China has just released its 2015 growth target this morning during the National People’s Congress meet. The GDP growth target for 2015 has been lowered to 7% – an enviable number no doubt for most major economies. For China, however, this would represent a slowdown that will be felt domestically even as the country continues to readjust and reposition itself for this next phase of economic reform. Also out this morning, Australian Retail sales for January grew 0.4%, in-line with economists’ estimates, but up from the December read of +0.2%. AUD/USD remained relatively calm after the release as markets await a bigger catalyst, which may come from the US payroll number tomorrow evening. Before that though, all eyes will be on tonight's ECB meeting, hoping for further details on the €60 billion monthly bond buying program that’s kicking off this month. Oil prices continue their confusing movement. Brent Oil closed down 0.77% to US$60.55 despite bullish comments by the Saudi Oil minister and talks of supply contraints from Libya. WTI also sold down initially after the EIA report, showing the biggest weekly build in US stockpiles this year, before eventually closing up 2% for the day, at US$51.61. This intraday swing clearly highlights the influence of mainly ‘day traders’ in the commodity. Interestingly, the spread of Brent over WTI price continues to narrow after hitting a 12-month high last week.


SGX trading volumes for February were released last night. While they reported a month-over-month decline against January’s figures, a year-on-year comparison saw an encouraging uptick in total volumes traded in the local market. Average daily trading value actually increased by 12% from the average daily activity in February 2014. The SGX has been treading in the ascending channel since mid-October 2014. Resistance for the stock is at $8.35 while near support for the stock is at $8.05
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