considering a plan to provide ¥1 trillion of subordinated loans to Japanese Banks. USD traded mixed as European equities decline and US housing starts post an unexpected 22% rise in February. The EUR struggled to hold early overseas gains sparked by report of an unexpected improvement in the German ZEW index with selling attributed to weaker European equity market trade. GBP traded lower tracking weaker European equity trade and pressured by report of another sharp drop in UK house prices. Commodity currencies were mixed with AUD gains limited by RBA March policy meeting minutes which indicate that the RBA left room open for further rate cuts. CAD was pressured by report of weak Canadian manufacturing shipments.
US February housing starts rise 22% to 583K and February building permits rise 3% to 547K. Permits for singlefamily homes rose 11%. This was the biggest monthly increase in single-family permits since February 1991. Multi-family housing starts rose 82%. The rise in multi-family housing starts suggests that builders are downsizing. February PPI rises 0.1% and core PPI was up 0.2%. The PPI figures came in close to market expectations and indicate the US inflationary pressures remain subdued. Focus turns to Wednesday's FOMC meeting.good luck my prince i love u..
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