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03.04.2013 06:03

Asian session: The euro remained lower

00:00 Australia HIA New Home Sales, m/m February +4.2% -5.3%

00:30 Australia Trade Balance February -0.18 -1.00 -1.22

01:00 China Non-Manufacturing PMI March 54.5 55.6

01:45 China HSBC Services PMI March 52.1 54.3


The euro remained lower following a drop yesterday amid speculation the European Central Bank will use its meeting tomorrow to signal future economic stimulus. Data yesterday showed the euro-area jobless rate rose to a record 12 percent in the first two months of this year, adding to signs that the currency bloc’s recession extended into the first quarter. The ECB, which has held its key rate at 0.75 percent since July, forecasts the economy will shrink 0.5 percent this year.

The yen fell as the Bank of Japan starts a two-day gathering at which it’s expected to increase monthly bond purchases to combat deflation. The BOJ will probably decide at this week’s meeting to boost monthly bond purchases by about 50 percent to 5.2 trillion yen ($55.6 billion), according to the average forecast in a survey of economists by Bloomberg News.

Australia’s dollar rose against most of its major counterparts after the nation posted a smaller-than-estimated trade deficit. The South Pacific nation’s imports outpaced exports by A$178 million ($186 million) in February, the Bureau of Statistics said today. Economists had estimated a shortfall of A$1 billion in a Bloomberg survey.


EUR / USD: during the Asian session the pair fell to $1.2795.

GBP / USD: during the Asian session the pair fell to $1.5075.

USD / JPY: yesterday the pair rose to Y93.70.


Focus today will be on release of UK construction PMI data at 0830GMT, with forecasts suggesting an improvement toward 48.0 from 46.8 last. BOE Credit Conditions Survey follows at 0930GMT. EZ CPI due at 0900GMT in an otherwise data light Europe calendar with attention set on US ADP data at 1215GMT and US non-mfg ISM at 1400GMT.

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