Themes

• General mood is “risk off”
• RBA leaves Australian interest rates unchanged, as expected
• Chinese Manufacturing (50.2) and non-Manufacturing (51.6) PMI’s higher than expected

What’s Moving

Another largely quiet session in Asia today, with the market consolidating overnight swings. Small amounts of USD buying was seen over the day, with players continuing to add to safe haven trades amid the Ukrainian / Russian crisis.

Oil also rose slightly in our session as sanctions continue to be piled on Russia.

The AUD traded firmer into the RBA announcement on some hopes of an Australian rat hike, but the upside stalled and the market fell away after the RBA left interest rates unchanged.

For tonight, expect news out of the Ukraine to define market direction.

Data tonight includes:

• German Preliminary CPI (E:
• Manufacturing PMI from German (E: 58.5), France (E: 57.6) UK (E: 57.3), Euro-zone (E: 58.4)
• Canadian GDP (E: 0.0%)
• U.S. Final Manufacturing PMI (E: 57.5)