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  • Australian labour market data was weaker than expected€“ unemployment rising and labour force participation declining (never a happy combination). Market speculation about monetary accommodation may be overdone, however, given recent improvements in corporate and consumer confidence.
  • More leaks in the Japanese media suggesting that the consumption tax will indeed increase to 8% (from 5%) next April. A formal announcement is expected next month, but the media reports are sufficiently authoritative that investors should treat this as a certainty.
  • ECB president Draghi is going to be speaking with some other governing council members. The tone of ECB comment has been pretty consistent recently€“ acknowledging the economy has bottomed, but stressing the challenges that remain.
  • Several Bank of England members are speaking, one with a Canadian accent, with testimony to Parliament on the inflation report. The governor will doubtless stress his forward guidance, which markets and the public seem happy to ignore entirely.

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