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FX risk currencies continued to do well

Tuesday, March 27, 2012 4:57 AM GMT

Good Morning,

- FX risk currencies continued to do well, Stocks markets traded higher into Asia and the USD remained offered on Fed Bernanke's speech of yesterday afternoon. EURUSD rose to 1.3368, USDCHF dropped to 0.9023 and EURCHF traded as high as 1.2067 on comments by Swiss economy Minister Schneider-Ammann.

- Stocks: Nikkei +2.15 %, Hang Seng +1.63 %, Shanghai Composite +0.28 %, Dow Jones +1.23 %, S+P500 +1.39 %

- European Central Bank President Mario Draghi said euro-region governments should continue to take "decisive measures" after the central bank's liquidity provisions helped restore investor confidence.

   

 
Japan Data Recap Period Survey Actual Prior Revised
Corp Service Price Index Feb -0.4% -0.6% -0.2% -0.4%
Small Business Confidence Mar - 48.7 45.3 -

 

- Japan's vice Fin Min Nakao said:

  • Japan has bought EUR 3.3 bln of EFSF Bonds

  • Japan bought 12 % of EFSF Bonds

 

 
China Data Recap Period Survey Actual Prior
Industrial Profits YTD yoy Feb - -5.2% 25.4%

 

- The value of the Australian dollar is having a "material influence on the economic outlook at the moment," said the assistant governor of the Reserve Bank of Australia on Tuesday. "The exchange rate is in the ball park of where you would expect it given the rise in the terms of trade," Guy Debelle said at a conference in Sydney held by Morgan Stanley. "Whether the Aussie should be matching a recent decline in the terms of trade is difficult to gauge given the strong capital inflows into the nation's bond securities."

- Swiss Economy Minister Johann Schneider-Ammann said he would "generally like" the franc to weaken toward 1.35 or 1.40 versus the euro, according to an interview with Swiss television. "It would be fatal if the minimum exchange rate was suddenly removed," Schneider-Ammann said, according to comments posted on Swiss television's website. He referred to the Swiss central bank's franc cap of 1.20 versus the euro. Asked whether the ceiling should be raised, he said while the central bank is "independent," the purchasing power parity "is higher" than 1.20.

- Swiss economy minister Johann Schneider-Ammann said there is no need for the government to speed up the process of naming a new chairman and member of the enlarged governing board at the Swiss central bank. "There is no need for us to expedite the process," Schneider-Ammann told Swiss broadcaster. "The interim board is in office," working effectively and "well on track with its credibility."

- Bank of England policy maker David Miles said spare capacity will continue to weigh on Britain's "very muted" domestically-generated inflation pressures. "There is a margin of spare capacity in the U.K. economy which has been, and will continue, depressing domestically generated inflation pressures," Miles said in a speech late yesterday.


- 15.00 US S+P Case Shiller Home Price Index Jan
- 16.00 US Consumer Confidence Mar
- 16.00 US Richmond Fed Manufact. index Mar
- 16.00 Fed Dudley
- 18.35 Fed Rosengren
- 18.45 Fed Bernanke
- 19.20 Fed Fisher
- 21.45 Fed Duke
- 08.00 Germany GfK Consumer Confidence Apr
- 08.00 Germany Import Price Index Feb
- 08.45 France Consumer Confidence Indicator Mar
- 10.00 Eurogroup Juncker + ex-ECB Trichet
- 13.00 ECB Makuch
- 17.00 ECB Asmussen, EU Rehn, IMF Thomsen
- 08.00 Switzerland Consumption Indicator Feb
- 12.00 UK CBI Reported Sales Mar
- 16.30 BOE Fisher + Broadbent
- 18.30 BOE Dale
- 19.00 BOE Posen
- 09.30 Sweden Household Lending Feb
- 09.30 Sweden PPI Feb
- 09.30 Sweden Trade Balance Feb

(CET)

Have a good day !

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