Chinese trade balance data has missed widely as expectations for February were a net positive for the export section with a surplus of 173B Yuan. Rather than an increase, changes were a negative 60B. The release data showed disappointing results for the second largest economy with exports only 4.2% on a yearly basis versus the expected 14.6%. Imports have increased with 44.7% on a yearly basis when only 23.1% was the expected level for this report. Despite this, the net result is still a surplus of 293.7bn CNY for the economy on a yearly basis thus far.
AUD stays predictable, FED and ECB cannot promise the same
As expected, Governor Lowe reaffirmed that the interest rate for the Australian Dollar will remain at 1.5% for now. The cited reasons are the promising economic outlook with low inflation, but still sluggish employment rate. Consumer and business confidence have grown with exports being high and mining investments picking up again. The labor and housing markets were the only concerns at the meeting.
Euro Falls to Lowest Since March as Draghi Guarded on QE Course
The euro fell to its lowest level since March after Mario Draghi signaled Thursday quantitative easing won’t come to an “abrupt” end, leaving traders waiting until at least December for news about policy changes.
Dollar bulls and bears await payrolls, ECB leaves euro underwhelmed
The euro wallowed near a three-year low against the yen on Friday, after investors were underwhelmed by the European Central Bank's decision to refrain from making any material changes to its policy mix.
Oil falls before OPEC talks as yen gains
Crude oil fell for a fifth day and the euro strengthened before Vienna meetings of OPEC and the European Central Bank. Japanese stocks tumbled and the yen appreciated after Prime Minister Shinzo Abe held back a widely expected fiscal stimulus package.