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00:30 Australia RBA Financial Stability Review March
The euro held near a one-month high against the dollar before a European finance ministers’ meeting this week where they are expected to agree to bolster the region’s debt-crisis firewall. Demand for the 17-nation euro was supported before euro- area finance ministers meet on March 30 in Copenhagen on speculation they will discuss the prospect of combining the temporary European Financial Stability Facility and its permanent successor from July, the European Stability Mechanism.
The greenback strengthened against the Australian and New Zealand dollars before a report forecast to show U.S. orders for durable goods rose last month, reducing the case for further easing by the Federal Reserve. Losses in the dollar were limited before a report that economists in a Bloomberg survey estimated will show orders for long-lasting factory goods in the U.S. rose 3 percent last month after decreasing 3.7 percent in January. The Commerce Department will release the figures today.
The Australian and New Zealand dollars slid against most major peers as Asian stocks extended a global retreat, sapping demand for higher-yielding assets.
Both currencies are headed for their first monthly drop this year amid concern Chinese manufacturing will slow, curbing demand for resource exports. Australia’s dollar touched the weakest level in five months against New Zealand’s so-called kiwi before a report forecast to show annual growth in bank lending in the larger nation was the slowest since August.
EUR/USD: during the Asian session the pair traded in a range $1.3310-$ 1.3335.
GBP/USD: during the Asian session the pair traded in a range $1.5945-$ 1.5965.
USD/JPY: during the Asian session the pair fell below Y83.00.
European data starts at 0530GMT with the details of Q4 GDP from France. This is followed by the 0800GMT release of EMU M3 money supply data. UK data for 0830GMT sees Q4 GDP, Balance of Payments and also the Bank of England's Financial Policy Minutes. UK data also sees the 1000GMT release of the latest Land Registry House Price Index. US data starts at 1100GMT with the MBA weekly mortgage applications, which are followed at 1230GMT by durable goods orders, which are expected to rebound 2.9% in February after falling a revised 3.7% in January. The weekly EIA oil stocks data is due at 1430GMT. Overnight,into 0100GMT Thursday, St. Louis Federal Reserve Bank President James Bullard speaks to a monetary policy conference at Tsinghua University in Beijing.
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