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01:30 Australia Trade Balance June 0.50 Revised From 0.67 0.81 0.60
01:30 Australia ANZ Job Advertisements (MoM) July -1.8% -6.8%
01:30 Australia House Price Index (QoQ) Quarter II +0.8% Revised From +0.1% +1.3% +2.4%
01:30 Australia House Price Index (YoY) Quarter II +2.6% +3.0% +5.1%
04:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%
04:30 Australia RBA Rate Statement
05:00 Japan Leading Economic Index June 110.7 108.0 107.0
05:00 Japan Coincident Index June 106.0 105.1 105.2
The yen rose against most major peers amid speculation the Bank of Japan will refrain from adding to stimulus at a meeting starting tomorrow, with Prime Minister Shinzo Abe still to detail fresh policies to boost growth.
The dollar fell for a third day versus the yen before Federal Reserve Bank of Chicago President Charles Evans speaks after jobs data last week missed estimates. Cleveland Fed President Sandra Pianalto is due to speak on monetary policy and the economic outlook at the Center for Community Solutions Annual Human Services Institute on tomorrow.
The euro was near a seven-week high ahead of a report forecast to show German factory orders rebounded and the Italian economy contracted at a slower pace. German factory orders, adjusted for seasonal swings and inflation, rose 1 percent from May, when they fell 1.3 percent, economists forecast in a Bloomberg News survey before the Economy Ministry releases the data today.
New Zealand’s currency rose after Fonterra Cooperative Group Ltd. said milk products it offers at auction today will meet any additional standards set by China.
Australia’s dollar rose as the central bank cut borrowing costs to a record low and said the currency remains strong. Australian government bonds slid after the Reserve Bank reduced the overnight cash rate by a quarter percentage point to 2.5 percent, the highest benchmark borrowing costs among developed central banks along with New Zealand’s. The Australian dollar sank 11 percent in 2013 through yesterday, the sharpest drop among 10 developed market currencies tracked by Bloomberg Correlation Weighted Indexes. The reduction was the second this year, and extends an easing cycle that began in November 2011, when the benchmark rate was lowered from 4.75 percent.
EUR / USD: during the Asian session the pair is trading around the $ 1.3260
GBP / USD: during the Asian session the pair is trading around the $ 1.5355
USD / JPY: during the Asian session the pair fell to Y97.85
There is another full calendar on both sides of the Atlantic Tuesday. Up first is the Italian June industrial output data. Economists are looking for a rise of 0.3% on month and a fall of 3.5% on year. Italian second quarter GDP is expected at 0900GMT. Economists are looking for a 0.4% fall on the quarter, down 2.2% on year. Germany June manufacturing orders are expected at 1000GMT. The UK July SMMT Car Registrations data is also expected at 0800GMT. That will be followed by the June Industrial Production data at 0830GMT.
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