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Market View

USDJPY rose to a fresh 11 months high (84.19) after barriers have been triggered

Thursday, March 15, 2012 4:30 AM GMT

Good Morning ,

- The USD continued to do well, in this environment of higher US rates (10y
UST was at 2.346 % (up 30 bps in 3 days and highest since Oct 2011). USDJPY
rose to a fresh 11 months high (84.19) after barriers have been triggered,
there are more triggers all the way up.

- Stock: Nikkei +0.72 %, Hang Seng -0.31 %, Shanghai Composite -0.50 %,
Dow Jones +0.12 %, S+P500 -0.12 %

- Fitch Ratings said Britain risks losing its top investment grade because of
its limited ability to deal with shocks. Fitch changed the outlook on Britain
to "negative" from "stable," indicating a "slightly greater" than 50 percent
chance that the AAA rating will be reduced within two years, the company
said, citing the weak economic recovery, high debt levels and threats from
Europe's debt crisis. Osborne will meet coalition partners later this week to
agree on a budget he will present on March 21.

- Portugal is on track to address its fiscal situation and to set the stage for
economic growth, European Union Economic and Monetary Affairs Commissioner
Olli Rehn said.

- Finance Minister Evangelos Venizelos will step down after his expected
election this week as head of Greece's socialist PASOK party, he said late
Wednesday in a television interview.

- French President Nicolas Sarkozy is catching up with Socialist front-runner
Francois Hollande ahead of presidential elections in just over a month's
time, a poll released Wednesday showed. The poll by CSA showed that for the
first time the two leading candidates are neck-and-neck with 28% of voting
intentions in the first round of presidential elections in 40 days time. The
poll of 861 people March 12 and 13 shows Sarkozy would still lose in the
second-round runoff, but the gap has closed to 8 percentage points from 12
points in CSA's previous poll published March 12.

- Foreign direct investment in China fell for a fourth straight month in
February as companies reined in spending amid a slowdown in the world's
second-biggest economy and the prolonged European debt crisis.

- China's large trade deficit in February was mainly due to seasonal factors
and won't be sustained, Ministry of Commerce spokesman Shen Danyang said.

- China Data Recap     Period Survey    Actual    Prior

* Actual FDI yoy             Feb      14.6 %   -0.9 %   -0.3 %

- Ambitious Chinese Communist Party leadership contender Bo Xilai has been
sacked from his post as head of the city of Chongqing. His abrupt downfall,
announced on Thursday by the official Xinhua news agency, threatens to kindle
tension between his supporters, who favor a more traditional,
state-dominated version of socialism, and liberal critics, who saw him as a
dangerous opportunist.

- Australian bank funding costs have increased relative to the benchmark
overnight cash rate target, the Reserve Bank said in a quarterly bulletin
released on its website today.

- New Zealand Data Recap          Period   Survey   Actual  Prior
* ANZ Consumer Confidence         Mar    - 110.2    113.3

- India's central bank left interest rates unchanged on Thursday, citing
concern over resurgent inflation risks, even as economic growth remains
sluggish.

- 1330 US Empire Manufacturing Marc
- 1330 US PPI Feb
- 1330 US Initial Claims
- 1400 US Tic Data Jan
- 1500 US Philly Fed Index Mar
- 1000 ECB Monthly Report
- 1100 Eurozone Employment Q4
- 1000 ECB Liikanen
- 1530 ECB Knot
- 1930 ECB Nowotny
- 1230 BOE Broadbent
- 0745 Swiss SECO March 2012 Economic Forecasts
- 0930 Swiss National Bank Rate Announcement
- 1000 Norway Trade Balance Feb
- 0930 Sweden Unemployment Rate Feb

    (CET)

Have a nice day!

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