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Forex Flash: Improvement in Aus house prices buys RBA some time - NAB

Today's Rismark house prices climbed by 0.3% in February, up 1.3% y/y. As explained by NAB senior economist David deGaris, "Melbourne led the charge in Feb among the larger capitals (+1.5%), with Sydney steady (+0.1%), while Darwin (+2.3%) and Canberra (+1.9%) saw increased momentum."

Mr. De Garis adds: "With house prices showing some momentum through the latter part of last year and into this quarter, it’s become self evident that lower mortgage interest rates from monetary easing and some improvement in affordability from previous price easing is driving renewed interest in housing. This is one area where the RBA is finally getting some traction and buying the RBA more time to sit on their hands at next week’s Board meeting."

China HSBC PMI at 50.4; in line with flash estimate

The Chinese HSBC Manufacturing PMI final read came at 50.4 vs. 52.3 last. The data is in line with the flash estimate published earlier this month, which also stood at 50.4.
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Forex Flash: Euro vulnerable for longer to the downside - BTMU

Negotiations in Italy to form a coalition government will likely be held in the week ahead, which according to Bank of Tokyo-Mitsubishi London office, "will leave the euro vulnerable for longer to the downside" although the bank says that "fresh elections are unlikely to be called in the week ahead."
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