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Most EMG- and commodity currencies have been under pressure on growth concerns

Thursday, March 29, 2012 3:41 AM GMT

Good Morning ,

- FX Majors continued to trade in narrow ranges, a couple of news on Europe have
been out during the night, but without any impact. On the other hand most EMG-
and commodity currencies have been under pressure on growth concerns.

- Stocks: Nikkei -0.83 %, Hang Seng -1.33 %, Shanghai Composite
Dow Jones -0.54 %, S+P500 -0.49 %

- European governments are preparing for a one-year increase in the ceiling on
rescue aid to 940 billion euros to keep the debt crisis at bay, according to
a draft statement written for finance ministers. The euro-area finance chiefs
will probably decide at a meeting in Copenhagen tomorrow to run the 500
billion-euro permanent European Stability Mechanism alongside the 200 billion
euros committed by the temporary fund, a European official told reporters in
Brussels yesterday. Beyond that, they are also set to allow the temporary
fund's unused 240 billion euros to be tapped until mid-2013 "in exceptional
circumstances following a unanimous decision of euro-area heads of state or
government notably in case the ESM capacity would prove insufficient,"
according to the draft dated March 23 and obtained by Bloomberg News.

- Banco Espirito Santo SA was among five banks in Portugal to have credit
ratings cut by Moody's Investors Service, which cited asset risks and a "poor
economic outlook" in a nation whose own grade was reduced last month.
Espirito Santo, Portugal's largest publicly traded bank by market value, had
its debt rating lowered one level to Ba3, Moody's said yesterday in a
statement. It took the same action for Caixa Geral de Depositos SA and Banco
BPI SA. Banco Internacional do Funchal was downgraded to B1 from Ba3.

- Greece will probably have to restructure its debt again and this may involve
bailout partners such as the International Monetary Fund, said Moritz Kraemer,
head of sovereign ratings at Standard & Poor's.

- Japan Data Recap              Period   Survey   Actual   Prior   Revised
* Retail Trade mom %            Feb        0.0         2.0        4.1        3.1
* Retail Trade yoy %               Feb        1.4         3.5        1.9        1.8
* Large Retailers Sales            Feb      -0.3         0.2        -1.0      -1.2

- BOJ Shirakawa comments:
* Concern about fiscal condition could raise yields
* Japans financial conditions accommodative

- Australia Data Recap    Period    Survey   Actual      Prior
* Job Vacancies                   Feb           -           0.7 %     -3.4 % rev

- Australian Treasurer Wayne Swan warned a world economic rebound is unlikely
to boost government revenue much as he seeks to deliver the nation's first
budget surplus since the global financial crisis.

- New Zealand Data Recap       Period   Survey     Actual   Prior
* NBNZ Activity Outlook           Mar              -            38.8     31.2
* NBNZ Business Confidence   Mar              -             33.8    28.0

- Brazil will push for its large emerging-market peers including China to
denounce what it sees as unfair monetary policies by Europe and the United
States, raising the stakes in a global confrontation over economic
imbalances. Brazilian Trade and Industry Minister Fernando Pimentel told
Reuters on Wednesday his country would seek such language in a communiqué at
this week's BRICS summit, which brings together Brazil, Russia, India, China
and South Africa.

- Brazil, Russia, India, China and South Africa will sign an agreement to boost
trade and investment in local currencies, said Luciano Coutinho, president
of Brazil's development bank BNDES.

- The United States is becoming more competitive with China as more companies
see fewer benefits of moving their investments offshore, U.S. Treasury
Secretary Timothy Geithner said on Wednesday.

- 1430 US GDP Q4 T
- 1430 US Personal Consumption Q4 T
- 1430 US GDP Price Index Q4 T
- 1430 US Core PCE qoq Q4 T
- 1430 US Initial Claims
- 1700 US Kansas City Fed Manf. Activity Mar
- 1630 Fed Lacker
- 1815 Fed Lockhart
- 1845 Fed Bernanke
- 1900 Fed Plosser
- 0955 Germany Unemployment Change/Rate Mar
- 1100 Eurozone Consumer Confidence Mar
- 1100 Eurozone Economic Confidence Mar
- 1100 Eurozone Service Confidence Mar
- 1100 Eurozone Industrial Confidence Mar
- 1100 Eurozone Business Climate Mar
- 1300 ECB Knot
- 0800 UK Nationwide House Prices Mar
- 1030 UK Net Consumer Credit Feb
- 1030 UK Net Lending Sec. on Dwellings Feb
- 1030 UK Mortgage Approvals Feb
- 1030 UK M4 Feb
- 1030 UK Index of Services Jan
- 1010 BOE Fisher
- 0930 Sweden Retail Sales Feb
- 1430 Canada Industrial Product Price Feb
- 1430 Canada Raw Materials Price Index Feb
- 2200 Canadian Fin Min Flaherty presents budget

     (CET)

Have a nice day !

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