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Japanese big manufacturers' business confidence definitely improved for a second straight quarter to reach a one-and-a-half year peak in March, as a closely watched central bank poll revealed. That’s a sing that the benefits of an export-driven economic revival were broadening.
Service-sector sentiment surged for the first time in six quarters and companies remained upbeat on their capital expenditure plans, as the Bank of Japan's "tankan" poll disclosed, thus giving a hope that the economic revival will gain momentum in coming months.
While separate PMI data highlighted a moderate slowdown in manufacturing activity in March, the positive tankan backs a dominant market view that the major bank's next policy move would be to tame rather than expand its monetary stimulus.
Additionally, the headline index, assessing big manufacturers' business sentiment added to +12 in March from +10 three months ago, as the tankan revealed on Monday.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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