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Fundamental

RBA Leaves Rates Unchanged @4.25%

  • World economy to grow below trend pace this year.
  • Europe to stay potential  source of shock for some time.
  • Monetary policy ‘remains appropriate.’
  • Inflation outlook provided scope for easing if needed.
  • China growth moderated as expected.
  • Labor conditions softened in 2011.
  • Moderate Asia inflation has allowed regional policy easing.
  • Continue to monitor economic, financial conditions.
  • Acute financial pressures on EU banks alleviated considerably.
  • Borrowers interest rates close to medium term average.

Aussie Q4 Current Account Balance / Net Exports of GDP

Australia’s Current Account Deficit increased, despite a better than expected export reading for the 4th quarter. The markets had a muted reaction as risk continues to regain a light bid.

  • Current Account Balance – Survey:-8050M   Actual:-8347M   Prior:-5637M
  • Net Exports of GDP – Survey:0.0   Actual:0.3   Prior:-0.6

UK BRC Sales

The UK BRC Same Store Sales reading for February was -0.3% on a year over year basis, the same as the prior month. The market has shrugged off the release as it seems to be regaining some of the risk bid that was lost yesterday to begin the trading week.

US Factory Orders and Non-Manufacturing Composite Both Better Than Expectations, ISM Highest Since Feb 2011

ISM Non-Manufacturing Composite:  Survey: 56.2   Actual: 57.3  Prior: 56.8 
 
Business Activity   62.6 vs 59.5 
Backlog of Orders *  53.0 vs 49.5  
Inventory Change *  53.5 vs 47.0 
Employment   55.7 vs 57.4      

Factory Orders:    Survey: -1.5%   Actual: -1.0%   Prior: 1.1%   Revised: 1.4%

Canada GDP Grows to 0.4%

Domestic Product (MoM):   Survey: 0.3%  Actual:  0.4%   Prior: -0.1  

Gross Domestic Product (YoY):  Survey: 1.9%  Actual: 1.8%   Prior: 3.5%  Revised:  4.2

Japan’s Unemployment & Inflation Report

Unemployment came in higher than expected and is the norm the market has had no reaction to this report.

  • Jobless Rate – Survey:4.5%   Actual:4.6%   Prior:4.6%
  • Job-to-App Ratio – Survey:0.72   Actual:0.73   Prior:0.71
  • Household Spending – Survey:-0.9%   Actual:-2.3%   Prior:0.5%

Deflation persisted in January, however the  CPI came in less deflationary than expected.

  • National CPI (YoY) – Survey:-0.1%   Actual:0.1%   Prior:-0.2%
  • National CPI ex Food/Energy (YoY) – Survey:-1.1%   Actual:0.9%   Prior:-1.1%
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