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Flows Suggest Short-Term Jpy-Krw Rebound
Standard Chartered TF analysis shows bullish flow signal for MYR and KRW suggesting JPY-KRW rebound: G10: Corporates turned small sellers of USD vs. EUR in November; custodians reduced USD-JPY buying Asia: SCTF Aggregate Position Index shows that our clients reduced shorts in USD-KRW and USD-TWD Africa: SCTF Corporate Position Index shows that our clients increased USD-NGN longs
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Usd/idr Likely Rangebound Amid 12430-480
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Lower NDFs to weigh on pair but bullish majors pairs to underpin Natural demand for USD onshore, corp int add to support too NDFs traded 12525-12540 range overnight, closed 12520-550 in NY
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Usd/idr to Trade Firmer Bias Above 12450 on renewed Ndfs Buying
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Broad USD gains overnight, renewed fall in commodities underpin Unfinished yearend demand from corps to add to support 1 month traded 12530-12560 range overnight, closed 12550-12570 in NY
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Euro Area: Further Evidence of Low Inflation
In terms of data, this week will provide further evidence of our lowflation scenario, notes Societe Generale Research: With lower fuel prices, HICP inflation is set to print three ticks lower at just 0.0% yoy. Risks are tilted to the downside and the HICP is set to slide into negative territory in the coming months. Meanwhile, core inflation should marginally increase from 0.7% yoy to 0.8% yoy. Despite the positives arising from the lower euro and weaker oil prices, PMIs and the EC surveys should continue to point to low growth and inflation. December final euro-area PMIs are likely to be unchanged from the flash estimate in the services sector, with meaningful improvements expected both in Spain and Italy. Industrial production in November is set to continue to reflect a weak and uneven recovery across the region, with German output probably down by 0.4% momand French output probably rising by 0.7% mom.
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Greek Election Raises the Stakes for ECB Qe
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Greek elections scheduled for 25 January complicate an already difficult debate over whether, when and how to do sovereign quantitative easing (QE) in the euro area.The European Central Bank (ECB) is "in technical preparations to adjust the size, speed and composition" of policy easing measures "should it become necessary to react to a too-long period of low inflation," according to President Draghi, and an imminent slide into negative inflation suggests now is the time to act. Standard Chartered research notes: Euro-area inflation is set to turn negative, raising the need for sovereign QE Greek default threats look overdone, but designing QE has become more complicated EUR/USD remains vulnerable to diverging US/euro-area policy and political uncertainty. A looser ECB stance and near-term political jitters are likely to further undermine EUR/USD. The US dollar (USD) finished 2014 near its highs for the year, but the consensus on the USD is still bullish and investors remain long. In our view, the USD has room to rally further, benefiting from US economic outperformance and anticipated FOMC policy tightening. Reflecting the divergence in the outlook for US and euro-area policy, on 5 January we lowered our EUR/USD forecasts for 2015 as follows: Q1: to 1.17 (from 1.22); Q2: 1.15 (1.20); Q3: 1.17 (1.22); and Q4: 1.18 (1.24).
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UK Shop Prices Drop 1.7% In December - BRC
Retail prices in the United Kingdom were down a seasonally adjusted 1.7 percent on year in December, the British Retail Consortium said on Wednesday. That beat forecasts for a decline of 1.8 percent following the 1.9 percent fall in November. Food prices were up 0.1 percent after falling 0.2 percent in November - the first such decline in the history of the series. Non-food prices dropped 2.8 percent in December after falling 2.9 percent in November. Shop prices were down every month in 2014, and have declined in 20 consecutive months overall. "A number of key commodities in the retail supply chain, in particular oil, have fallen dramatically recently and the impact of these falls will continue to make its way through to shop prices for some time to come," said Helen Dickinson, BRC director general.
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Gold inched Higher on Thursday Along With An Uptick in Oil Prices, capped by Strong Usd and US Data
Spot gold edged up 0.2 percent to $1,212.63 an ounce by 0045 GMT. The metal fell 0.7 percent in the previous session, ending a three-day winning streak. Prices had climbed to a three-week high on global equities concerns over a Greece exit of the euro zone if a left-wing party that wants to cancel austerity measures wins the Jan. 25 elections. But gold lost some ground on Wednesday as stocks edged up after recent sharp losses and as minutes from the Federal Reserve's policy meeting in December showed the U.S. central bank maintaining the status quo on interest rates. Data on Wednesday also showed the U.S. trade deficit fell to an 11-month low in November as declining crude oil prices curbed the import bill, prompting economists to sharply raise their growth estimates for fourth-quarter growth. Traders were eyeing U.S. payrolls data due later this week for clues about the economy and its potential impact on the Fed's monetary policy. A robust economy could prompt the Fed to raise interest rates soon, dulling demand for non-interest-bearing bullion. For now, investors were eyeing moves in oil prices, which slumped to five-year lows earlier this week. U.S. crude stayed above $48 a barrel on Thursday, holding on to gains in the previous session following an unexpected drop in crude inventories and a positive economic outlook at the world's largest oil consumer the United States.
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Risk Rally Extends Showing mixed Results in Fx
The rebound in risk sentiment extended through the North American session, with US equities up 1.8% and US 10yr yields back above 2.00%. Commodity prices have been stable. The more positive risk tone is partly reflected in FX market, with JPY underperforming (USDJPY testing 120) and NOK, AUD, NZD outperforming, although better domestic data in those regions in recent days have helped. EUR continues to be heavy with EURUSD making new lows and now near 9-year low. Draghi remarks that ECB measures may include sovereign-bond buying got quite a few headlines, although is not surprising at this point
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Usd/krw marked Lower in Opening Trades Below 1085
Next line of support is the 17 December 2014 low at 1080.7
JPY/KRW as a consequence down to 9.15; JPY strength simply not enough
Broad although modest US Dollar weakness this morning - DXY down 0.2%
Kospi not keen to follow the Wall Street lead - down just 0.2% early
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Usd/krw marked Lower in Opening Trades Below 1085
Next line of support is the 17 December 2014 low at 1080.7
JPY/KRW as a consequence down to 9.15; JPY strength simply not enough
Broad although modest US Dollar weakness this morning - DXY down 0.2%
Kospi not keen to follow the Wall Street lead - down just 0.2% early
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Japan Has Y433.0 Billion Current Account Surplus
Japan posted a current account surplus of 433.0 billion yen in November, the Ministry of Finance said on Tuesday. That beat expectations for a surplus of 139.5 billion yen following the 833.4 billion yen surplus in October. The trade balance showed a deficit of 636.8 billion yen versus forecasts for a shortfall of 734.0 billion yen following the 766.6 billion yen deficit in the previous month. Imports were up 2.2 percent on year to 6.959 trillion yen, slowing from the 7.4 percent jump a month earlier. Exports climbed an annual 10.8 percent to 6.322 trillion yen, easing from the 11.2 percent spike in October. The data also showed that the capital account balance reflected a deficit of 6.6 billion yen after showing a 13.9 billion yen shortfall in October. The financial account had a surplus of 506.4 billion yen - down sharply from the 1,207.7 billion yen surplus in the previous month. The adjusted current account surplus came in at 914.5 billion - beating expectations for 69295billion yen and down from 947.0 billion yen a month earlier. Also on Tuesday, the Bank of Japan said that bank lending in Japan was up 2.7 percent on year in December, coming in at 422.604 trillion yen. That was in line with expectations and down from the 2.8 percent gain in November. Including trusts, bank lending added an annual 2.6 percent to 485.945 trillion yen, also matching expectations and down from 2.7 percent in the previous month. Lending from trusts gained 1.6 percent on year to 63.340 trillion yen after adding a revised 1.5 percent a month earlier.
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Japan M2 Money Stock Gains 3.6% In December
The M2 money stock in Japan climbed 3.6 percent on year in December, the Bank of Japan said on Wednesday - worth 893.9 trillion yen. That was in line with expectations and unchanged from November. The M3 money stock gained an annual 2.9 percent to 1,209.1 trillion yen - unchanged from the previous month but missing forecasts for 3.0 percent. The L money stock gained 3.5 percent to 1,589.2 trillion yen following the 3.4 percent jump a month earlier. For the third quarter and for all of 2014, M2 added 3.4 percent, M3 gained 2.8 percent and L advanced 3.4 percent.
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Japan Producer Prices Ease 0.4% In December
An index measuring producer prices in Japan was down 0.4 percent on month in December, the Bank of Japan said on Thursday, showing a score of 104.8. That missed forecasts for a decline of 0.3 percent, which would have been unchanged from the November reading following a downward revision from -0.2 percent. On a yearly basis, prices added 1.9 percent - also missing expectations for 2.1 perent and down from the downwardly revised2.6 percent gain in the previous month (originally -2.7 percent). Export prices were down 0.7 percent on month and 2.7 percent on year, the data showed, while import prices fell 3.2 percent in month and 9.0 percent on year.
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Japan November Tertiary Industry Index Adds 0.2%
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An index measuring tertiary industrial activity in Japan was up a seasonally adjusted 0.2 percent on month in November, the Ministry of Economy, Trade and Industry said on Friday, coming in at 99.2. That was in line with expectations following the 0.2 percent decline in October. Industries that contributed to the increase included finance, personal services, accommodations, communications, real estate, health care and utilities. Industries that declined included retail trade, scientific research, transportation, compound services and learning support.
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Gold at 4-Month High on Monday on Safe-Haven Metal Demand
Spot gold was firm at $1,278.21 an ounce by 0046 GMT, near a four-month high of $1,281.50 reached on Friday. The metal gained nearly 5 percent last week after Switzerland unexpectedly abandoned a cap on the franc. Dealers assumed that the Swiss National Bank had moved with the knowledge that the European Central Bank would take the plunge into full scale quantitative easing at its policy meeting on Jan. 22. The euro flirted with 11-year lows early on Monday as investors braced for the ECB to take its boldest steps yet to combat deflation and revive the euro zone economy.
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US. Dollar Rises Against Majors
The U.S. dollar strengthened against the other major currencies in the Asian session on Tuesday. The greenback rose to near a 2-week high of 1.5056 against the pound, a 1-week high of 118.30 against the yen and a 5-day high of 0.8797 against the Swiss franc, from yesterday's closing quotes of 1.5109, 117.53 and 0.8786, respectively. Moving away from an early 5-day low of 1.1931 against the Canadian dollar, the greenback edged up to 1.1971. Against the euro, the greenback edged up to 1.1572 from yesterday's closing value of 1.1600. If the greenback extends its uptrend, it is likely to find resistance around 1.49 against the pound, 120.08 against the yen, 1.02 against the Swiss franc, 1.20 against the loonie and 1.14 against the euro.
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Consumer confidence in Australia bounced back in January, the latest sentiment index from Westpac Bank showed on Wednesday - rising a seasonally adjusted 2.4 percent to a score of 93.2. That follows the 5.7 percent plunge to 91.1 in December. The six-month index average remains at its lowest level since July 2009. In the release, the bank noted that the better than expected December employment numbers gave the index a boost, while declining oil prices also were a factor. That said, the bank still expects a rate cut from the Reserve Bank of Australia next month.
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Gold slips from $1,300 on Profit-Taking ahead of Ecb
Spot gold fell 0.2 percent to $1,291 an ounce by 0027 GMT. The metal reached $1,305, its highest since August, on Wednesday. After a quick climb of about 9 percent this month, traders are adjusting positions ahead of the ECB policy meet. The metal has rallied on safe-haven bids from political and economic uncertainties in Europe, along with concerns over the health of the global economy. The ECB is poised to announce a plan on Thursday to buy government bonds, resorting to its last big policy tool for breathing life into the flagging euro zone economy and fending off deflation.
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Usd/myr Heavy Below 3.6030, to Open Lower
USD/MYR trade previous high/breakout, 3.5850-3.62 range Pair could see fresh buying due to economic woes, extended selling in oil/commodities FX reserves as at 15 Jan at USD111.2bln vs 116.0 bln as at end Dec 2014 NDFs traded 3.5940-3.61 range overnight, closed 3.5965-3.6015 in NY
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Usd/idr mixed Around the 12500 Pivot
Fall in commodities/ minerals ps to impact exports, IDR BI said no adjustment to policy rate likely till inflation stables Govt sees Jan CPI 7.5%y/y vs 8.36% in Dec, sees trade balance +USD100mln IDR NDFs traded 12520-12500 range overnight, closed 12490-12515 in NY
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Usd/idr propped Higher on Risk Aversion, Resistance Around 12550 Yesterday
Approaching month end demand from corporates added to bidding interests Foreign selling on bond related inflows to cont to cap rallies USD/IDR likely to trade 12480-12520 range intraday - flows to remain mixed NDFs ranged between 12545-12560 overnight, closed 12525-12555 in NY
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Australia Inflation Slows To 1.7% In Q4
Consumer prices in Australia were up just 1.7 percent on year in the fourth quarter of 2014, the Australian Bureau of Statistics said on Wednesday. That was below forecasts for 1.8 percent, and down from 2.3 percent in the third quarter. On a quarterly basis, inflation added just 0.2 percent versus forecasts for 0.3 percent and down from 0.5 percent in the previous three months. The Reserve Bank of Australia's trimmed mean was up 0.7 percent on quarter and 2.2 percent on year in Q4, while the weighted median added 0.7 percent on quarter and 2.3 percent on year.
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Foreign Investors Re-Invest in Japan Stocks - Mof
Foreign investors bought Net Y466.9 bln in Japan stocks. Volume: trln buys vs trln sales Foreign investors also buy net Y237.5 bln Japan bonds, Y476.1 bln bills. Japanese buy net Y45.6 bln foreign bonds Jan 24 week, sold Y397.2 bln last. Volume: net Y382.1 bln foreign stocks, Y285.9 bln bills.
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Usd/myr Looks to Rally Towards 3.65, Weak China Pmi to Add to Myr Woes
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MYR NDFs surged to new high at 3.66 on Friday night
China Jan PMI at 49.8 vs expected 50.2 - add to Malaysia exports worries
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Japan Monetary Base Climbs 37.4% In January
The monetary base in Japan jumped 37.4 percent on year in January, the Bank of Japan said on Tuesday, coming in at 275.385 trillion yen. That follows the 38.2 percent spike in December. Banknotes in circulation added 3.5 percent on year, while coins in circulation gained 0.7 percent. Current account balances surged an annual 66.2 percent, including a 66.7 percent spike in reserve balances. The adjusted monetary base climbed 50.2 percent to 277.267 trillion yen.
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Gas Prices Have Bottomed For Now
After declining a record 123 consecutive days, U.S. gas prices seem to have bottomed out. According to this week's Energy Information Administration "Gasoline and Diesel Fuel Update", average US gas prices edged up from $2.044 per gallon on January 26 to $2.068 per gallon on February 2. However, US gas prices are still well below the $3.292 per gallon they were a year earlier. Average gas prices had dropped to nearly $2 per gallon due to the steep decline in the cost of crude oil during the previous six months. Gas prices generally are at or near seasonal lows in January due to relatively weak demand. Many Americans cut back on driving and travel during the cold winter months, which can allow gasoline supplies to build. "Many drivers are noticing an uptick in gas prices for the first time in months," said Avery Ash, AAA spokesman. "It is typical to see gas prices increase this time of year due to refinery issues, yet hopefully the consumer impact will be less problematic given how low prices are today." AAA expects gas prices to increase this month due to refinery maintenance and decreased production. Gas prices in February have increased during the previous five years by an average of 22 cents per gallon, according to AAA.
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Oil Back Up, Usd Back Down
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Another day, another >5% swing in oil prices-this time higher overall. That helped CAD and NOK, but no more so than most other majors, as the biggest theme in FX was broad USD weakness. EUR managed to be the marginal top performer alongside DKK. At least part of that support may have come from central bank flows as the Danish Central Bank cut its deposit rate to -0.75% in defense of pressure on the EURDKK peg. That's the fourth cut this year.
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Ireland Construction Sector Growth Slows In January
The growth in the Irish construction sector eased at the beginning of the the year to mark its lowest level in almost one year, as activity and new orders rose at a slower pace, data from a survey by Markit Economics showed Monday. The Ulster Bank Construction Purchasing Mangers' index dropped to 57.1 in January from 63.1 in the previous month. However any reading above 50 indicates expansion in the sector. This signaled a sharp overall increase in total activity during the month, albeit the weakest since February 2014. Among the three sub categories of construction, commercial activity remained sharp during January despite easing for the third month running. At the same time. housing activity increased at a slowest pace and logged its weakest rise since August 2013. Civil engineering activity rose for the fourth straight month in January. The rate of growth in new orders slowed to the weakest level since August 2013, but remained solid during the month. In contrast to the slowdown of growth in activity and new orders, employment level in the construction sector remained strong and was only slightly weaker than in December, underpinned by Positive expectations regarding workloads in coming months. "The pace of jobs growth eased only slightly and remained strong. Moreover, sentiment ticked up from December levels and was the second-highest in the series history behind the record reached last November, suggesting that firms retain a very positive view of the year-ahead outlook despite an apparent easing in the pace of activity in January," Simon Barry, Chief Economist Republic of Ireland at Ulster Bank, said. On the price front, input prices climbed sharply in January due to the relative weakness of the euro. But this factor outweighed falls in the cost of fuel, thereby preventing a slowdown in the rate of input price inflation.
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Malaysia Expects Q4 Gdp to have slowed Versus Previous Quarters: Standard Chartered
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Quotes from Standard Chartered Malaysia is due to release Q4-2014 GDP and current account data on 12 February. We expect GDP growth to have slowed to 5.0% y/y from an average 6.1% in the first nine months of the year. This would translate into full-year growth of 5.8%, the fastest since 2010, despite the slowdown towards end-2014. We expect net external demand to have contributed positively to growth, unlike in recent years. Malaysia forecast challenges to growth, particularly in Q1-2015, on lower global oil prices. We expect the current account balance to have narrowed to MYR 6.2bn in Q4 from MYR 7.6bn in Q3.
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Australia Consumer Confidence Rises In January
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An index measuring consumer confidence in Australia surged in January, the latest survey from Westpac Bank and the Melbourne Institute showed on Wednesday. The index spiked 8.0 percent to a score of 100.7, touching a 13-month high. That follows the 2.4 percent gain in December to 93.2. "This is a much stronger result than we had expected. It represents the first time since February last year that we have seen a majority (albeit miniscule) of optimists over pessimists. It is also the highest level of the Index since January last year," Westpac Chief Economist Bill Evans said.
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Japan Core Machine Orders Jump 8.3% In December
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Core machine orders in Japan climbed 8.3 percent on month in December, the Cabinet Office said on Thursday. That topped expectations for an increase of 2.3 percent following the 1.3 percent gain in November. On a yearly basis, core machine orders surged 11.4 percent - also beating forecasts for an increase of 5.6 percent following the 14.6 percent plummet in the previous month. For the fourth quarter of 2014, core machine orders added just 0.4 percent on quarter. For all of 2014, they gained an annual 4.0 percent.
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Aud/usd up to 0.7767 As Shorts squeezed on Rba Comments
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Comments coming thick and fast fm Stevens/Kent but not dovish enough
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Australia New Motor Vehicle Sales Fall 1.5% In January
The total number of new motor vehicle sales in Australia was down a seasonally adjusted 1.5 percent on month in January, the Australian Bureau of Statistics said on Monday, standing at 93,104. That follows the 3.0 percent increase in December. On a yearly basis, sales were up 0.2 percent after falling 1.0 percent in the previous month. By category, sales of other vehicles fell 3.1 percent on month, while sales for passenger vehicles lost 0.6 percent and sales of sports utility vehicles dropped 1.6 percent. By region, the Northern Territory had the largest percentage decrease (12.9 percent) followed by Queensland (4.5 percent) and Victoria (1.3 percent). Tasmania saw the largest increase in sales of 15.4 percent.
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Daily analysis of major pairs for February 16, 2015
EUR/USD: The EUR/USD pair has been making commendable effort to go upward in the context of a downward bias. This effort has enabled the price to close above the support line at 1.1350 and a movement above the resistance line at 1.1500 would result in a clean Bullish Confirmation Pattern in the market. The outlook for the EUR/USD pair this week is bullish.
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Boj Likely to Stay Put at the February Meeting
Notes from Standard Chartered research: We expect the Bank of Japan (BoJ) to stay put at its 17-18 February monetary policy meeting. However, we think the weaker-than-expected Q4 GDP reading highlights the need for further government and BoJ support. We also believe a significant change in its inflation outlook will indicate its next policy move. The rapid drop in domestic prices on lower global oil prices will be the central bank's biggest concern, in our view, although the longer-term impact of oil-price declines will likely be positive. The PPI inflation rate has dropped for three consecutive months since November 2014. We expect core inflation (which excludes fresh food) to fall back into negative territory in the coming months and reach 0-0.5% by end-FY15 (i.e., by March 2016).
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Westpac Leading Index Gains 0.1% In January
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The Australian economy inched slightly forward in January, the latest survey from Westpac Bank and the Melbourne Institute suggested on Wednesday, as its leading economic index added 0.1 percent on month. That follows the flat reading in December, and it continues the stretch of below-trend growth, Westpac said. "We still believe that an interest rate cut in March is the best policy to support domestic demand and maintain downward pressure on the Australian dollar and this outcome remains our forecast," Westpac chief economist Bill Evans said.
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Gold Retains Gains on Hopes fED Will Delay Interest Rate Hike
Spot gold was little changed at $1,212.81 an ounce by 0030 GMT. The metal closed up 0.3 percent on Wednesday, after dropping to a six-week low of $1,197.56 earlier in the session. Fed policymakers expressed concern last month that raising rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping "patient" from the central bank's rate guidance. The minutes from the Fed's Jan. 27-28 policy-setting meeting, released on Wednesday, show officials grappling to square solid U.S. economic growth with the weakness in international markets, as well as worrying about falling inflation expectations in the United States. Global equity markets advanced on Wednesday while the dollar pulled back from earlier gains following the release of the Fed minutes. Gold had come under pressure in recent months from expectations the Fed will raise interest rates as early as June, potentially lifting the dollar and hurting non-interest-yielding assets like bullion. If interest rates are kept near record lows for longer, bullion's appeal could increase.
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Japan Manufacturing Sector Slows In February - Markit
The manufacturing sector in Japan continued to expand in February, albeit at a slower pace, the latest survey from Markit Economics showed on Friday with a PMI score of 51.5. That was well shy of forecasts for a score of 52.5, and it was down from 52.2 in January. The February reading represents a seven-month low score, although it remains above the boom-or-bust score of 50 that separates expansion from contraction. Among the individual components, the manufacturing output index was steady at 52.7, suggesting that production growth remains solid, Markit said.
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BoJ Minutes: Moderate Pace For Economic Recovery
The members of the Bank of Japan's monetary policy committee believe that the pace of the country's economic recovery remains moderate, minutes from the bank's policy meeting on January 20 and 21 revealed on Monday. They also noted that capital spending was on the upswing as corporate profits continued to grow. "Japan's economy has continued to recover moderately as a trend, and effects such as those of the decline in demand following the front-loaded increase prior to the consumption tax hike have been waning on the whole. Overseas economies -- mainly advanced economies --have been recovering, albeit with a lackluster performance still seen in part," the minutes said. The members did concede that they were likely to miss their desired inflation target of 2 percent following years of deflation - due mainly to tumbling energy prices. Citing lower crude oil prices, the BoJ downgraded its core inflation estimate for fiscal 2015 to 1 percent from 1.7 percent. But the central bank lifted the forecast for fiscal 2016 to 2.2 percent from 2.1 percent. "Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective," the bank said. "The year-on-year rate of increase in the CPI is likely to slow for the time being, reflecting the decline in energy prices." At the meeting, the BoJ kept its monetary policy unchanged and lowered its near-term inflation forecast. The bank also extended its loan scheme by one year in order to encourage lending. The central bank also decided by an 8-1 vote to maintain its target of raising the monetary base at an annual pace of about JPY 80 trillion. The bank said major risks to the outlook are developments in the emerging and commodity-exporting economies, the prospects regarding the debt problem and the risk of low inflation rates being protracted in Europe, and the pace of recovery in the United States. The bank raised its fiscal 2015 growth outlook to 2.1 percent from 1.5 percent. For fiscal 2016, the bank projected 1.6 percent real growth instead of 1.2 percent. "Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with the QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate," the bank said.
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Japan Corporate Service Prices Rise 3.4% In January
An index measuring corporate Service prices in Japan was up 3.4 percent on year in January, the Bank of Japan said on Tuesday - coming in at 102.3. That was below expectations for an increase of 3.6 percent, which would have been unchanged from the December reading prior to a downward revision to 3.5 percent. On a monthly basis, prices dipped 0.5 percent after easing 0.1 percent in the previous month. Among the individual components, prices were lower for communications, transportation and leasing; they were higher for advertising, machinery repair and real estate.
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