Market news

10.03.2011, 08:58

Asian session: The dollar rose

Data:

00:30 Australia Employment Change s.a. (Feb) -10.1K

00:30 Australia Unemployment Rate s.a. (Feb) 5%

03:01 China Trade Balance (Feb) -7.300B

The dollar rose against all its major counterparts on prospects jobs data will signal a continued recovery in the world’s largest economy amid signs growth in Asia is slowing.

The euro fell to the lowest in one week against the greenback after Moody’s Investors Service downgraded Spain ahead of a European Union leaders meeting tomorrow on measures to address the region’s debt crisis.

Australia’s dollar dropped by the most in two weeks as employers unexpectedly reduced jobs and China reported a trade deficit.

Chinese exports rose an annual 2.4 percent, the slowest pace since November 2009, and imports climbed 19.4 percent, according to data on the country’s customs bureau website today. It had a $7.3 billion trade deficit, the biggest in seven years. China is Australia’s largest trading partner.

The New Zealand dollar was close to the weakest level in five months after the nation’s central bank cut the benchmark interest rate to match a record low to help the economy recover from the deadliest earthquake in 80 years.

EUR/USD: the pair overcome a yesterday's low and decreased in around $1,3820.

GBP/USD: the pair decreased in around $1,6150.

USD/USD: the pair bargained within the limits of Y82,70-Y82,95.

At 0900GMT, the ECB issues the March monthly report, the editorial of which is usually much of a repeat of the opening statement from the latest ECB press conference.

UK data starts at 0930GMT with industrial production data, which is expected to rise 0.4% m/m, 4.2% y/y and manufacturing output, which is expected to rise by 0.8% m/m, 6.4% y/y. The main focus of the session

could be on the Bank of England MPC announcement with rates expected to remain on hold at 0.5% and with the asset purchase program also unchanged. Recent comments suggest that the majority of the MPC would like to see firm signs that the Q4 growth shock was an aberration before sanctioning a rate rise. If that more or less reassures and inflation stays where it is - or higher - then the MPC looks set to find a
majority for a move in May. Recent CIPS PMIs did not provide much comfort on the growth front, showing an overall 'flattish' picture although cost and price pressures remain strong.

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