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US: Chicago PMI improves unexpectedly to 56.8 in February

The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.

US Chicago Purchasing Managers' Index increase to 56.8 in Feb from 55.6 in Jan

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Forex Flash: Muddled political situation slowly clears in Italy – Deutsche Bank

Italy's bond auction aside, the market was also encouraged by some better-than-expected US pending home sales for January (+4.5% v +1.9% m/m expected) although Durable goods orders (-5.2% v -4.8%) fell more than expected. The core part of the release was stronger though. Markets sentiment was also supported by chatter that White House will hold a meeting to discuss the Sequester on Friday. According to Politico, the White House has invited John Boehner, Mitch McConnell, Harry Reid and Nancy Pelosi for a meeting tomorrow.
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