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Very quiet start into the new week on the FX side

Monday, March 19, 2012 5:41 AM GMT

Good Morning,

- Very quiet start into the new week on the FX side. Risk currencies are trading slightly more friendly. There are also no major economic data releases or speakers today.

- Stocks: Nikkei +0.12 %, Hang Seng +0.19 %, Shanghai Composite -0.04 %, Dow Jones -0.15 %, S+P500 +0.11 %

- International Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant as oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability. "Optimism should not give us a sense of comfort or lull us into a false sense of security," Lagarde said. "We cannot go back to business as usual."

- The European Central Bank's loans to banks were made in "total consensus" with Germany, European Central Bank council member and governor of Italy's central bank Ignazio Visco told El Pais in an interview.

- Greek Fin Min Venizelos formally voted in as head of Socialist or Pasok Party

- Portugal will be the next Greece, predicts Pimco's Mohamed El-Erian

- Chancellor Angela Merkel said the euro-region crisis no longer poses a threat to the German budget. Merkel, speaking in a weekly video message on her website, said she's confident that Germany can cut its new net borrowing. - Federal Reserve Bank of Chicago President Charles Evans said the central bank should step up record monetary stimulus even as the economy shows signs of gaining traction.

- China cannot delay tough economic reforms, Vice Premier Li Keqiang said on Sunday, underscoring the top leadership's push for market-based change after the sacking last week of an ambitious provincial leader who wanted a bigger state role in the economy. Li, widely expected to succeed Wen Jiabao as premier in a leadership transition that begins later this year, promised flexible policies to keep growth brisk and prices stable, with a focus on boosting domestic demand and pursuing structural reforms to make growth more stable and balanced.

- China's lower growth target will still allow one measure of its gross domestic product to exceed the euro area in a few years and match the U.S. economy in a decade, Reserve Bank of Australia Governor Glenn Stevens said. "The slowdown in Chinese growth -- from 10 percent to a mere 8 percent! -- is a major talking point, and some see it as portending a major crash," Stevens said in the text of a speech to be delivered in Hong Kong today. "But some slowing was required to reduce inflation and, therefore, put growth on a more sustainable path."

 

 

 
New Zealand Data Recap Period Survey Actual Prior
Westpac NZ Consumer Confidence Q1 - 102.4 101.3
Performance Services Index Feb - 55.5 53.8 rev

 

- New Zealand's recovery will be slower than previously forecast, allowing the nation's central bank to delay raising record-low interest rates, a survey by the New Zealand Institute of Economic Research showed. Gross domestic product will rise 1.8 percent in the year ending March 31, according to the NZIER Consensus Forecasts released today, compared with 2.1 percent growth predicted in a December survey. Growth will be 2.7 percent next year and 3.2 percent the following year, today's report showed.

- Britons' outlook for the housing market has improved in the past three months, according to a report by the Building Societies Association. Forty-one percent of consumers surveyed in March said they expect property prices to increase this year, compared with 33 percent in December, the London-based group said in an e-mailed statement today.

- M&A: United Parcel Service has agreed to pay 5.1 billion euros to buy Dutch rival TNT Express, with the deal set to be announced on Monday, two people familiar with the talks said.

- IMM Positions: EUR -99k vs -116k, JPY -42k vs -19k (biggest shorts since April 2011), GBP -42k vs -37k, CHF -15k vs -20k, CAD 26k unchanged, AUD 67k vs 62k, NZD 13k vs 17k


- 1500 US NAHB Housing Marke Index Mar
- 1335 Fed Dudley
- 1630 Fed Dudley
- 1840 Fed Dudley
- 1000 Eurozone Current Account JAn
- 1000 Italy Industrial Orders Jan
- 1000 Italy Industrial Sales Jan
- 1100 Eurozone Construction Output FEb
- 1600 Bk of Italy Visco
- 1800 ECB Nowotny
- 1930 ECB Nowotny
- 1100 BOE Publishes Paper by David Miles on U.K. Housing
- 1330 Canada Wholesale Sales Jan


(CET)

Have a good start!

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