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EUR-cross buying remained the theme overnight

Wednesday, March 21, 2012 4:38 AM GMT

Good Morning ,

 

- EUR-cross buying remained the theme overnight. EURAUD for example is up

150 points over the last 24 hours. There are not many data releases today,

focus will be on the budget presentation in the UK today.

 

- Stocks: Nikkei-0.55 %, Hang Seng -0.36 %, Shanghai Composite -0.10 %,

Dow Jones -0.52 %, S+P500 -0.30 %

 

- Portugal's2011-12 fiscal adjustment "is remarkable by any standards," 

commission says in report based on EU-ECB-IMF review last month of aid

program.

 

* Adjustmentprogram is "on track," 2012 goal for deficit equal to 4.5% of 

GDP is valid, commission says, in document obtained by Bloomberg

* EU-ECB-IMF review sees 3.25% GDP decline in 2012 vs prior est. 3%; 

commission on Feb. 23 forecast 3.3% decline

* Troika mission finds no sign of "reform fatigue" in Portugal

* Financing conditions tight but "risks of a credit crunch arecontained," 

helped by ECB policies

 

- BOE ChiefEconomist Spencer Dale said U.K. inflation may not slow as fast

this year as the central bank has forecast as tensions in the Middle East

push up oil prices. The Monetary Policy Committee's central projection is that

inflation is "somewhat more likely to be below" its 2 percent targetthan

above it for much of the next three years. Dale said that while there are

"good reasons" to expect price growth to slow, his outlook is"somewhat more

balanced."

 

- The U.S. FederalReserve may need to start moving away from its near-zero

interest rate policy as soon as this year, if unemployment continues to drop

and inflation threatens to rise, a top Fed official said on Tuesday. "Iwould

see an argument for initiating that exit in 2012 or 2013," Narayana

Kocherlakota, president of the Minneapolis Federal Reserve Bank, told

reporters after a speech at Washington University in St. Louis. The U.S. 

unemployment rate, now at 8.3 percent, is likely to fall below 8 percent this

year and into the "low sevens" by late next year, he said.

 

- US exempts Japanand 10 European countries from Iran sanctions

 

- Japanese PrimeMinister Yoshihiko Noda said the government is working closely

with the Bank of Japan to take "bold" policy measures to overcomedeflation

and boost the economy.

 

- Australia DataRecap                 Period Survey  Actual    Prior    Revised

* Westpac Leading Index               Jan       -            0.6 %   0.5 %     0.7 %

* DEWR Internet Skilled Vac         Feb     -           -0.2 %   -0.6 %  -0.1 %

 

- New Zealand DataRecap             Period    Survey    Actual   Prior    Revised

* Current Account Balance               Q4     -2.825b  -2.763b  -4.599b -4.751b

* Credit Card Spending yoy              Feb          -              4.0 %    3.1 %

 

- Xia Bin, adeparting adviser to China's central bank, urged more autonomy for

the monetary authority as the country prepares to free up interest rates and

increase the yuan's role as an international currency. The People's Bank of

China "should be given more power in the areas of some short-term and

specific monetary policy adjustment and operations," Xia, 60, said in an

interview in Hong Kong yesterday, a week after his two-year term ended. There

is "large room for improvement in how decisions are made," he toldBloomberg

Television.

 

- 1200 US MBAMortgage Applications Mar

- 1500 US Existing Home Sales Feb

- 1430 Feb Bernanke, Treas. Sec.Geithner testify on Europe's Debt Crisis

- 1030 Bank of England Minutes

- 1330 Chancellor of the ExchequerOsborne presents the British govt. budget

- 1330 Canada Leading Indicators Feb

- 0900 Switzerland Money Supply M3 Feb

- 0900 SNB Monthly Bulletin

- 2245 New Zealand GDP Q4

 

   (CET)

 

Have a nice day!

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