INSIDE ASIA: RBA Seeks Weaker Aussie; Employment Misses Estimate
(Bloomberg) -- Aussie strengthens for second day; Reserve Bank of Australia Assistant Governor Debelle says the bank would welcome a slightly lower exchange rate; employment increased 300 in February from the prior month, less than median estimate 13,500 gain; jobless rate came in at 5.8%, which was lower than forecast and the prior month’s 6.0%.
- Debelle stresses that the view is in line with “most central banks” in similar comments to those made by RBA Deputy Governor Lowe last week
- Singapore dollar falls; non-oil domestic exports from city- state increased 2.1% in February from year earlier, beating the median estimate of a 0.8% slide
- Yen set to snap three-day rally; Japan’s exports decreased 4% in February from prior year, more than the expected 3% decline
- Trade surplus came in at 242.8b yen versus forecast 400.2b yen excess
- Foreign investors sold net 1.58t yen ($14b) of Japanese equity and investment-fund shares in week ended March 11, most since data began in 2005: Ministry of Finance data
- Finance Minister Aso reiterates sales-tax should be increased as planned in 2017
- Kiwi advances; New Zealand’s economy grew 0.9% in fourth quarter from previous three months, more than median estimate 0.7% expansion
- U.S. Treasuries steady, with yield on 10-year bonds at 1.912% after Fed lowered the path of future rate increases
- Rupiah climbs; Bank Indonesia likely to trim reference rate by 25 bps to 6.75% today, according to 15 of 24 economists in Bloomberg survey, with rest seeing no change
- Commitments to invest in Indonesia increased 167% in February, Investor Daily Indonesia reports, with most of that from foreign parties
- Also reports tax revenue reaches about 170t rupiah ($12.9b), about 12% of the 1,360t rupiah target
- Ringgit jumps; Malaysia’s A3 rating supported despite weaker growth, Moody’s says
- Taiwan dollar strengthens; island’s new administration under President Tsai Ing-wen won’t raise taxes as the economy is weak, Economic Daily News reports
- Regulator to stress-test banks on yuan derivatives, Commercial Times reports
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HALISTER1Source: BFW (Bloomberg First Word)
Tickers 40005Z AU (Reserve Bank of Australia)
People Philip Lowe (Reserve Bank of Australia)
Tsai Ing-Wen (Taiwan)
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