AceTraderFx : Intra-day Market Moving News and Views on Majors

AceTraderFx Mar 4: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
04 Mar 2016 03:30GMT

USD/JPY - .... Dlr went through a roller-coaster rise in hectic Asian trading on Friday. Despite extending recovery from yesterday's New York low of 113.20 to 113.76 ahead of Asian open, selling interest emerged n knocked price lower, dlr briefly weakened to intra-day trough of 113.25 after BoJ Gov.
Kuroda said he is not thinking of pushing interest rates further into negative territory, with lack of follow-through selling quickly lifted the pair and dlr later climbed back to 113.67 ahead of Tokyo lunch session.

Looks like indicated intra-day range would hold from here, at least until European open.
Offers are tipped at 113.65/75 with stops above 113.80, however, more selling interest is reported at 114.00/10.
Initial bids have been raised to 113.40/30 with stops touted below 113.20.

European traders are likely to keep their powder dry until release of the the world's most important economic data, the U.S. jobs report.
Street forecast for February payrolls to be 190k vs previous reading of 151K, if actual figure comes in much lower than forecast, then expect another wave of dlr selling.
Conversely, if the number is close to 200k or higher, then dlr may jump to 115.00.

Data to be released on Friday:

Australia retail sales, Italy GDP, U.K. inflation expectations, U.S. unemployment rate, non-farm payrolls, private payrolls, manufacturing payrolls, average earning, participation rate, international trade, Canada trade balance, exports, imports, labour productivity and Ivey PMI

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AceTraderFx Mar 7: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
07 Mar 2016 02:00GMT

USD/JPY - ...... Despite staging an intra-day rally in post-NFP New York low of 113.12 to as high as 114.26 in New York afternoon on active cross-selling in yen, dlr pared Friday's gain and fell to 113.50 after tripping stops below 113.70 as the Nikkei opened lower on Monday, damping market's risk appetite.

Looks like said Friday's 114.26 peak would hold from here as intra-day broad-based cross unwinding in yen suggests selling dlr on recovery is favoured.
Offers are noted at 113.85/95 n more at 114.00 with stops above 114.30.
Some bids are reported at 113.50-40 with stops touted below 113.10.

BoJ Gov Kuroda will be speaking at at a forum hosted by Japan's Yomiuri newspaper at 03:40GMT.
Data to be released:

Japan leading economic index, coincident index, Germany factory orders, Italy producer prices, Eurozone investor confidence and U.S. employment trend on Monday.

New Zealand manufacturing sales, Japan GDP, trade balance, current account, economy watcher poll, consumer confidence index, Australia business confidence, business conditions, China imports, exports, trade balance, Swiss unemployment rate, CPI, U.K. retail sales, Germany industrial production, France imports, exports, trade balance, current account, Eurozone GDP, Canada building permits, housing starts, U.S. Redbook and economic optimism on Tuesday.

Australia consumer sentiment, Japan machine tool orders, France nonfarm payroll, U.K. manufacturing output, GDP estimate, industrial output, U.S. mortgage application, wholesale inventories, wholesale sale, Canada rate decision, New Zealand rate decision on Wednesday.

Japan domestic corporate goods price index, Australia inflation expectation, China producer price index, consumer price index, Germany export, import, trade balance, current account, France industrial output, U.K. housing survey, Eurozone interest rate decision, U.S. initial jobless claims, Canada new housing price index and capacity utilization on Thursday.

New Zealand manufacturing PMI, Germany consumer price index, Harmonised index of consumer prices,
Italy industrial output, U.K. construction output, good trade balance, Canada unemployment rate, employment change, participation rate, U.S. import prices, export prices and Reuters/University of Michigan consumer sentiment index on Friday.

China retail sales and industrial production on Saturday.

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AceTraderFx Mar 7: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
07 Mar 2016 03:04GMT

EUR/USD - ...... Euro trades narrowly with a soft bias in subdued Asian morning after Fri's intra-day rally from post-NFP New York morning at 1.0904 to as high as 1.1044.

Price has edged lower in NZ and Australia on Monday due to lack of follow-through buying, suggesting sideways trading below said Friday's 1.1044 temp. top would continue.
Some bids are noted at 1.0970-60 with stops touted below 1.0950, however, more stops are reported below 1.0900.
On the upside, some offers are tipped at 1.1000/10 and more above with stops above 1.1045.

Pay attention to release of a slew of European data with Germany kicking off with Jan factory orders at 07:00GMT, then Italy's PPI and later EU Sentix Mar investor confidence index.

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AceTraderFx Mar 7: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
07 Mar 2016 09:43GMT

EUR/USD - ...... Although the single currency opened slightly lower in NZ today and traded in sideways fashion throughout Asia, price met renewed selling at 1.0994 ahead of European open and dropped sharply to 1.0944 in early European morning on cross-selling in EUR especially vs YEN.

German factory orders fell less-than-expected last month, official data showed on Monday.
German factory orders fell to a seasonally adjusted -0.1%, from -0.2% in the preceding month whose figure was revised up from -0.7%.

Bids are now lowered to 1.0940/50 and more below at 1.0920/30 with stops building up below there whilst initial offers are noted at 1.1010/20, suggesting further choppy trading wud be seen.

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AceTraderFx Mar 8: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
08 Mar 2016 03:04GMT

USD/JPY - ...... Dlr tumbles in hectic Tokyo session as broad-based weakness in Asian stocks triggered active buying of yen on risk aversion.
The pair met renewed selling at Asian open at 113.52 n decline accelerated once stops at 113.10 were tripped, price later weakened to 112.75.

The lack of a short-covering bounce suggests market is eager to test dlr's downside, so selling the pair on recovery is the way to go.
Offers have been lowered 113.00/10 and more above with stops touted above 113.55.
Some bids are noted at 112.70-66 with more stops below there.

Data to be released on Tuesday included:

New Zealand manufacturing sales, Japan GDP, trade balance, current account, economy watcher poll, consumer confidence index, Australia business confidence, business conditions, China imports, exports, trade balance, Swiss unemployment rate, CPI, U.K. retail sales, Germany industrial production, France imports, exports, trade balance, current account, Eurozone GDP, Canada building permits, housing starts, U.S. Redbook and economic optimism

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AceTraderFx Mar 8: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
08 Mar 2016 03:17GMT

EUR/USD - ...... Euro maintains a firm undertone in Asian morning following yesterday's intra-day rally from European low of 1.0940 to 1.1026 as strong gains in oil and metals' prices led to broad-based usd selling.
The single currency met renewed buying at 1.1010/11 in Asia and climbed marginally above said o/n 1.1026 high to 1.1028.

Although yesterday's rally to 1.1026 signals re-test of last Friday's post-NFP peak at 1.1044 is on the cards, traders cited offers at 1.1060/70 and these may limit intra-day gain.
For now, buying euro on pullback for resumption of last week's upmove is favoured, bids have been raised to 1.1010/00 and more below, some offers are tipped at 1.1040/45 with stops above there.

Pay attention to a slew of eco. data due out in European starting with Germany's industrial production, France's trade data and EU's revised Q4 GDP data.

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AceTraderFx Mar 8: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
08 Mar 2016 06:26GMT

GBP/USD -...... A survey of recruiters, REC reported today about the salaries for newly recruited permanent staff in Britain rose in February at the fastest rate in three months, but pay growth for temporary workers was the weakest in nearly three years.
Last month the BoE cut its forecast for British wage growth, which Governor Mark Carney named as a key determinant of future interest rates in a speech at the start of the year.

The Recruitment and Employment Confederation's (REC) monthly jobs report pointed to the biggest rise in hiring of permanent staff in three months last month, but warned that the labour market was at a "critical juncture".
The REC cited Britain's June 23 referendum on membership of the European Union, turmoil in the global economy and finance minister George Osborne's annual budget next Wed as sources of uncertainty for employers.
While the British shoppers were a bit more reluctant to part with their cash in February than in January, a survey showed, adding to signs of a slowdown in the economy at the start of 2016.
The British Retail Consortium said on Tuesday the total value of retail sales last month rose by 1.1 percent compared with February 2015, slowing from growth of 3.3 percent in January, a four-month high.

The BRC's figures are not seasonally adjusted. In February last year, sales rose 1.7 percent in annual terms.
A separate survey, published on Feb. 24 by the Confederation of British Industry, also showed a slowdown in sales and retailers were their most gloomy about the month ahead since 2013.

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AceTraderFx Mar 9: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
09 Mar 2016 02:28GMT

GBP/USD - ...... The Bank of England(BoE) is still more likely to raise interest rates than to cut them over the next two years, but it has plenty of scope to stimulate the economy if needed, said Martin Weale who is BoE policy maker, he challenged the view among some investors that central banks had run out of ammunition to boost their economies at a time when the world's recovery from the financial crisis has slowed.
He continued to say that If needed, the BoE could cut rates below their current record low of 0.5 percent or launch a new round of quantitative easing, possibly purchasing private-sector assets.
Banks in London have also backed staying in and last week the City of London, the municipal authority for the financial district, also formally supported staying.

On news about Brexit, sources have said that U.S. banks Morgan Stanley and Citi have said there could be a backlash against Britain as a financial centre if it left the EU. Goldman Sachs and JPMorgan have made donations to the campaign to keep Britain in.
London mayor Boris Johnson, who is campaigning to pull Britain out of the EU, has said leaving would be a "golden opportunity" and has dismissed "threats" from banks to relocate from London.
While Bank of England Governor Mark Carney said less favourable exit terms under a Brexit would see some banking operations move to Ireland or continental Europe.

TheCityUK said if Britain left, it could not be assumed that EU regulators would be able to live with big EU financial services businesses maintaining their current level of assets in London if markets there were subject to different rules.
heCityUK also represents related services like accounting and law firms, which, together with the banks, employ some 2.2 million people.
The finance industry accounts for nearly 12 percent of the British economy and pays 66 billion pounds ($93.75 billion) a year in tax, making it the biggest contributor to government coffers of any business sector.

TheCityUK, which has already stated that Britain is better off staying in the EU, listed the drawbacks of any potential alternatives to membership, such as still having to contribute money to the EU for access to the single market while having no say over its financial rules.

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AceTraderFx Mar 9: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
09 Mar 2016 03:08GMT

USD/JPY - ...... Dollar met renewed selling at 112.76 just ahead of Tokyo open and then fell 1 tick below yesterday's low at 112.42 (New York) as renewed weakness in the Nikkei at the open (currently down 267 points at 16515) following o/n decline in the Dow triggered more yen-buying on risk aversion.

Although the pair has staged a minor recovery on lack of follow-though selling, as Asian bourses are in the red, suggesting selling the greenback on recovery is still favoured. Offers are tipped at 112.75/85 and more above with stops reported above 113.30.
Initial bids are noted at 112.45-40 with some stop touted below 112.10.
As no major U.S. economic data are due out later today, traders will take cue from intra-day performance of European and U.S. stocks.

Data to be released on Wednesday:

Australia consumer sentiment, Japan machine tool orders, France nonfarm payroll, U.K. manufacturing output, GDP estimate, industrial output, U.S. mortgage application, wholesale inventories, wholesale sale, Canada rate decision, New Zealand rate decision.

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AceTraderFx Mar 9: Intra-Day Market Moving News and Views (USD/EUR)

Intra-Day Market Moving News and Views
09 Mar 2016 05:04GMT

EUR/USD - ..... Euro has come under broad-based selling right at Asian open following yesterday's sharp retreat from 1.1058 to 1.0993 in New York session. Intra-day decline gathered pace once stops below 1.0990 were tripped, price weakened to 1.0974 ahead of Tokyo lunch session.
The lack of a short-covering bounce suggests price would remain under pressure as euro bears have returned after yesterday's short squeeze to 1.1058.

Offers have been lowered to 1.0990/00 and more above with stops above 1.1060.
On the downside, a mixture of bids and stops is reported near 1.0940. No major European data is due out today as market focus is on Thursday's ECB monetary policy meeting, so technical trading should influence intra-day price swings.

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ECB is expected to cut its deposit rate deeper into negative territory

Intra-Day Market Moving News and Views
10 Mar 2016 01:40GMT

EUR/USD - ..... Euro pares yesterday's rally from 1.0946 to 1.1035 in Asia SS market remains nervous ahead of today's ECB meeting. ECB is set to unveil its second stimulus cocktail in three months on Thursday, spurred by fears that low energy costs are feeding into wages and prices, potentially perpetuating ultra-low inflation.
The euro zone's central bank is widely expected to cut its deposit rate deeper into negative territory and adjust its 1.5 trillion euro asset-buying scheme, hoping to boost prices after inflation dipped back into negative territory last month.

The ECB has little to show for the 700 billion euros it has spent buying government bonds and other assets in the past year, as tumbling raw materials prices blunt the impact of its quantitative easing. That raises the risk that people will lose faith in the bank's commitment to its mandate, dragging down long-term price expectations.
Inflation has been below the ECB's nearly 2 percent target for three years and is likely to remain so for many more.
Draghi has already said that acting too soon is better than acting too late, and that the rate meeting needs to recognise that the outlook for growth and inflation have deteriorated. But with policy already deep in unconventional territory, the ECB has few big guns left and most remaining options risk either negative side effects or potential legal challenges, suggesting the Governing Council will opt for a package of modest measures.

Analysts polled expect the ECB to cut its deposit rate to -0.4 percent from -0.3 percent, charging banks more for keeping their cash with the bank overnight. They also see a 60 percent chance the ECB will raise its monthly asset purchases, probably by 10 billion euros to 70 billion euros a month.
It could also firm up its forward guidance, drop a self-imposed limit not to buy assets yielding less than its deposit rate and launch a new targeted longer-term refinancing operation, possibly at a negative rate, to help boost lending, growth and eventually inflation.

But more radical ideas, like an even deeper rate cut, a multi-tier deposit rate, or buying non-performing bank loans, are unlikely to gain traction within the diverse 25-member Governing Council that has shunned radical steps in several earlier tweaks of its asset-buying programme.

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AceTraderFx Mar 10: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
10 Mar 2016 03:23GMT

USD/JPY - ..... In stark contrast to yesterday's weakness in Asian morning, dlr resumed o/n rally and climbed above o/n New York high of 113.45 after meeting renewed buying at 113.15, price climbed to 113.69 as o/n gain in oil prices plus intra-day rise in the Nikkie boosted risk sentiment, triggering another wave of broad-based yen-selling.

Although intra-day firmness suggests near term upside bias remains, as broad outlook continues to be consolidative, gain above previous strong res at 114.26/27 is not envisaged especially no major U.S. eco. data is due out except the weekly U.S. jobless claims data.

Bids are noted at 113.25-15 with stops below 113.00.
Offers are tipped at 113.80/90 with some stops touted above 114.00, however, more selling interest is reported at 114.15/25.
Data to be released on Thursday:

Japan domestic corporate goods price index, Australia inflation expectation, China producer price index, consumer price index, Germany export, import, trade balance, current account, France industrial output, U.K. housing survey, Eurozone interest rate decision, U.S. initial jobless claims, Canada new housing price index and capacity utilization

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AceTraderFx Mar 11: Intra-Day Market Moving News and Views (USD/JPY)

Intra-Day Market Moving News and Views (USD/JPY)
11 Mar 2016 02:00GMT

USD/JPY ..... A government survey showed that the Japanese business sentiment worsened sharply in the first quarter, suggesting that financial market turbulence and sluggish global demand were taken a toll on a fragile economic recovery.
The data keeps pressure on policymakers to deploy additional fiscal and monetary stimulus measures to reflate an economy that is skirting another recession.

The business survey index (BSI) of sentiment at large manufacturers stood at minus 7.9 in January-March, swinging from plus 3.8 in October-December, according to a joint survey by the Ministry of Finance and the Economic and Social Research Institute, an arm of the Cabinet Office.
The index measuring big manufacturers' sentiment three months ahead stood at minus 3.5, a sign the gloomy outlook may discourage companies from boosting wages or capital expenditure, given sluggish demand in China and other emerging Asian markets.
Companies expect capital expenditure to have risen 8.8 percent in the current fiscal year ending in March, but shrink 6.6 percent in the coming business year, the survey showed.

The world's third-largest economy shrank in the final quarter of 2015 as slow wage growth and sluggish global demand hurt consumption and exports.
While many analysts expect growth to have rebounded modestly in the current quarter, the bleak outlook for global demand has led some to predict another contraction that will push Japan back into technical recession - defined as two straight quarters of economic contraction.

The BSI measures the percentage of firms that expect the business environment to improve from the previous quarter minus the percentage that expect it to worsen.
Japanese Finance Minister Taro Aso said on Friday that he hoped the BOJ would continue its efforts to achieve its 2 percent price target, while suggesting that specific monetary policy steps were up to the central bank to decide.
The adoption of negative interest rates by the BOJ is already having an impact such as bringing down housing loan rates.
The BOJ is set to hold off cutting interest rates at next week's rate review, as it scrambles to soothe market jitters which was caused by January's surprise decision to adopt.

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AceTraderFx Mar 11: Intra-Day Market Moving News and Views (USD/EUR)

Intra-Day Market Moving News and Views (USD/EUR)
11 Mar 2016 04:02GMT

EUR/USD - ..... Euro trades relatively with a firm undertone after yesterday's 'spectacular' rally from 1.0821 (interbank low) to as high as 1.1218. Although the single currency tanked from 1.0990 top a fresh 1-month trough of 1.0821 after ECB cut interest rate n expanded its bond purchase programme as expected, short-covering quickly lifted the pair to 1.1116 and intra-day rally continued after ECB's Draghi said rate cuts are done for now at the Q&A press conference, price later climbed to as high as 1.1218 after tripping a series of stops on the way up.

Despite intra-day firmness, yesterday's 1.1218 high is likely to hold until European open as Asia traders are reluctant to take the pair higher as profit-taking offers by U.S. & European traders should prevent strong gain.
Offers are tipped at 1.1210/20 with some stops above there, some bids are noted at 1.1160-50 with some stops touted below there.

Germany will release final inflation data at 07:00GMT followed by Italy's industrial production at 09:00GMT.

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AceTraderFx Mar 11: Intra-Day Market Moving News and Views (USD/JPY)
Intra-Day Market Moving News and Views

11 Mar 2016 08:01GMT

USD/JPY - ..... Reuters reported machinery orders to be released on Monday, Japan's leading indicator of capital spending, are expected to have risen modestly in January for a second straight month, but deepening concerns over economic prospects have cast doubt on a sustained recovery.

Exports were expected to fall for a fifth straight month in February as emerging economies such as China remained weak, while imports likely dropped for a 14 consecutive month on slack domestic demand and low oil prices holding down energy costs.
The poll of 19 economists found that core machinery orders, a volatile data series regarded as a useful leading indicator of capital spending in the coming six to nine months, were expected to rise 3.0 percent in January from December.

The Bank of Japan is set to hold off cutting interest rates at next week's rate review, sources told Reuters, as it works to soothe market jitters caused by January's surprise decision to adopt negative interest rates.
Japan chief govt spokesman Yoshihide Suga comment thaT given ECB's easing, THIS will continue to monitor its effect on world economy, market and he hopes ECB's easing will impact Japan and world economy favourably.

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AceTraderFx Mar 14: Intra-Day Market Moving News and Views (NZD/USD) (USD/JPY)

Intra-Day Market Moving News and Views (NZD/USD) (USD/JPY)
14 Mar 2016 01:22GMT

NZD/USD - 0.6738.. Kiwi briefly fell to 0.6717/18 earlier today after statements by New Zealand cenbank. New Zealand's central bank reported on Monday that the inflation expectations are a key issue for monetary policy.
RBNZ Assistant Governor John McDermott noted Monday that the inflation expectations have fallen significantly recently across a range of measures, and this is a concern for the Bank, and this will contribute to the need for low interest rate settings.

Late last week the central bank surprised markets with a 25 basis point rate cut to 2.25 percent and signaled more to come.
McDermott said there has been a "material decline" in inflation expectations and they risk becoming embedded in future wage and price decisions. He said that if the recent material decline in a broad range of inflation expectations measures continues, the Bank would need to reconsider the outlook for interest rates.

Elsewhere in Japan Reuters reported this morning that Japan's core machinery orders rose a more-than-expected 15.0 percent in January from the previous month, Cabinet Office data showed on Monday, in a sign that rising business investment could support economic growth.
This rise in core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, was much stronger than economists' median estimate for a 3.0 percent increase.
And compared with a year earlier, core orders, which exclude those of ships and electricity, rose 8.4 percent in January, versus a 3.6 percent decline seen by analysts.

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AceTraderFx Mar 14: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
14 Mar 2016 02:13GMT

USD/JPY - ..... Dlr gains in Asian morning trading as rally in U.S. stocks lifted Asian stocks, boosting risk sentiment in Asia. The pair initially rose above Friday's New York high of 113.92 to in New Zealand and despite a brief retreat to 113.65 ahead of Tokyo open, buyers quickly emerged when the Nikkie opened higher (currently up 325 points at 17264), price climbed to 114.01 before easing.

Looks like dlr's daily swings are get to continue and although intra-day rise in Asian stocks should yield marginal dlr gain, offers are tipped at 114.20/30 and more above with stops reported above 114.60.
Bids are noted at 113.75-65 and more below with stops below Friday's New York low at 113.34.

U.S. had moved into summer time and set the clock faster by one hour on Sunday.

Data to be released:

Japan machinery order, China leading economic index, Eurozone industrial production and U.S. housing market index on Monday.

Japan BoJ rate decision, industrial output, capacity utilization, France CPI, Italy CPI, Eurozone employment, U.S. NY Empire State manufacturing index, producer price index, retail sales, retail control, Redbook, business inventories, Net TIC flows, overall net capital flows and foreign T-bonds buying on Tuesday.

New Zealand current account, Australia Westpac leading index, Japan industrial production, tertiary industry index, capacity utilization, Germany wholesale price index, Italy trade balance, U.K. unemployment, average earning, claimant count change, U.S. mortgage application, building permits, housing starts, CPI, manufacturing output, industrial output, capacity utilization, Fed interest rate decision and Canada manufacturing sales on Wednesday.

New Zealand GDP, Japan, exports, imports, trade balance, Australia employment, full time employment, participation rate, unemployment rate, Swiss producer and import prices, Italy trade balance, retail sales, Eurozone trade balance, CPI, U.K. BoE interest rate decision, MPC vote, QE total, U.S. current account, wholesales and leading indicator on Thursday.

Germany producer price index, Eurozone labour cost, U.S. Philadelphia Fed business index, Reuters/University of Michigan consumer sentiment index, Canada CPI and retail sales on Friday.

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AceTraderFx Mar 14: Intra-Day Market Moving News and Views (USD/EUR)

Intra-Day Market Moving News and Views (USD/EUR)
14 Mar 2016 04:03GMT

EUR/USD - ..... Euro opened lower on news of defeats in election results by the ruling CDU party on Sunday. Reuters reported Chancellor Angela Merkel's conservatives lost in two out of three state elections on Sunday as Germans punished her accommodative refugee policy with a big vote for the anti-immigration Alternative for Germany (AfD), exit polls showed.

The pair fell to 1.1135 before renewed buying emerged n later lifted price to 1.1176 ahead of Asian open, however, euro moved sideways in Asian trading as traders await reaction from European players when they come in, therefore, sideways swings are expected to continue.
Offers are tipped at 1.1180/90 with stops above 1.1200, more stops are reported above last week's high at 1.1218.
Initial bids are noted at 1.1235-25 with some stops below 1.1220, more stops are touted below Friday's 1.1080 low.

The only economic data due out today is EZ industrial production, January's M/M is expected to come in at -0.1% vs previous reading of -1.3%.

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AceTraderFx Mar 15: Intra-Day Market Moving News and Views (AUD/USD)

Intra-Day Market Moving News and Views (AUD/USD)
15 Mar 2016 01:30GMT

AUD/USD - ...... The latest report from Australia's central bank RBA: The minutes suggested that there were "reasonable prospects" for continued economic growth and it was still too early to assess whether a bout of global market volatility early in the year foreshadowed something more sinister.
With low inflation, that would give it room to ease policy but only if it was "appropriate to lend support to demand", the Reserve Bank of Australia said in minutes of its March 1 policy review, where it kept the cash rate steady at a record low 2.0 percent for a 10th month running.

It continued that there had been further indications of a rebalancing of activity towards the non-mining sectors of the economy, more recent data had suggested that the economy had continued to grow at a moderate pace in early 2016.
Their Members judged that there were reasonable prospects for continued growth in the economy and that it was appropriate to leave the cash rate unchanged at an accommodative setting.

The RBA cited low interest rates, above-average employment growth and a depreciation of the exchange rate over the past couple of years as factors underpinning the economy. It made no mention of a recent rebound in the local dollar.
Over the period ahead, new informational should allow the Board to assess whether the improvement in labour market conditions was continuing and whether the recent financial turbulence presaged weaker global and domestic demand."

Members spent part of the meeting discussing China, Australia's single biggest export market.
They have observed that demographic changes and strong productivity growth had been key drivers of economic growth in China for some time, but these forces were now reversing and were likely to weigh on further growth as a result.
However, the process of urbanisation still had some way to run in China and that would tend to support growth in the working age population.
The RBA also noted that Chinese household incomes are likely to rise over time, creating long-run potential for Australia to increase exports of rural produce and services, including tourism, to China.

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AceTraderFx Mar 15: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
15 Mar 2016 03:09GMT

USD/JPY - ..... Market is on the edge awaiting BoJ's announcement on its rate n monetary policy decision. At its Jan's 29 meeting, the central bank surprise the market with its aggressive easing measures, causing dlr to jump from 118.52 to 121.70.

The pair briefly spiked to 114.02 from 113.71 but has pared intra-day gain. So expect choppy price swings until official announcement comes through the newswire.
Offers are tipped at 114.00/10 and more above with stops touted above 114.45, more stops are reported above 115.00. Initial bids are reported at 113.55-50 with stops building below 113.30.
Data be released on Tuesday:

Japan BoJ rate decision, industrial output, capacity utilization, France CPI, Italy CPI, Eurozone employment, U.S. NY Empire State manufacturing index, producer price index, retail sales, retail control, Redbook, business inventories, Net TIC flows, overall net capital flows and foreign T-bonds buying

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