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RBA: There's Still Room To Lower Interest Rates

Euro trade stable at 1.3240-80 level but downtrend momentum still on focus.

Asian shares: Japan's Nikkei 1.53%, Hong Kong's Hang Seng 0.22%(07:00 GMT), Korea's Kospi 0.90%, Australia's ASX 200 -0.03% and China's Shanghai 0.70%.

German consumer confidence rose to its highest level in nearly six years heading into August, shoring up expectations that household spending will help Europe's largest economy withstand weak demand for its exports. GfK, climbed to 7.0 going into August, its highest level since before the global financial crisis in September 2007, from 6.8 the previous month.

IMF completes fourth review under extended Fund Facility Arrangement for Greece, approves €1.72 billion disbursement.

US Treasuries fell, with 10-year note yields reaching almost the highest level in more than two weeks, before the FED meets on Wednesday to discuss whether to taper its $85 billion a month debt-purchase program.

Japan's jobless rate hit its lowest level in four and a half years in June and the availability of jobs hit the highest in five years, boding well for the government's efforts to revive the economy and end deflation. The unemployment rate fell to 3.9 percent from 4.1 percent the month before.

Japanese consumer spending made a surprise downturn in June. Spending fell 0.4% on a price-adjusted basis compared to a year earlier, confounding expectations for a 1.2% gain.

Australia's central bank Governor Glenn Stevens said second-quarter inflation data suggests there's still room to lower interest rates if required and that he wouldn't be surprised if the currency dropped further. "Recent inflation data do not appear to have shifted" the Reserve Bank of Australia's assessment that the outlook for prices may "afford some scope to ease policy further if needed to support demand, The recent decline in the exchange rate seems to make sense from a macroeconomic perspective. It would not be a major surprise if a further decline occurred over time."

The Australian dollar dropped as traders added to bets the RBA will reduce the benchmark rate by a quarter-percentage point at next week's meeting. The Aussie retreated 12 percent in the three months through June, the biggest slide worldwide behind the Syrian pound.

Xinhua News: China consumption tax may be announced later this year.

Watch today: Spain GDP, EU Consumer Confidence, Germany CPI.

By Zulutrade

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