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Forex News

Angela Merkel on the Wires

Says:

  • New problems start if swap misses its target
  • Still extremely “spartan” on ESM funds
  • To tell law makers she expects Greek swap to go well
  • Stress Greek write down remains exceptional case
  • Pressure rising over ESM, the debate

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.

Feds Fisher Speaks in Dallas

Says:

  • Investors should prepare for less accommodation
  • Sees improving U.S. growth for 2012
  • Improving  ‘prospectus for job creation’ this year
  • ‘Underlying trend’ heading toward 2% inflation goal
  • Financial markets are addicted to ‘monetary morphine’
  • FOMC should begin to ‘wean’ US off accommodation

 

ISM’s Nieves on the Wires

ISM’s Nieves on the Wires

Says:

  • Growth is ‘pretty strong’
  • Price increases are a concern for outlook
  • Rise in fuel prices may lead to cost cutting
  • Members not yet saying costs impeding growth
  • Jobs outlook ‘still a little bit mixed’

 

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%

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