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1

[B]Market Review - 02/04/2013[/B] [I][B]21:48GMT[/B][/I]

[B]Euro drops as euro zone unemployment rises to record high[/B]

The single currency weakened against the dollar after data showed unemployment in the eurozone rose to a record high, adding to concern that the 17-nation currency bloc will struggle to emerge from recession.

Despite finding a wave of buying at Asian open and climbing to session high at 1.2878 in Asian morning, the single currency came under selling pressure and dropped to 1.2825 in European morning after eurozone unemployment climbed to a record high in February. Euro briefly recovered to 1.2856 before falling to 1.2812 in New York morning. Later, price pared intra-day losses and rebounded to 1.2847 due to the rise in European bourses. However, price fell again in New York afternoon to intra-day low of 1.2808 before staging a recovery.

Unemployment in the euro area rose to 12% and the January figure was revised up to the same level from 11.9% estimated earlier.

Versus the Japanese yen, although the greenback dropped to a fresh 1-month low at 92.57 in Asian morning, price pared intra-day losses and rebounded to 93.35 in European morning as investors expected BoJ Governor Haruhiko Kuroda to announce bold easing measures on Thursday. Dollar briefly retreated to 93.09 ahead of New York opening before rising to session high at 93.56 in New York morning, due partly to the rally in U.S. equities.

The British pound rose briefly to session high at 1.5259 in Asian morning before falling to 1.5215 at European open. Despite a rebound to 1.5240, cable tumbled on active cross-selling of sterling (eur/gbp rallied from 0.8426 to 0.8494) and as an industry report showed U.K. manufacturing output shrank more than economists forecast. Price eventually hit an intra-day low at 1.5099 near New York close.

A gauge of U.K. manufacturing based on a survey of purchasing managers was 48.3 in March from 47.9 in February.

In other news, a document listing Cyprus’ bailout agreement stated ‘Cyprus to have a primary deficit of 2.4%/GDP in 2013, no more than 4.25%/GDP in 2014, 2.1%/GDP in 2015; privatisation in Cyprus to raise at least 1.4 bln euros in 2013-2016; Cyprus to freeze public sector pensions, increase retirement age by 2 years.’

On the data front, Germany manufacturing PMI came in at 49.0, better than expectations of 48.9. EU manufacturing PMI was reported at 46.8 vs forecasts of 46.6.

[B]Data to be released on Wednesday : [/B]

Australia new home sales, trade balance, China non-manufacturing PMI, HSBC services PMI, UK BRC shop price index, construction PMI, U.S. ADP employment and ISM non-manufacturing.

2

[B]Market Review - 12/04/2013 [I]21:18GMT[/I][/B]

[B]Dollar falls broadly on Friday on weaker-than-expected U.S. retail sales and consumer confidence[/B]

The greenback dropped against majority of its peers as the unexpected fall in U.S. retail sales increased concerns that the Fed will keep monetary policy loose to support the economy.

U.S. retail sales decreased by 0.4% in March vs street forecast of 0.0%. Later, the University of Michigan Consumer Sentiment preliminary number for April came in at 72.3, a hefty drop from the March final reading of 78.6. Dollar weakened further after the release.

Although the single currency ratcheted higher to 1.3127 in Asian morning, price came under renewed selling pressure in European session and tumbled to 1.3040 in European morning on news that Cyprus may require additional 10 billion dollars of financial assistance. However, despite a rebound to 1.3070, euro fell briefly to session low of 1.3036 after the release of U.S. retail sales but later rallied back to 1.3130 in U.S. afternoon on dollar’s broad-based weakness.

Cyprus said ‘increase in its total gross financing needs to 23 billon from initial 17.5 billion won’t affect banks, depositors.’

Versus the Japanese yen, the greenback retreated from Thursday’s near 4-year high of 99.95 and dropped to 98.86 in European morning on broad-based long liquidation in the Japanese yen. Despite a brief rebound to 99.43, dollar fell again to 98.67 in New York morning after the release of poor U.S. data, price then tumbled to a session low of 98.08 in U.S. afternoon before stabilising.

The British pound briefly rose to session high at 1.5410 in Asian morning before retreating in tandem with euro to an intra-day low at 1.5343 in European morning. Despite a brief rebound to 1.5384, cable retreated again to 1.5340 in New York afternoon due to active buying in eur/gbp cross pair.

In other news, Federal Reserve Chairman Ben Bernanke said on Friday that despite improvements in the U.S. economy overall, the country’s lower-income communities continue to face hard times.

[B]Data to be released next week : [/B]

U.K. Rightmove house price, Australia home loans, China industrial production, retail sales and GDP data, Japan industrial production, capacity utilization and machine tools orders, Eurozone trade balance, U.S. Empire state manufacturing, net LT TIC flows, NAHB housing market index, and Canada existing home sales on Monday;

Australia RBA policy meeting minutes (April), Italy trade balance, U.K. PPI, CPI and RPI data, Eurozone CPI, ZEW surveys, and U.S. CPI, housing starts, building permits, industrial production and capacity utilization on Tuesday;

New Zealand CPI, Australia Westpac leading economic index, Japan consumer confidence, U.K. BoE minutes, claimant count, average earnings and ILO unemployment, Switzerland ZEW index, and Canada BoC rate decision on Wednesday;

New Zealand ANZ consumer confidence, Australia NAB business confidence, U.K. retail sales, Italy current account, U.S. jobless claims, and first day of G20 Finance Ministers and Central bank Governors’ Meeting on Thursday;

Japan all industry index and leading indicators, Germany PPI, eurozone current account, Canada wholesale sales and CPI, and U.S. Chicago Fed index on Friday.

3

[B]Market Review - 18/04/2013[/B] [I][B]23:06GMT[/B][/I]

[B]Dollar slips on weak U.S. data[/B]

The greenback dropped against euro after a report showed manufacturing in the Philadelphia region expanded less than forecast, boosting the chances that U.S. monetary stimulus will be maintained. However, price then rebounded in New York afternoon.

U.S. Philadelphia Fed. business index is released at 1.3, less than the expectation of 3.0.

Earlier in Asia, the single currency gained some respite after its biggest daily drop in 10 months yesterday to 1.3001 and rebounded to 1.3061. Euro edged higher to 1.3077 at New York open, however, price briefly fell to 1.3026 and then 1.3096 on dollar’s weakness before retreating in U.S. afternoon.

Although the British pound traded with a firm undertone in Asia and rose to 1.5267 at European open, price fell to session low at 1.5218 due partly to the drop in UK retail sales. However, cable pared intra-day losses and climbed to an intra-day high at 1.5312 in New York morning on dollar’s broad-based weakness before stabilising.

U.K. Retail sales m/m and y/y came in at -0.7% and -0.5% vs previous figures of 2.1% and 2.6% respectively.

Versus the Japanese yen, despite a rebound in Asia from 97.64 to 98.37, the greenback retreated to 97.81 ahead of European opening. However, price pared intra-day losses and rose to a high at 98.53 on speculation that Japan will not face criticism for its aggressive monetary easing at a G20 meeting that kicked off on Thursday. Later, dollar dropped again to 97.92 after the release of weak Philadelphia Fed survey before stabilising.

In other news, IMF’s MD Christine Lagarde said ‘IMF doesn’t see a need for Spain to do up front, heavy duty fiscal consolidation as initially planned; Spain needs more time for fiscal adjustment; clearly ECB still has room to ease monetary policy; up to ECB to decide when to potentially lower interest rate.’

On the data front, U.S. leading index chg m/m in Mar came in at -0.1%, worse than forecast reading of 0.1%, initial jobless claims came in at 352K, worse than the forecast reading of 350K, last week initial jobless claims revised to 348K.

[B]Data to be released on Friday: [/B]

Japan all industry index and leading indicators, Germany PPI, eurozone current account, Canada wholesale sales and CPI, and U.S. Chicago Fed index.

4

[B]Market Review - 23/04/2013 22:45GMT

Euro falls on weak German data[/B]

The single currency tumbled against the greenback on Tuesday after poor German manufacturing and services PMI raised concerns about the eurozone economy, reviving speculation that the ECB could cut interest rates.

Earlier in Asia, although the single currency retreated to 1.3037 in Asian morning on risk aversion due to the drop in Chinese HSBC manufacturing PMI, euro briefly rebounded to session high at 1.3085 in early European morning, due partly to the release of better-than-expected France manufacturing PMI. However, price swiftly pared intra-day gains and tumbled after release of poor German manufacturing and services PMI, hitting an intra-day low at 1.2973 in European morning. Later, price staged a recovery to 1.3028 in New York morning due to the rise in U.S. equities before stabilising.

On the data front, China HSBC manufacturing PMI dropped to 50.5 from 51.6 previously. France Manf. in Apr PMI came in at 44.4, better than the forecast of 44.1. German manufacturing PMI in Apr was 47.9, worse than the forecast of 49.0; German Services PMI came in at 49.2, weaker than expectation of 51.0.

Versus the Japanese yen, the greenback came under selling pressure after slow Chinese manufacturing growth triggers risk aversion and dropped to an intra-day low at 98.49 in European morning. However, dollar pared intra-day losses and rose to session high at 99.53. Despite a brief but sharp spike down to 98.59 after a ‘bogus’ report on the Associated Press Twitter account that there were 2 explosions in White House, price quickly recovered to 99.35 on the denial of any such incident.

The British pound also retreated to 1.5255 in Asian Morning on risk aversion before falling further to an intra-day low at 1.5196 in European morning. However, cable pared intra-day losses and rebounded to 1.5288 in New York morning due partly to cross-buying of sterling versus euro (eur/gbp fell from 0.8569 to 0.8511) before stabilising near 1.5250 in New York afternoon.

In other news, Bank of Italy official says ‘sees downside risks to official gov’t GDP forecasts of -1.3% in 2013, +1.3% in 2014; must avoid any doubt over breaching 3% GDP deficit limit in 2013.’

Data to be released on Wednesday:

New Zealand RBNZ rate decision, Australia CPI, Germany import price index, Ifo business climate, Ifo current assessment, UK BBA mortgage advances, CBI industrial trends, U.S. durable goods, ex. transport and ex. defense.

5

[B]Market Review - 24/04/2013 [I]22:22GMT[/I][/B]

[B]Euro rebounds from near 3-week low on short covering[/B]

The single currency ended the day a little higher against the dollar on Wednesday after recovering from a near 3-week low on increased optimism surrounding Italy’s political crisis.

Despite trading sideways in Asia, the single currency fell briefly but sharply to an intra-day low at 1.2954 in European morning after data showed Germany’s business sentiment dropped for a second month in April, increasing concerns about an interest rate cut by the ECB. However, euro quickly pared intra-day losses on talk of buying by Asian central bank and rebounded to session high at 1.3034 in European morning before falling again to 1.2974 in New York morning. Later, price recovered to 1.3029 in New York afternoon on hopes that Italy can resolve its political gridlock.

Germany’s Ifo business climate is released at 104.4, worse than the forecast of 106.2; Germany Ifo current conditions came in at 107.2, weaker than the expectation of 109.5.

Versus the Japanese yen. although the greenback rose to an intra-day high at 99.77 at Asian open, dollar pared intra-day gains and retreated to session low at 99.18 in Asian morning. Price staged a rebound to 99.67 in European morning, however, dollar met renewed selling interest there and dropped to 99.24 in New York morning due to the release of weaker-than-expected U.S. durable sales data before stabilising.

U.S durable good in Mar came in at -5.7%, weaker than the forecast -2.8%.

The British pound strengthened in Asian session and rose to an intra-day high at 1.5288 in European morning as Bank of England’s decision to extend its program to provide cheaper loans to companies and consumers by one year revived hopes of an economic recovery in the country. However, cable pared intra-day gains and retreated to 1.5245 at New York midday before stabilising.

In other news, ECB’s Constancio said ‘Monetary policy is accommodative; Mon Pol will continue to be accommodative to respond to present situation where inflation is going down significantly.’ Ifo economist Wohlrabe said ‘German economy would grow more strongly in Q2 than in Q1 despite Ifo decline.’

On the data front, U.S durable good ex-transport is released -1.4%, worse than the expectation of -0.7%; U.S. durable good ex-defense came in at -4.7%, worse than the forecast of -2.3%. U.K. BBA mortgage approval in Mar came in at 31.2K, vs forecast of 31.4K.

[B]Data to be released on Thursday : [/B]

U.K. GDP and U.S. weekly jobless claims.

6

[B]Market Review - 29/04/2013[/B] [I][B]23:04GMT[/B][/I]

[B]Euro rises on formation of Italian government[/B]

The single currency rose against the greenback on Monday after Italy finally formed a government over the weekend, ending 2 months of political uncertainty.

Although the single currency opened higher and gained to 1.3067 in New Zealand on weekend news of formation of a ‘new government’ in Italy, euro retreated to 1.3032 at Asian open before trading sideways. Euro found renewed buying interest at European open and rallied to 1.3100 in early European morning on cross buying of euro versus other currencies before rising to an intra-day high at 1.3116 at New York open.

Versus the Japanese yen, although the greenback remained under pressure at Asian open and dropped to session low at 97.35 in Asian morning, price pared intra-day losses and rebounded to 97.97 in early European morning. Despite a brief retreat to 97.62 at New York open, dollar rose to an intra-day high at 98.20 at New York midday on speculation that the Federal Reserve will maintain bond purchases under quantitative easing for the foreseeable future before easing in U.S. afternoon.

The British pound traded with a firm undertone in Asia and extend its recent ascent to a fresh 2-month high at 1.5547 in European morning. However, selling interest ahead of 1.5550 prompted long-liquidation and cabled retreated to 1.5483 in New York afternoon.

In other news, Italy Prime Minister Enrico Letta said ‘will maintain commitments on European budget limits; Europe must become a motor for growth, facing crisis of confidence; will visit Brussels, Paris, Berlin this week to demonstrate European commitment; Italy will from austerity alone, growth policies cannot wait; must reduce taxes weighing on labour and young people.’

[B]Data to be released on Tuesday: [/B]

Japan manufacturing PMI, household spending, unemployment rate, industrial production, retail sales, housing starts, China market holiday, UK Gfk consumer confidence, mortgage approvals, France PPI, EU CPI, unemployment rate, Canada GDP, PPI, U.S. redbook retail sales, Chicago PMI and consumer confidence.

7

[B]Market Review - 30/04/2013[/B] [I][B]22:03GMT[/B][/I]

[B]Dollar slumps as Chicago PMI unexpectedly dropped[/B]

The greenback dropped against majority of its peers after U.S. Chicago PMI unexpectedly fell to its lowest level in 3 years, increasing speculation the Federal Reserve will maintain its bond buying under QE program as policymakers began a 2-day FOMC meeting today.

U.S. Chicago PMI fell to 49 in April, the lowest since September 2009, from 52.4 last month.

Although the single currency traded sideways in Asian morning and rose briefly to 1.3121 ahead of European open, price dropped to session low at 1.3052 in European morning after the released of weaker-than-expected Germany retail sales before recovering to 1.3084. Price jumped in New York morning and rose to an intra-day high at 1.3186 on dollar’s broad-based weakness after U.S. Chicago PMI unexpectedly dropped to its lowest level in 3 years. Later, euro pared intra-day gains and retreated to 1.3146 at New York midday before stabilising.

Germany retail sales were reported at -0.5% m/m, lower than forecasts of 0.0%.

Versus the Japanese yen, the greenback remained under pressure in Asia and weakened to 97.61 in European morning before staging a recovery to 97.79 in New York morning. Dollar fell briefly but sharply to an intra-day low at 96.99 after the release of weak U.S. Chicago PMI, however, price pared intra-day losses and rebounded to 97.62 in New York afternoon.

The British pound traded with a firm undertone in Asia and edged higher to 1.5507 ahead of European open. Despite a brief pullback to 1.5474 ahead of New York open, price rallied to an intra-day high at 1.5570 in New York morning on dollar’s weakness. However, cable pared intra-day gains and retreated to 1.5529 in New York afternoon before stabilising.

In other news, U.K.‘s Chancellor of the Exchequer George Osborne said ‘particularly important’ that FPC gives due weight to impact of actions on near-term economic recovery.’ Italy’s Silvio Berlusconi said ‘must re-negotiate deficit commitments made with EU; cannot be part of government that does not abolish IMU housing tax.’

On the data front, U.S. consumer confidence is released at 68.1, vs the expectation of 60.8, prior reading is revised to 61.9. EU unemployment in Mar came in 12.1%, worse than the forecast of 12.0%.

[B]Data to be released on Wednesday: [/B]

Australia new home sales, manufacturing PMI, UK manufacturing PMI, U.S. ADP employment, manufacturing PMI, construction spending, ISM manufacturing and Fed rate decision.

8

[B]Market Review - 02/05/2013[/B] [I][B]22:48GMT[/B][/I]

[B]Euro tumbles on negative rate speculation[/B]

The single currency tumbled against the greenback on Thursday after ECB President Mario Draghi hinted the central bank is ready to apply negative deposit rates and highlighted downside risks to the eurozone economy.

ECB’s Draghi in his press conference at Bratislava said ‘rate decision was consensual; very strong pervading consensus for 25 BPS; asked if rates could be cut further, says we look at all data; when asked about negative deposit rates says are technically ready; negative rates have unintended consequences, will cope if decide to act.’

The single currency remained under pressure in Asia and edged lower to 1.3148 in early European morning before recovering to 1.3181 ahead of ECB’s rate decision. Despite a brief but sharp fall to 1.3115 after ECB cut its interest rate by 25 bps to 0.50%, price rose to session high at 1.3220 on short-covering. However, euro pared intra-day gains and tanked after ECB’s Draghi hinted at prospects of negative interest rates, eventually falling to an intra-day low at 1.3037 in New York morning before stabilising.

Versus the Japanese yen, although the greenback traded in choppy fashion in Asia and Europe, dollar jumped at New York open and rose to an intra-day high at 98.40 after the release of better-than-expected U.S. jobless claims and trade balance. However, price pared intra-day gains and retreated swiftly to 97.61 in New York morning before stabilising around 98.00 in New York afternoon.

U.S. initial jobless claims came in at 324K, better than the expectation of 345K. Trade balance was reported at -38.8 billion dollars vs forecast of -42.0 billion.

Although the British pound traded sideways in Asia and edged higher to session high at 1.5591 ahead of New York open, cable retreated in tandem with euro to an intra-day low at 1.5497 in New York morning. However, price pared intra-day losses and recovered to 1.5539 in New York afternoon.

In other news, BOJ Governor Haruhiko Kuroda said ‘Japan monetary easing needed to escape deflation; will monitor if Japan easing affects emerging nations; not seeking asset bubble much in Asia due to inflows; Japan economy moving within expectations after easing; effects of BOJ April easing will come out from now.’

On the data front, U.K. construction PMI in Apir come out at 49.4, better than the street forecast of 48.0, just shy of the 50.0 growth/ expansionary mark. EU manufacturing PMI in Apr came in at 46.7, better than the expectation of 46.5. German manufacturing PMI in Apr is released at 48.1, better than the forecast of 47.9.

[B]Data to be released on Friday: [/B]

Japan market holiday, China non-manufacturing PMI, Australia PPI, UK services PMI, EU PPI, U.S. non-farm payrolls, private payrolls, unemployment rate, avg. hourly earnings, factory orders, durable goods, ex. defense, ex. transport and ISM non-manufacturing.

9

[B]Market Review - 06/05/2013 [I]23:02GMT[/I]

Euro falls on Draghi’s comments[/B]

The single currency dropped against the greenback after ECB President Mario Draghi said the central bank is ready to act if required.

ECB’s Draghi repeated his last Thursday’s comments in Rome and said ‘ECB watching data and is ready to act again.’

Although the single currency edged higher to session high at 1.3141 in Asian morning, price met selling interest there and weakened to 1.3093 in early European morning. Euro traded in a narrow range in thin trading conditions during European session as UK was closed for May day holiday before falling sharply to an intra-day low at 1.3053 in New York morning on ECB’s Draghi comments. Later, euro recovered to 1.3086 in New York afternoon before stabilising.

Versus the Japanese yen, the greenback opened slightly higher in New Zealand and traded in a very narrow range till European open due to market holiday in Japan. Price found good buying interest at European open and above Friday’s 99.28 high to 99.45. However, dollar pared intra-day gains and retreated to 99.15 before rising again to 99.44/45 in New York afternoon.

Although the British pound rose in tandem with euro to session high at 1.5599 in Asian morning, price retreated to 1.5558 in European morning before trading sideways. Cable came under selling pressure at New York open and dropped to an intra-day low at 1.5521 in New York morning, however, price pared intra-day losses and rebounded to 1.5548 in U.S. afternoon.

In other news, ECB’s Yves Mersch said ‘ECB will do all that is needed for euro to have long, prosperous life; single bank resolution mechanism essential, funds cud come from private sector; EU commission’s proposal for financial transaction tax merits impact assessment, modifications.’

On the data front, EU retail sales m/m came in as expected at -0.1%. Germany services PMI was reported slightly better-than-expected at 49.6 vs forecast of 49.2.

[B]Data to be released on Tuesday: [/B]

Australia trade balance, import, export, RBA rate decision, Swiss unemployment rate, France trade balance, industrial production, manufacturing production and Germany factory orders.

10

[B]Market Review - 07/05/2013 [I]22:39GMT[/I][/B]

[B]Euro ends day little changed vs usd[/B]

Despite euro’s initial rise to intra-day high of 1.3132 after the release of better-than-expected Germany factory orders on Tuesday, the single currency retreated as doubts of further monetary easing from the ECB persisted.

Although the single currency traded with a firm undertone in Asia and edged higher to 1.3095 ahead of European open, price retreated to 1.3068 at European open. Euro jumped in European morning after the release of better-than-expected German industrial orders and rose to an intra-day high at 1.3132. However, persistent worries that the ECB could ease its monetary policy further after Draghi’s comments on Monday checked intra-day gains and price dropped to 1.3073 in New York morning before stabilising.

German factory orders in March came in at 2.2% m/m n -0.4% y/y, versus the forecasts of -0.5% n -2.9% respectively.

Versus the Japanese yen, although the greenback dropped to 98.82 in Asian morning, price pared intra-day losses and rebounded to 99.35 in European morning. However, dollar came under selling pressure and retreated to 98.83 in New York morning.

The British pound traded sideways in Asia and edged lower to 1.5522 in European morning before tumbling to an intra-day low at 1.5447 in New York morning, partly due to cross-selling of sterling versus euro. However, price pared intra-day losses and recovered to 1.5488 in New York afternoon.

In commodity-linked currencies, the Australian dollar tumbled in Asian morning after the RBA cut its interest rate 25 bps to 2.75% and price eventually fell to a fresh 2-month low at 1.0155 at New York open before recovering.

In other news, France’s Finance Minister Pierre Moscovici said ‘Germany has tradition of rules but Europe must also be capable of flexibility; ECB has played positive role in the euro crisis in terms of calming markets and improving liquidity.’

On the data front, U.S. Redbook retail sales came in at -2.5% m/m n 2.3% y/y.

[B]Data to be released on Wednesday: [/B]

U.K. BRC retail sales, Swiss CPI, Germany industrial production and Canada housing starts.

11

[B]Market Review - 08/05/2013 [I]22:42GMT[/I]

Euro rallies on better-than-expected German data[/B]

The single currency rallied against U.S. dollar on Wednesday after the release of better-than- expected Germany industrial production data increased optimism that the country’s economy is recovering.

Earlier in Asia, euro gained to 1.3098 on upbeat China data before trading sideways ahead of European open. Price resumed intra-day ascent and rose to 1.3131 ahead of German industrial output and climbed further after the data came in better than market forecast. The single currency eventually hit session high of 1.3194 in New York morning on increased speculation that ECB will refrain from cutting interest rates further in the near-term. Later, price pared intra-day gains and retreated briefly to 1.3152 late New York session.

German industrial production in March came in at 1.2% m/m n -2.5% y/y, better than economists’ expectations of -0.1% n -3.8% respectively.

Versus the Japanese yen, although the greenback rose to session high at 99.16 in Asian morning, price pared intra-day gains and retreated to 98.75 at European open. Despite brief bounce to 99.04 in European morning, renewed selling pressure pushed the pair lower to an intra-day low at 98.58 in New York morning. However, U.S. dollar then rebounded to 99.04.

The British pound traded with a firm undertone in Asia and strengthened in European session on speculation that Bank of England will refrain from increasing its QE program as policymakers conclude their 2-day meeting tomorrow. Cable resumed intra-day gain in New York morning and climbed to a high of 1.5593, however, price pared intra-day gains and retreated to 1.5532 at New York close.

The New Zealand dollar tanked to 0.8360 in Asian morning as RBNZ said it had sold NZ dollar to curb the currency’s rise.

In other news, EU Executive Board member Joerg Asmussen said ‘Cypriot economy expected to rebound in 2015; Cypriot economy to shrink significantly this year; economic risk on the downside in Cyprus; Cyprus economy to shrink 13% over 2013, 2014.’

On the data front, China exports and imports came in better-than-expected at 14.7% and 16.8% vs forecasts of 10.3% and 13.9% respectively.

[B]Data to be released on Thursday : [/B]

New Zealand unemployment rate, China trade balance, exports, imports, CPI, PPI, Australia unemployment rate, employment change, UK industrial production, manufacturing production, BoE rate decision, Germany market holiday, France market holiday, Canada new housing price index, U.S. weekly jobless claims, wholesale inventories and wholesale sales.