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RBA leaves rates unchanged


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#1 ⇑ Haut ⇑ 05-03-2013 10:07:32

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RBA leaves rates unchanged

Morning Briefing : RBA leaves rates unchanged

What’s new:
Asia: indices higher across the board
Global markets: Dow closes near record high
Forex: Aussie Dollar rallies after RBA decision

Overnight rates and Indices:
EUR/USD                  1.3324    1.3365    -0.25 %
USD/CHF                   0.9215    0.9259    -0.32 %
GBP/USD                    1.5465    1.5517    -0.31 %
USD/JPY                        93.62    94.22    -0.51 %
EUR/CHF                   1.2314    1.23411    -0.05 %
EUR/JPY                     124.94    125.69    -0.21 %
Dow Jones                13906.73    14001.93    0.05 %
Nasdaq                      2756.43    2779.07    -0.24 %
S&P 500                  1514.14    1524.24    -0.10 %
Nikkei 225               11308.83    11445.46    2.09 %
Shanghai                  2415.43    2444.80    -0.44 %
Gold spot                   1609.17    1618.98    0.22 %
Crude Oil                        95.45    95.97    -0.29 %

Comments:
US Equity indices edged higher once more on Monday with the Dow Jones Index finishing the day at its second-highest closing level ever, just 37 points shy of its record close set in October 2007. The negative sentiment at the beginning of the week after the weaker Chinese services PMI quickly disappeared.

Stocks in Asia are positive across the board with the Shanghai Composite rebounding (+1.02%) after a sharp sell off in the previous session. The ASX 200 in Australia led the region higher following stronger than expected retail sales and the fact that the RBA left rates unchanged at 3% as expected but they mentioned that they see room to slash rates further if necessary. The AUD/USD shot up roughly 50 pips after the announcement more than reversing the losses seen ahead of the publication.

No major news out of Japan overnight, we saw again some comments from Japanese officials regarding monetary easing but this seems to have lost its effect, as market want to see some real action in order to further devaluate the yen. USD/JPY was largely unchanged, slightly lower in overnight trading. EUR/USD recovered from its lows seen yesterday sub 1.3000 supported by another solid performance of US equities last night. This morning we will see the publication of European and UK Purchasing managers indices as well as retail sales out of the euro zone and at 16:00 CET in the afternoon we get the ISM Non Manufacturing Composite out of the US.

Rudolf Muscat - senior Trader - RTFX Ltd

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