: EUROPE FX MARKETS OPEN

EM {ODPE EX MARKETS (PEN

PRODUCED BY REUTERS AND IFR MARKETS

WEDNESDAY,
WEDNESDAY, MARCH
MARCH 1,
1, 2017
2017

LITTLE
LITTLE NEW
NEW FROM
FROM TRUMP,
TRUMP, RE-FOCUS
RE-FOCUS ON
ON HAWKISH
HAWKISH FED-SPEAK
FED-SPEAK

Market
Market Briefs
Briefs
- Trump
Trump speech
speech long long on on promises,
promises, shortshort on on detail
detail Reuters
Reuters BUZZ/IFR.
BUZZ/IFR.
- Trump
Trump promises
promises $1 $1 trln
trln inin infrastructure
infrastructure spending,
spending, to to call
call for
for reduced
reduced
corporate
corporate taxes,taxes, massive
massive tax tax relief
relief for
for middle
middle classclass Reuters.
Reuters.
- Trump
Trump administration
administration would would ignore
ignore WTOWTO rulings
rulings itit sees
sees as as anti-US
anti-US FT.
FT.
- Pres
Pres Trump
Trump signals
signals drastic
drastic shift,
shift, open
open to to plan
plan to to grant
grant legal
legal status
status toto
millions
millions of of undocumented
undocumented immigrants immigrants New
New YorkYork Times.
Times.
- NY
NY FedFed Dudley
Dudley Case
Case for for hike
hike now
now a a lot
lot more
more compelling
compelling Reuters.
Reuters.
- St
St Louis
Louis Fed Fed Bullard
Bullard Balance
Balance sheet sheet reductions
reductions should should start
start now,
now, inflation
ination
hot
hot but
but nono rush
rush toto raise
raise rates,
rates, eyeing
eyeing fiscal
scal policies
policies Reuters.
Reuters.
- SF
SF Fed
Fed Williams
Williams March
March rate rate hike
hike up for serious
up for serious consideration,
consideration, no no need
need to to
delay
delay hikes,
hikes, stock
stock market
market not not out
out ofof whack
whack Reuters.
Reuters.
- Philly
Philly Fed
Fed Harker
Harker Repeats
Repeats he he sees
sees three
three rate
rate hikes
hikes in in 17
'17 Reuters.
Reuters.
- BoJ
BoJ Policy
Policy Board
Board SatoSato BoJ
BoJ JGB
JGB buysbuys will
will gradually
gradually fall,fall, policy
policy should
should not not
be
be bound
bound by by pledge
pledge to to buy
buy Y80Y80 trln/year,
trln/year, yield
yield curve
curve should
should be be bit
bit steeper,
steeper,
target
target should
should be flexible, adjusted
be exible, adjusted to to reflect
reect market
market developments
developments Reuters.
Reuters.
- Japans
Japans public
public pension
pension fund fund snares
snares record
record Y10 Y10 trlntrln return
return in in Q4
Q4 Nikkei.
Nikkei.
- Japan
Japan MoF MoF survey
survey Q4
Q4 CAPEX
CAPEX +3.8% +3.8% y/y,y/y, +3.5%
+3.5% excluding
excluding software,
software, recurring
recurring
profits
profits +16.9%,
+16.9%, recordrecord high,high, sales
sales +2.0%.
+2.0%.
- Japan
Japan Feb Feb mfg mfg PMI
PMI final
nal 53.3,
53.3, flash
ash 53.5,
53.5, still
still highest
highest in in 35
35 months,
months,
Jan
Jan final
nal 52.7.
52.7.
- BoJ
BoJ trims
trims purchases
purchases of of shorter
shorter maturities
maturities in in JGB
JGB buying
buying operations
operations Reuters.
Reuters.
- China
China LaborMin
LaborMin Confident
Condent employment
employment to to remain
remain stable
stable in in 17
17 Reuters.
Reuters.
- China
China Feb Feb Caixin
Caixin mfgmfg PMIPMI 51.7,
51.7, 50.8
50.8 eyed,
eyed, JanJan 51.0,
51.0, export
export orders
orders best
best since
since
February
February 14. '14.
- China
China Feb Feb offl
offl mfg
mfg PMI PMI 51.6,
51.6, 51.1
51.1 eyed,
eyed, JanJan 51.3;
51.3; services
services 54.2,
54.2, Jan
Jan 54.6.
54.6.
- Australia
Australia Q4 Q4 GDP
GDP +1.1%+1 .1% q/q, q/q, +2.4%
+2.4% y/y, y/y, +0.7%
+0.7% and and +1.9%
+1 .9% eyed,
eyed, consumption
consumption
expenditures
expenditures +0.7%, +0.7%, fixedfixed CAPEX
CAPEX +2.6%,+2.6%, chainchain priceprice index
index +2.9%.
+2.9%.
- Australia
Australia Feb AIG PMI
Feb AIG PMI up up 8.1
8.1 points
points to to 59.3,
59.3, highest
highest since
since May May 02.
02.
- Australia
Australia Feb Feb CoreLogic
CoreLogic home home prices
prices +1.4%
+1 .4% m/m,Wm, +11.7%
+11.7% y/y, y/y, best
best inin 66 years.
years.
- NZ
NZ Q4Q4 terms
terms of of trade
trade index
index +5.7%
+5.7% q/q,q/q, biggest
biggestjump jump since
since 13,13, export
export volumes
volumes
-5.8%,
-5.8%, import
import prices
prices -0.8%,
-0.8%, export
export prices
prices +4.8%,
+4.8%, terms terms of of trade
trade -1.1%
-1.1% in in Q3
Q3
(prelim
(prelim -1.8%).
-1.8%).
- UK
UK FebFeb BRC
BRC shop shop prices
prices -1.0%
-1.0% y/y, fall slows,
y/y, fall slows, Jan Jan -1.7%,
-1.7%, foodfood prices
prices upup for
for
first time
rst time since April 16.
since April 16.

Looking Ahead -- Economic

Looking Ahead Economic DataData (GMT)
(GMT)
- 07:00
07:00 GB
GB Feb
Feb Nationwide
Nationwide house
house price
price index,
index, +4.1%
+4.1% y/y
y/y eyed;
eyed; last
last +4.3%.
+4.3%.
- 07:00
07:00 CH
CH Jan
Jan UBS
UBS consumption
consumption indicator;
indicator; last
last 1.50.
1.50.
- 07:00
07:00 NO
NO Q4
Q4 current
current account
account balance;
balance; last
last NOK24.9
NOK24.9 blnbln surplus.
surplus.
- 07:30
07:30 SE
SE Feb
Feb PMI
PMI mfg,
mfg, 60.0
60.0 eyed;
eyed; last
last 62.0.
62.0.
- 08:00
08:00 NO
NO Feb
Feb PMI
PMI
mfg,
mfg, 51.6
51.6 eyed;
eyed; last
last 51.4.
51.4.
- 08:15
08:15 ES
ES Feb
Feb PMI
PMI mfg,
mfg, 56.0
56.0 eyed;
eyed; last
last 55.6.
55.6.
- 08:30
08:30 CH
CH Feb
Feb PMI
PMI mfg,
mfg, 55.6
55.6 eyed;
eyed; last
last 54.6.
54.6.
- 08:45
08:45 IT
IT Feb
Feb PMI
PMI mfg,
mfg, 53.5
53.5 eyed;
eyed; last
last 53.0.
53.0.
- 08:50
08:50 FR
FR Feb
Feb PMI
PMI mfg,
mfg, 52.3
52.3 eyed;
eyed; flash
ash 52.3.
52.3.
- 08:55
08:55 DE
DE Feb
Feb PMI
PMI mfg,
mfg, 57.0
57.0 eyed;
eyed; flash
ash 57.0.
57.0.
- 09:00
09:00 DE
DE Feb
Feb unemployment,
unemployment, 5.9% 5.9% sa,
sa, -10.0k
-10.0k eyed;
eyed; last
last 5.9%,
5.9%, -26.0k.
-26.0k.
- 09:00
09:00 DE
DE Feb
Feb unemployment;
unemployment; last last 2.78
2.78 mln
min nsa,
nsa, 2.61
2.61 mln
min sa.
sa.
- 09:00
09:00 EZ
EZ Feb
Feb PMI
PMI mfg,
mfg, 55.5
55.5 eyed;
eyed; flash
ash 55.5.
55.5.
- 09:30
09:30 GB
GB Feb
Feb PMI
PMI mfg,
mfg, 55.6
55.6 eyed;
eyed; last
last 55.9.
55.9.
- 09:30
09:30 GB
GB Jan
Jan mortgage
mortgage approvals,
approvals, 68.65k
68.65k eyed;
eyed; last
last 67.9k.
67.9k.
- 09:30
09:30 GB
GB Jan
Jan mortgage
mortgage lending,
lending, GBP3.7
GBP3.7 bln bln eyed;
eyed; last
last GBP3.8
GBP3.8 bln.bln.
- 09:30
09:30 GB
GB Jan
Jan consumer
consumer credit,
credit, GBP1.4
GBP1.4 bln bln eyed;
eyed; last
last GBP1.04
GBP1.04 bln. bln.
- 09:30
09:30 GB
GB Jan
Jan money
money supply
supply M4;
M4; last
last -0.5%.
-0.5%.
- 13:00
13:00 DE
DE Feb
Feb CPI/HICP
CPI/HICP flash, +2.1%
ash, +2.1% y/yy/y eyed for both;
eyed for both; last
last both
both +1.9%.
+1.9%.
- 13:30
13:30 US
US Jan
Jan personal
personal income,
income, +0.3%
+0.3% m/mm/m eyed;
eyed; last
last +0.3%.
+0.3%.

THOMSON REUTERS ll:l:\) MARKETS

EUROPE
EUROPE FX
FX MARKETS
MARKETS OPEN
OPEN (continued)
(continued)

- 13:30
13:30 US
US Jan
Jan personal
personal consumption,
consumption, +0.3%
+0.3% m/mm/m eyed;
eyed; last
last +0.5%.
+0.5%.
- 13:30
13:30 US
US Jan
Jan PCE
PCE price
price index;
index; last
last +0.2%
+0.2% m/m,
m/m, +1.6%
+1.6% y/y.
y/y.
-13:30
13:30 US
US Jan core,
Jan core, +0.2%
+0.2% m/m
m/m eyed;
eyed; last
last +0.1%
+0.1% m/m,
m/m, +1.7%
+1.7% y/y.
y/y.
- 14:00
14:00 US
US Jan
Jan Dallas
Dallas Fed
Fed PCE;
PCE; last
last +1.8%.
+1.8%.
- 14:45
14:45 US
US Feb
Feb Markit
Markit mfg
mfg PMI final; ash
PMI final; flash 54.3.
54.3.
- 15:00
15:00 US
US Feb
Feb ISM
ISM mfg
mfg PMI,
PMI, 56.0
56.0 eyed;
eyed; last
last 56.0.
56.0.
- 15:00
15:00 US
US Jan
Jan construction
construction spending,
spending, +0.6%
+0.6% m/mm/m eyed;
eyed; last
last -0.2%.
-0.2%.
- 20:30
20:30 US
US Feb
Feb total
total vehicle
vehicle sales,
sales, 17.7
17.7 mln AR eyed;
mln AR eyed; last
last 17.61
17.61 mln.
mln.

Looking Ahead -- Events,

Looking Ahead Auctions (GMT)
Events, Auctions (GMT)
- N/A
N/A ECB/Buba
ECB/Buba Weidmann
Weidmann speaks
speaks inin Ljubljana,
Ljubljana, Riksbank
Riksbank Feb
Feb meetin
meetin minutes.
minutes.
- N/A
N/A Norges
Norges Bank
Bank Gov
Gov Olsen
Olsen inin Oslo,
Oslo, NOK4
NOK4 bln bln 1.75%
1.75% NST-479
NST479 2027
2027 bond
bond auction.
auction.
- N/A
N/A Greece
Greece E875
E875 mln
mln 26-week
26-week treasury
treasury bill
bill auction.
auction.
- 10:30
10:30 Germany
Germany E3 E3 bln
bln 0.25%
0.25% 2027
2027 Bund
Bund auction.
auction.
- 15:00
15:00 BoC
BoC policy
policy announcement,
announcement, no no changes
changes eyed,
eyed, overnight
overnight rate
rate 0.5%.
0.5%.
- 18:00
18:00 Dallas
Dallas Fed
Fed Kaplan
Kaplan inin moderated
moderated Q&AQ&A in in Dallas.
Dallas.
- 19:00
19:00 Fed
Fed Beige
Beige Book.
Book.
- 23:00
23:00 Fed
Fed Gov
Gov Brainard
Brainard speaks
speaks atat JFK
JFK School
School of of Government
Government atat Harvard.
Harvard.

Currency
Currency Summaries
Summaries
JPY
JPY
- USD/JPY
USD/JPY hostage
hostage toto ups
ups and
and downs
downs in in US
US Treasury
Treasury yields
yields into/post-Trump.
into/post-Trump.
- USD/JPY
USD/JPY up from early
up from early 112.73
112.73 low
low through
through 113.00
113.00 to to 113.37.
113.37.
- Off
Off to
to 112.77
112.77 during
during Trump
Trump address
address before fresh rally
before fresh rally to
to 113.62.
113.62.
- Hawkish
Hawkish Fed
Fed talk
talk o/n,
o/n, Trump
Trump promise
promise of of $1
$1 trln
trln infra
infra spending
spending helped.
helped.
- USD/JPY
USD/JPY 113.60
113.60 daily
daily Ichi
Ichi cloud
cloud base,
base, still
still ascending,
ascending, 114.52
114.52 March
March 9.
9.
- Large
Large 113.00-area
113.00-area option
option expiries
expiries by-passed,
by-passed, $1.4 $1.4 bln+
bln+ 113.00-19
113.00-19 today.
today.
- EUR/JPY
EUR/JPY up up too,
too, 119.28
119.28 to to 119.90,
119.90, still
still sub-Ichi
sub-Ichi cloud,
cloud, base
base 120.09.
120.09.
- GBP/JPY
GBP/JPY 139.50
139.50 toto 140.49,
140.49, daily
daily Ichi
Ichi cloud
cloud base
base 140.74.
140.74.
- AUD/JPY
AUD/JPY 86.23
86.23 to
to 86.96,
86.96, tracks
tracks away
away fromfrom 85.86
85.86 55-DMA,
55-DMA, 85.71
85.71 cloud
cloud top.
top.
- NZD/JPY
NZD/JPY underperforms
underperforms againagain but
but still
still better
better bid,
bid, Asia
Asia 80.87-81.14.
80.87-81.14.

EUR
EUR
- EUR/USD Asia open
EUR/USD Asia open 1.0575
1.0575 after
after easing
easing late
late NY
NY on
on hawkish
hawkish Fed-speak.
Fed-speak.
- USD
USD bid
bid early,
early, off
off to
to 1.0555,
1.0555, bounce
bounce toto 1.0590,
1.0590, down
down again
again to
to 1.0551.
1.0551.
- Uptick
Uptick during
during Trumps
Trumps address
address as
as US
US yields
yields came
came off,
off, yields
yields bounce
bounce later.
later.
- USD
USD in
in better
better demand
demand post-Trump
post-Trump speech
speech with
with US
US yields,
yields, on
on hawkish
hawkish Fed.
Fed.
- Nearby
Nearby option
option expiries
expiries E1.52
E1.52 bln
bln 1.0490-1.0500,
1.0490-1.0500, 452452 mln
mln 1.0515-25.
1.0515-25.
- Also
Also E1.7
E1.7 bln
bln 1.0550,
1.0550, related
related bids
bids near
near strike,
strike, 719
719 mln
mln 1.0590-1.0600.
1.0590-1.0600.
- Resistance
Resistance atat 1.0630
1.0630 double-to
double-to around
around 1.0630.
1.0630.

GBP
GBP
- Some
Some to-fro
to-fro but
but cable
cable mostly
mostly on
on back foot a
back foot a la
la EUR/USD,
EUR/USD, 1.2363-1.2405.
1.2363-1.2405.
- Hawkish
Hawkish Fed-speak
Fed-speak o/n
o/n more
more so so than
than Trump
Trump behind
behind heaviness.
heaviness.
- Move
Move into
into 1.2311-79
1.2311-79 daily
daily Ichi
Ichi cloud
cloud eyed,
eyed, 200/55-DMAs
200/55-DMAs 1.2894/97.
1.2894/97.
- EUR/GBP
EUR/GBP on on hold
hold below
below 0.8549
0.8549 high
high yesterday, Asia 0.8531-47.
yesterday, Asia 0.8531-47.

CHF
CHF
- USD/CHF
USD/CHF on
on up-up from 1.0009
up-up from 1.0009 low
low o/n, Asia 1.0055
o/n, Asia 1.0055 to
to 1.0087.
1.0087.
- 55-DMA
55-DMA 1.0097/Ichi
1.0097/Ichi daily
daily cloud
cloud 1.0097-1.0137
1.0097-1.0137 above,
above, 100-DMA
100-DMA 1.0047
1.0047 below.
below.
- EUR/CHF
EUR/CHF steady,
steady, still
still plumbing
plumbing recent
recent lows, Asia 1.0638-49.
lows, Asia 1.0638-49.

THOMSON REUTERS 1%? MAR (<E TS

EUROPE
EUROPE FX
FX MARKETS
MARKETS OPEN
OPEN (continued)
(continued)

AUD
AUD
- AUD/USD
AUD/USD Asia Asia open
open 0.7655,
0.7655, off
off to
to 0.7637
0.7637 on
on hawkish
hawkish Fed-speak.
Fed-speak.
- Better
Better than
than expected
expected GDP,
GDP, better
better China
China PMI
PMI data
data sees
sees rally
rally to
to 0.7700.
0.7700.
- USD
USD also
also under
under some
some pressure
pressure during
during Trump
Trump address.
address.
- Sellers
Sellers at
at 0.77000
0.77000 capped
capped and
and drift
drift back
back down
down toto 0.7653
0.7653 ensued.
ensued.
- Rising
Rising expectations
expectations of
of Fed
Fed March
March hike
hike likely
likely to
to limit AUD/USD gains.
limit AUD/USD gains.

NZD
NZD
- NZD/USD
NZD/USD NY NY close
close 0.7192,
0.7192, off
off from
from 0.7194
0.7194 to
to 0.7132
0.7132 in Asia.
in Asia.
- NZ
NZ terms
terms ofof trade
trade data
data out
out early
early ignored,
ignored, focus
focus on
on Trump.
Trump.
- Bounce
Bounce during
during Trump
Trump address
address onon broad
broad USD weakness but
USD weakness but limited
limited to
to 0.7187.
0.7187.
- Hawkish
Hawkish Fed
Fed talk
talk likely
likely to
to keep
keep pair
pair on
on back-foot,
back-foot, 100/55-DMAs
100/55-DMAs 0.7133/18.
0.7133/18.
- AUD/NZD
AUD/NZD in in rally
rally mode
mode again,
again, 1.0640
1.0640 toto 1.0732.
1.0732.
- Govt
Govt to
to talk
talk on
on balance
balance ofof risks
risks around
around RBNZ
RBNZ policy
policy settings
settings early
early tom.
tom.

Equities,
Equities, Other Asset Markets
Other Asset Markets
- Nikkei
Nikkei gap
gap upup open,
open, 19,164-360
19,164-360 see-saw
see-saw in in morning
moming trade.
trade.
- USD/JPY
USD/JPY moves
moves deciding
deciding factor,
factor, PM
PM rally
rally to
to 19,414
19,414 as
as USD/JPY
USD/JPY rallied.
rallied.
- At
At 19,401,
19,401, index
index up up 285
285 points
points or
or 1.5%
1.5% onon day.
day.
- AXJ
AXJ mixed
mixed SSEC
SSEC +0.3%,
+0.3%, HSI
HSI +0.1%,
+0.1%, KOSPI
KOSPI +0.3%,
+0.3%, STI
STI +0.8%,
+0.8%, Sensex
Sensex +0.7%.
+0.7%.
- TWI
TWI -0.8%,
-0.8%, ASX
ASX -0.1%,
-0.1%, NZX50
NZX50 -0.3%.
-0.3%.
- Decent
Decent volume
volume in in Treasuries with New
Treasuries with York trading
New York trading Trump
Trump in in Tokyo.
Tokyo.
- Yields
Yields up
up early,
early, then
then down,
down, then
then bounce,
bounce, high
high in
in 10s
10s @2.423%,
@2.423%, 2s 23 @1.298%.
@1.298%.
- China
China steel,
steel, iron
iron ore futures extend
ore futures extend losses
losses but
but outlook firm -- Reuters.
outlook firm Reuters.
- Dalian
Dalian coke,
coke, coking
coking coal
coal up
up large.
large.

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