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  • The leaders of the European Union 27 nations gather together to discuss topics of interest today. This could lead to a radical plan solving all the problems of Europe. Or it could be a complete waste of time. The ECB, BoE and SNB all give central bank reports today.
  • Germany has declared it will run a balanced budget by 2015 and the economics minister says German finances are the envy of the world. Certainly may Euro area economies envy how Germany managed to break the deficit rules before anyone else, without retribution.
  • Australian employment data showed strength, with part time jobs leading the way. This supports our view that the Reserve Bank will keep interest rates on hold.
  • The Bank of Japan is less likely to stay on hold. The lower house of the Diet has approved the governor and two deputy governor nominees (the opposition controlled upper house has to approve too). Japanese industrial production for January was revised rather disastrously lower.

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