Also the euro trade slightly down against the dollar to $1.1150 level

Good Morning,

- Dollar trade calm on Wednesday with eyes now on the upcoming central bank meetings and U.S. jobs data later today.

- Asian shares fell on Wednesday as U.S. stock indexes retreated from record highs hit earlier in the week.

- Also the euro trade slightly down against the dollar to $1.1150 level, a day ahead of a ECB meeting, at which policymakers are expected to announce additional details about the bank's 1.1 trillion euro bond-buying quantitative easing program.

- The ECB will also release new economic forecasts. Chief Economist Peter Praet said last week that it was likely to revise upward its expectations for growth in the euro zone, against a backdrop of low oil prices and a weak euro.

- Market waits U.S. nonfarm payrolls report for February, which could provide clues about the timing of the U.S. Federal Reserve's interest rate hike. Economists polled by Reuters expect an increase of 240,000 new jobs in February, falling short of the 257,000 seen in January. Ahead of the jobs data, investors will focus on U.S. ISM services report to be released later today.

- Credit Agricole on USD: The USD has been well supported of late, mainly on the back of well supported Fed rate expectations. Friday’s labour data release will be key in driving the currency further. As we expect it to confirm further improving labour market conditions to the benefit of investors’ central bank rate expectations, the USD is likely to remain a buy on dips. In the meantime today’s ISM non-manufacturing and ADP job report will be key. Given the importance of the US services sector, investors’ will mainly focus on the ISM’s employment component. Bad weather conditions’ impact on the construction sector may have increased downside risks to the figure. However, as we expect a trend of improving US growth conditions to stay intact USD dips should remain buy, regardless of this week’s data.

- Later today the Bank of Canada will announce its latest policy decision. Expected to hold the rates steady this time, with another cut seen more likely in the second quarter.

- Australia's economy grew moderately last quarter as a strong trade performance and the largest rise in consumer spending in almost three years helped offset softness elsewhere. Data showed gross domestic product (GDP) expanded by 0.5 percent in the fourth quarter, compared to the previous quarter when it rose by 0.4 percent.

- HSBC China Composite PMI data pointed to a further increase in Chinese business activity in February, thereby extending the current trend to 10 months. Though modest, the rate of expansion quickened to a five-month high, with the HSBC Composite Output Index posting at 51.8 in February, up from January’s recent low of 51.0.

- India's central bank surprised with its second inter-meeting rate cut this year. India's central bank cut its policy repo rate by 25 basis points to 7.5 percent and comes on the back of easing inflation and a government commitment to fiscal discipline. Indian bonds and rupee rose sharply after the cut.

- Oil trade slightly lower in a volatile session in which a rise in Saudi crude prices and air strikes on oil facilities in Libya faced off against global oversupply concerns.

- Watch today: EU retail spending, US jobs & services.

Have a nice Day!