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03.03.2014 06:21

Asian session: The yen gained

00:00 Australia HIA New Home Sales, m/m January -0.4% +0.5%

00:30 Australia ANZ Job Advertisements (MoM) February -0.3% +5.1%

00:30 Australia Company Operating Profits Quarter IV +3.9% +2.3% +1.7%

01:00 China Non-Manufacturing PMI February 53.4 55.0

01:45 China HSBC Manufacturing PMI (Finally) February 48.3 48.5 48.5

05:30 Australia Commodity Prices, Y/Y February -9.9% -12.1%

The yen gained against all of its 16 major peers as Russian President Vladimir Putin’s threat to invade Ukraine intensified one of the most serious standoffs since the Cold War, boosting demand for haven assets. U.S. Secretary of State John Kerry will travel to Kiev to meet with Ukrainian leaders tomorrow to offer support as Russian troops occupy the nation’s Crimea region, U.S. officials said yesterday. President Barack Obama contacted overseas leaders on how to respond to the incursion, which prompted Ukraine to mobilize its army reserves as it seeks international economic aid. Ukraine said over the weekend an invasion would be “an act of war.”

The euro slid for a fifth day against the Swiss franc, after the Russian ruble and Ukraine’s hryvnia plunged to record lows last week.

Australia’s dollar held a four-day decline and the nation’s three-year bonds advanced on signs of a slowdown in China, the nation’s largest export market. China’s purchasing managers’ index of manufacturing released on March 1 dropped to 50.2 in February, the lowest since June. Analysts polled by Bloomberg News projected a reading of 50.1 with levels below 50 signaling shrinking output.

EUR / USD: during the Asian session, the pair traded in the range of $ 1.3755-90

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6710-50

USD / JPY: on Asian session the pair fell to Y101.25

Events in the Ukraine - Crimea in particular - will continue to grab attention Monday, there will be plenty of interest in the full data calendar on both sides of the Atlantic. Later in the week, the policy decisions from the ECB and BOE will take centre stage. The ECB will be a closer call, but the recent inflation data could be enough to see them stand pat for now. The main releases set for Monday include the European and US manufacturing final PMI numbers. European data gets underway at 0813GMT, with the release of the Spanish Feb final manuf PMI. Italian PMI numbers will be released at 0843GMT, with French data at 0848GMT, Germany at 0853GMT and the amalgamated euro area numbers at 0858GMT. The data is seen in line with the recent flash numbers, but will be closely watched by the ECB ahead of Thursday's rate decision. At 0900GMT, Italy's final 2013 GDP data will be released. Analysts are looking for full year numbers to come in at -0.8%. Central bank speakers will be muted in the first part of the week as the BOE and ECB rate decisions approach. However, ECB Pres Draghi will appear at his quarterly hearing before the European Parliament, in Brussels. UK due due includes the February CIPS Manufacturing PMI at 0928GMT and the January BOE Money and Credit data at 0930GMT. Across the Atlantic, the US calendar gets underway at 1330GMT, with the release of the January personal income, expenditures and PCE data. Personal income is expected to rise 0.3% in January. Nonfarm payrolls rose a disappointing 113,000 in the month, while the average workweek was unchanged. At 1400GMT, the Feb Markit final manufacturing PMI data will be published. US data set for release at 1500GMT includes the January construction spending data and the February ISM index. Construction spending is expected to fall 0.1% in January. The ISM manufacturing index is expected to rebound slightly to a reading of 51.9 in February after falling sharply in January. Domestic-made light vehicle sales are set for release Monday and are expected to hold roughly steady in February near the 12.0 million annual rate posted in January. Seasonal adjustment factors expect another weak month for raw sales in February and will add to unadjusted sales, though not as much as in the previous month.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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