China CPI y/y February +4.5% +3.6% +3.2%

01:30 China PPI y/y February +0.7% 0.0% 0.0%

01:30 China Industrial Production y/y February +12.8% +12.4% +11.4%

01:30 China Retail Sales y/y February +18.1% +17.4% +14.7%

The euro dropped against most of its major peers after Greece said the participation rate in its swap of government debt for new securities will reach 95.7 percent with the activation of so-called collective action clauses.

The International Swaps and Derivatives Association said earlier its determinations committee will meet today to consider a “potential credit event” relating to Greece.

Greek creditors tendered 152 billion euros ($201 billion) of Greek-law bonds, or 85.8 percent, after the government offered to swap their holdings in the biggest restructuring in history.

Twenty billion euros of foreign-law bonds were also tendered, according to an emailed statement from the Greek Finance Ministry. Greece aimed to cut its 206 billion euros of eligible debt by about 100 billion euros.

The yen pared losses and the dollar strengthened against most of its major counterparts amid concern over credit-default swaps protecting Greek debt from nonpayment.

The Australian and New Zealand dollars remained higher against the yen after a two-day gain as Asian stocks rallied, increasing the allure of riskier assets. Australia’s dollar fell earlier after the nation unexpectedly posted a trade deficit.

China’s inflation eased to the slowest pace in 20 months while gains in industrial output and retail sales weakened, strengthening the case for stimulus to spur growth in the world’s second-biggest economy.

Consumer prices rose 3.2 percent in February from a year earlier, the National Bureau of Statistics said today. Factory production gained 11.4 percent in January and February combined, while retail sales increased 14.7 percent. All three numbers were below analysts' median forecasts. Data in the first two months of the year are distorted by a weeklong Chinese holiday.

EUR/USD: during the Asian session the pair has fallen, after yesterday's growth.

GBP/USD: during the Asian session the pair decreased below $1.58.

USD/JPY: during the Asian session the pair rose, however has lost the positions later.

European data starts at 0700GMT with Germany where the final HICP is expected to confirm the preliminary estimate, coming at the same time as labour costs and the trade balance. At 0745GMT, France releases industrial output. There are a series of UK data releases at 0930GMT, including quoted rates data from the Bank of England as well as producer prices, industrial production, manufacturing output, construction and also the BOE Gfk/NOP Inflation Expectations data. The main US labor market data is due at 1330GMT along with trade data and non-farm payrolls are forecast to rise 210,000 in February, continuing a trend of strong payrolls gain. The unemployment rate is

forecast to hold steady at 8.3%, but the range of forecasts is fairly wide. Hourly earnings are expected to rise 0.2%, while the average

workweek is forecast hold steady at 34.5 hours.

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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