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EURUSD recovered from yesterday's lows

Friday, March 30, 2012 3:53 AM GMT

Good Morning,

- EURUSD recovered from yesterday's lows around 1.3250 on prospects European finance ministers will agree to increase rescue funds at a two-day meeting starting today. The high for EURUSD in Asia was 1.3367. Key for the growth currencies will be the release of China's PMI on Sunday.

Stocks: Nikkei -0.42 %, Hang Seng -0.60 %, Shanghai Composite +0.23 %, Dow Jones +0.15 %, S+P500 -0.16 %

- German Finance Minister Wolfgang Schaeuble said the euro-area's firewall will amount to about 800 billion euros and assistance from the International Monetary Fund will be similar to assistance over the last two years. "We can be optimistic it will work," Schaeuble said in a speech today in Copenhagen before meeting with his euro-area finance counterparts.

- Fed Bernanke said on Thursday that there were signs of improvement in labor markets and said policymakers need to feel comfortable that inflation will be contained before they consider ending super-loose interest policies.

- Fed Lacker says "unconvincing" that more easing would help labor market. - Fed Lockhart said today that he is "pretty comfortable" with the risks posed by the European financial crisis.

- Japan's industrial production unexpectedly dropped in February, undercutting signs of an economic rebound in the first quarter as policy makers assess whether to apply further stimulus.

 

 

 
Japan Data recap Period Survey Actual Prior
Manufacturing PMI Mar - 51.1 50.5
Jobless Rate Feb 4.6 4.5 4.6
Tokyo CPI yoy Mar -0.1 -0.1 -0.2
National CPI yoy Feb 0.0 0.3 0.1
Industrial Production mom Feb 1.3 -1.2 1.9
Industrial Production yoy Feb 3.7 1.5 -1.3
Construction Orders yoy Feb - -1.8 24.6
Housing Starts yoy Feb -1.1 7.5 -1.1

 

- Japan's Prime Minister Yoshihiko Noda faced deepening challenges to his leadership as a member of the ruling group rejected his plan for a sales-tax boost and opposition widened to his nominee for the central bank board. People's New Party leader Shizuka Kamei told reporters today he would leave the coalition over legislation to double the consumption levy by 2015. At the same time, Japan's opposition New Komeito party will probably reject the nomination of Ryutaro Kono, upper house lawmaker Yuichiro Uozumi said.

 

 
Australia Data Recap Period Survey Actual Prior
HIA New Home Sales Feb - 3.0 -7.3
Private Sector Credit Feb 3.3 3.5 3.5

 

 
UK Data Recap Period Survey Actual Prior
Consumer Confidence Mar -29.0 -31.0 -29.0

 


- 14.30 US Personal Income/Spending Fed
- 14.30 US PCE Deflator Feb
- 15.45 US Chicago PMI Mar
- 15.55 US Univ. of Michigan Confidence Mar
- 08.00 Germany Retail Sales Feb
- 08.45 France PPI Feb
- 08.45 France Consumer Spending Feb
- 10.00 Italy PPI Feb
- 11.00 Eurozone CPI Mar
- 12.30 EU27 Fin. Ministers & Central Bankers Meeting
- 09.00 Norway PMI Mar
- 10.00 Norway Retail Sales Feb
- 09.00 Switzerland KOF Mar
- Sun. China PMI Manufacturing Mar
- Sun. China HSBC Manufacturing PMI Mar


(CET)

Have a nice weekend !

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