HALISTER1: INSIDE ASIA: RBA Seeks Weaker Aussie; Employment Misses Estimate

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
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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40005Z AU (Reserve Bank of Australia)

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Philip Lowe (Reserve Bank of Australia)
Tsai Ing-Wen (Taiwan)

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