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Forex Flash: Factory orders may have advanced by as much as 2.7% in Feb. - RBS

FXstreet.com (San Francisco) - The US census Bureau is scheduled to publish the Factory Orders report for February tomorrow Tuesday at 14 GMT (10am NY time). market expects the report to show a 2.9% jump in February after the 2.0% decline published in January.

The RBS analyst team agrees that the factory Orders will show a significant rebound in February, but they guess for a a smaller advance of the 2.7%. "In both December and January, most of the movement in factory orders was driven by
swings in durable goods bookings," points the bank as they "expect this behavior continued into February, as
durable goods orders surged while nondurable goods orders likely held essentially steady."

"As a result," concludes RBS, "overall factory orders may have advanced by as much as 2.7% in February."

Forex Flash: BoJ Tankan highlights confidence – RBS

As expected, the BoJ Tankan survey results released on 1 April show improvement in business confidence. This was largely boosted by a continued rise in stock prices. However, “we have yet to see full recovery in business confidence, given the deterioration in confidence among SMEs and a sharp rise in input costs as opposed to only a limited improvement in output prices.” notes Junko Nishioka, Chief Economist at RBS. Stock prices continue to rise at an accelerated pace, but in our view the markets might have become too optimistic about economic recovery.
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Spain is discussing with the European union a new 2013 budget deficit target around 6% of the GDP, the current target is 4.5%, according to a Reuters information citing Spanish officials sources.
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