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01.04.2014 05:20

Asian session: The greenback remained lower

Asian session: The greenback remained lower

01:00 China Manufacturing PMI March 50.2 50.1 50.3

01:30 Japan Labor Cash Earnings, YoY February -0.2% -0.1% 0.0%

01:45 China HSBC Manufacturing PMI (Finally) March 48.5 48.5 48.0

03:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%

03:30 Australia RBA Rate Statement


The greenback remained lower following a two-day decline against the euro after Federal Reserve Chair Janet Yellen said the world’s biggest economy will need monetary stimulus “for some time.” Economists predict a report today will show a growth in manufacturing quickened last month. The Institute for Supply Management’s U.S. manufacturing index climbed to 54 last month from 53.2 in February, according to the median forecast of analysts surveyed by Bloomberg.

The Australian dollar rose after a gauge of Chinese manufacturing climbed and before a Reserve Bank policy decision today. Government data today showed the manufacturing Purchasing Managers’ Index  for China, Australia’s biggest trading partner, rose to 50.3 last month from 50.2 in February. That compares with economists’ forecast for a reading of 50.1 in a Bloomberg survey.

Australia’s dollar broke above 93 U.S. cents for the first time in four months after the central bank left interest rates unchanged and said a record-low benchmark would help strengthen growth. The Aussie pared gains as Governor Glenn Stevens changed his references to the currency, indicating recent gains may detract from an economic rebalancing as mining investment declines. He reiterated that it “remains high by historical standards.” Australia’s dollar advanced earlier after a Chinese official manufacturing index strengthened for the first time in five months.


EUR / USD: during the Asian session, the pair traded in the range of $ 1.3765-75

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6655-70

USD / JPY: on Asian session the pair traded in the range of Y103.10-35


Eurozone (starting with Spain at 0715GMT through to EZ at 0758GMT) and UK manufacturing PMI (0828GMT) data due out this morning and will concentrate interest.

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