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Monday March 3, 2008 - 04:34:28 GMT
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Fx Thoughts- Asian Morning BriefingsGOOD MORNING!
The first week of March. A data intensive week, peppered with 5 Central Bank meetings (Australia, Canada, UK, EU and Japan) and ending with the US NFP on Friday. Australia is expected to increase rates by 25bp, Canada to reduce by 25bp while the other are expected to keep rates stable.
The expected rate increase in Australia appears to already be in the price, given that the AUD-USD (currently near 0.9306) fell sharply on Friday and is looking weak today as well. Further dip towards 0.9190 could be seen.
USD-JPY (103.10) and USD-CHF (1.0335) have fallen even further in early Asia and seem to be in liquidation mode. Most currency "carry trades" are hurting, as are Equities (most Asian markets are down between 0.75-2.75% today). Crude is steady near last week's level near 101.70. Only Gold has advanced further, and is trading near 982 (Comex April).
Dollar-Rupee has moved sharply higher at the open today and has seen a high near 40.2150 so far. Currently trading near 40.1750.
03:30 GMT AUD RBA Interest Rate, Exp 7.25%, Prev 7.00%
http://www.kshitij.com/fundamentals/...ts/aurba.shtml14:00 GMT BoC Meeting, Exp 3.75%, Prev 4.00%
12:00 GMT GMT BOE Mtg, Exp 5.25%, Prev 5.25%
http://www.kshitij.com/fundamentals/...ts/ukboe.shtml12:45 GMT E-15 ECB Announcement, Exp 4.00%, Prev 4.00%
05:00 GMT BOJ Meeting, Exp 0.50%, Prev 0.50%
13:30 GMT Dec-07 CA GDP by Industry (MoM), Exp -0.2%, Prev 0.1%
14:00 GMT Feb US Manufacturing ISM, Exp 48.0, Prev 50.7
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