Economic Events: (GMT)
The economic calendar is very light for Friday, with the end the 1st falling on Thursday. These events will have no little or significant events in the market. There are also no events scheduled in the US.
ANZ Commodity Price Index (MoM)
Global Semiconductor Sales (MoM)
Analysis and Recommendation: (close of Asian session)
USD/JPY was trading at 80.99 after capital spending came in well below forecast. Japanese fourth quarter capital spending rose 7.6 percent following a 9.8 percent decline the previous month, besting expectations of a 6.5 percent decline. The positive figure indicates a potential unexpected rebound in growth as corporations in Japan invest more in their businesses.
Analysts did not expect an increase in capital spending this month, and this reflects the series' biggest increase since March 2007. As traders balanced their portfolios in response to the unforeseen change in capital expenditures, the USDJPY fell, hitting 80.99.
The European Central Bank said it committed 529.5 billion euro in its much-anticipated and well-received second auction of three-year loans to the banking sector to app. 800 banks
Fed Chairman Bernanke's testimony pointed to improved data while citing persistent downside risks to the outlook. With comments by Bernanke lacking a dovish tone that some had expected, the U.S. dollar rose back above the 81-yen level, helping many major Japanese exporter stocks move higher.
China's manufacturing gained momentum; helped by strength in new orders, export demand and production, though inflation pressures remain a concern, according to a survey released on Thursday.
The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose 0.5 points to 51.0 from January's 50.5 and December's figure of 50.3 in a third straight month of steady improvement. While an HSBC report contradicted these numbers.
February 29th and March 1, 2012 Economic Data forecast v. actual (bold March 1st)
HIA New Home Sales (MoM)
Construction Work Done (QoQ)
Retail Sales (MoM)
GDP Price Index (QoQ)
Building Approvals (MoM)
Private New Capital Expenditure
Sovereign Bond Auction Schedule
Mar 01 09:30 Spain Bono auction
Mar 01 09:50 France OAT auction
Mar 01 10.30 UK Auctions 4.0% 2022 conventional Gilt
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3