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02.05.2013 06:22

Asian session: The so-called Aussie remained lower

01:30 Australia Building Permits, m/m March +3.1% +1.3% -5.5%

01:30 Australia Building Permits, y/y March +12.8% +13.6% +3.9%

01:30 Australia Import Price Index, q/q Quarter I +0.3% -0.4% 0.0%

01:30 Australia Export Price Index, q/q Quarter I -2.4% +4.5% +2.8%

01:45 China HSBC Manufacturing PMI (Finally) April 50.5 50.6 50.4


The so-called Aussie remained lower before data forecast to show manufacturing contracted in Germany and expanded at a weaker pace in China. Economists in a separate Bloomberg poll estimate the final reading of a factory index in Germany remained at 47.9 in April, below the 50 level and indicating contraction. Markit Economics will release its figures today.

The Purchasing Managers' Index of Chinese manufacturing probably fell to 50.5 in April from 51.6 the previous month, according to the median estimate of economists surveyed by Bloomberg News before HSBC Holdings Plc and Markit Economics release the data today. A government report yesterday showed Chinese manufacturing expanding at a slower pace last month. China is the biggest trading partner for both Australia and New Zealand.

New Zealand's dollar declined for a third day against the yen after Auckland-based Fonterra Cooperative Group Ltd., the world's largest dairy producer, said whole milk powder prices fell for the first time this year. Milk powder for July delivery declined 4.8 percent, according to a trade-weighted index on Fonterra's GlobalDairyTrade website. It was the first fall since Dec. 18. The near-term contract for New Zealand product fell to $6,001 a metric ton from a record $6,283 on April 16.


EUR/USD: during the Asian session the pair fell $ 1.3165

GBP/USD: during the Asian session the pair fell $ 1.5535

USD/JPY: during the Asian session the pair traded in the range of Y97.05-35


Thursday sees European markets return to the fray following the Mat Day holidays and the ECB's lunchtime policy decision will be the stand out feature. Ahead of that, there is a full calendar, starting at 0700GMT, with the release of the French April car registrations. Also at 0700GMT, the Spanish April employment data will be released, which is expected to mirror the EU data seen earlier in the week. Euro area April final manufacturing PMIs are seen from 0713GMT, when Spanish numbers cross the wires, followed at 0743GMT by Italy, 0748GMT France, 0753GMT Germany and the overall eurozone figure at 0758GMT. The day's big event starts at 1145GMT when the ECB's May policy rate decision is expected, followed by ECB President Mario Draghi's press conference at 1230GMT. Markets are probably split down the middle on whether the ECB cuts rates this meet or at the June meet.

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