Crisis-stricken Italy should work to resolve its current political crisis while staying within the eurozone, a senior US Treasury official said Tuesday.

US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada, an event sure to be dominated by the Italian crisis and Washington's multi-front trade disputes with major economies.

A power struggle between Italy's presidency and populist parties on Tuesday shook global markets and called the country's continued membership in the European single currency into question.

"I think it would be better if they were to work things out within the eurozone without making significant changes there and certainly the Italians have to opportunity to do that," a senior US Treasury official told reporters in a briefing before the ministerial meeting.

The official, who spoke on condition of anonymity under Treasury Department ground rules, said the department was monitoring developments closely but saw no immediate danger to the stability of the wider financial system.

"At this point, no, I don't see any systemic impact," he said.

 
&nbsp

US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada

Crisis-stricken Italy should work to resolve its current political crisis while staying within the eurozone, a senior US Treasury official said Tuesday. US Treasury Secretary Steven Mnuchin is due to meet later this week with his counterparts at a Group of Seven ministerial meeting in British Columbia, Canada, an event sure to be dominated by the Italian crisis and Washington's multi-front trade disputes with major economies. A power struggle between Italy's presidency and populist parties on Tuesday shook global markets and called the country's continued membership in the European single currency into question. "I think it would be better if they were to work things out within the eurozone without making significant changes there and certainly the Italians have to opportunity to do that," a senior US Treasury official told reporters in a briefing before the ministerial meeting. The official, who spoke on condition of anonymity under Treasury Department ground rules, said the department was monitoring developments closely but saw no immediate danger to the stability of the wider financial system. "At this point, no, I don't see any systemic impact," he said.

Italy should remain in eurozone: US Treasury

French President Emmanuel Macron and German Chancellor Angela Merkel on Friday pledged to overcome differences in order to formulate a roadmap for a reform of the euro zone which they will seek to get approved by their European peers in June.

Merkel, who was narrowly re-elected to a fourth term as chancellor, wants to fulfil her incoming government&#39;s pledge to deliver a &quot;new start&quot; for Europe. Macron, too, has made euro zone overhaul a central goal since taking power last May.

However, members of Merkel&#39;s conservative bloc are wary of more comprehensive European integration, especially if it means that Germany, Europe&#39;s economic powerhouse, would be pooling risks and debts with other, less financially stable countries.

&quot;We are not always on the same page. But Germany and France have also achieved a lot in the past and now we have the firm intention to do that again,&quot; Merkel said as she met Macron for the first time since she formed a new coalition government.

The goal of the reform push has to be to stabilise the 19-country euro zone and improve its competitiveness of the single currency bloc, Merkel said, adding that it must also provide for more convergence on asylum policies.

&quot;We&#39;ll put forward a clear, ambitious roadmap by June for this overhaul,&quot; Macron said, adding that the plan should also address further integration of the bloc on migration, defence and trade.

The roadmap will also touch on the banking union, budgetary issues, Europe&#39;s Stability Mechanism and tax convergence, a source in Macron&#39;s office said.

&quot;Our aim is that the Europeans - at 27 for some issues, at 19 for what is euro zone-related - agree on a roadmap for euro zone reform and more broadly for growth and innovation,&quot; the source said after their meeting.

There is already substantial reform under way in the euro zone, including plans for a single deposit insurance scheme that would protect individuals&#39; savings.

However, the appetite for deeper integration, such as Macron&#39;s grand ideas for a standalone euro zone budget, a single euro zone finance minister and a dedicated fund that would help countries facing external shocks, is limited.

The Netherlands and seven other EU states issued a joint statement in early March saying the first priority should be to ensure countries implement measures that have already been decided.

Macron, 40, has waited impatiently for the Germans to form a government and is itching to press ahead.

The chancellor, 63, knows that Macron, in his first term, needs to deliver on his promises, well aware that a large proportion of France&#39;s electorate remains susceptible to far-right and far-left populists who are sceptical about the EU.

In January, when they last met for formal discussions on the eurozone and Merkel was still negotiating over a coalition, the pair said they hoped to present their plans to member states at an EU summit in March.

But the next EU leaders&#39; meeting in June now the new deadline.

&quot;We must agree by June a Franco-German roadmap for the whole euro zone. It&#39;ll be very tough work,&quot; French Finance Minister Bruno Le Maire said after talks with his German counterpart, Olaf Scholz.

Yet, even if they can get the 17 other euro zone members to agree to further reforms -- how better to deploy their 500 billion euro ESM rescue fund -- there will be a tight schedule to implement those changes before the EU has to tackle its next big challenges: Britain&#39;s formal exit from the union in March 2019 and European Parliament elections shortly afterwards.

Merkel, who was narrowly re-elected to a fourth term as chancellor, wants to fulfil her incoming government's pledge to deliver a "new start" for Europe. Macron, too, has made eurozone overhaul a central goal since taking power last May.

French President Emmanuel Macron and German Chancellor Angela Merkel on Friday pledged to overcome differences in order to formulate a roadmap for a reform of the euro zone which they will seek to get approved by their European peers in June. Merkel, who was narrowly re-elected to a fourth term as chancellor, wants to fulfil her incoming government's pledge to deliver a "new start" for Europe. Macron, too, has made euro zone overhaul a central goal since taking power last May. However, members of Merkel's conservative bloc are wary of more comprehensive European integration, especially if it means that Germany, Europe's economic powerhouse, would be pooling risks and debts with other, less financially stable countries. "We are not always on the same page. But Germany and France have also achieved a lot in the past and now we have the firm intention to do that again," Merkel said as she met Macron for the first time since she formed a new coalition government. The goal of the reform push has to be to stabilise the 19-country euro zone and improve its competitiveness of the single currency bloc, Merkel said, adding that it must also provide for more convergence on asylum policies. "We'll put forward a clear, ambitious roadmap by June for this overhaul," Macron said, adding that the plan should also address further integration of the bloc on migration, defence and trade. The roadmap will also touch on the banking union, budgetary issues, Europe's Stability Mechanism and tax convergence, a source in Macron's office said. "Our aim is that the Europeans - at 27 for some issues, at 19 for what is euro zone-related - agree on a roadmap for euro zone reform and more broadly for growth and innovation," the source said after their meeting. There is already substantial reform under way in the euro zone, including plans for a single deposit insurance scheme that would protect individuals' savings. However, the appetite for deeper integration, such as Macron's grand ideas for a standalone euro zone budget, a single euro zone finance minister and a dedicated fund that would help countries facing external shocks, is limited. The Netherlands and seven other EU states issued a joint statement in early March saying the first priority should be to ensure countries implement measures that have already been decided. Macron, 40, has waited impatiently for the Germans to form a government and is itching to press ahead. The chancellor, 63, knows that Macron, in his first term, needs to deliver on his promises, well aware that a large proportion of France's electorate remains susceptible to far-right and far-left populists who are sceptical about the EU. In January, when they last met for formal discussions on the eurozone and Merkel was still negotiating over a coalition, the pair said they hoped to present their plans to member states at an EU summit in March. But the next EU leaders' meeting in June now the new deadline. "We must agree by June a Franco-German roadmap for the whole euro zone. It'll be very tough work," French Finance Minister Bruno Le Maire said after talks with his German counterpart, Olaf Scholz. Yet, even if they can get the 17 other euro zone members to agree to further reforms -- how better to deploy their 500 billion euro ESM rescue fund -- there will be a tight schedule to implement those changes before the EU has to tackle its next big challenges: Britain's formal exit from the union in March 2019 and European Parliament elections shortly afterwards.

Merkel, Macron plan roadmap by June on euro zone reform

Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high.

The bloc&#39;s economy outpaced its peers last year, and the European Central Bank plans to scale back its stimulus programme from this month.

IHS Markit&#39;s December final manufacturing Purchasing Managers&#39; Index for the bloc was 60.6, matching an earlier preliminary reading and above November&#39;s 60.1. That was the highest since the survey began in June 1997.

An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good guide to economic health, rose to 62.2 from November&#39;s 61.0 - its highest in over 17 years and has only been above that once in the survey&#39;s history.

&quot;The euro zone manufacturing boom gained further momentum in December, rounding off the best year on record and setting the scene for a strong start to 2018,&quot; said Chris Williamson, chief business economist at IHS Markit.

&quot;Forward-looking indicators bode well for the new year: new orders rose at a near-record pace while purchasing growth hit a new peak as firms readied themselves for higher production. Meanwhile, job creation was maintained at November&#39;s record pace.&quot;

Despite factories raising prices again last month, albeit, at a slightly weaker rate than in November, an index measuring new orders nudged up to 61.5 from 61.4, a level not seen since around the start of the century.

Inflation was 1.5 per cent in November, below the ECB&#39;s 2 per cent target ceiling, but the central bank announced in October it will halve its monthly asset purchases to 30 billion euros from January.

A majority of economists in a Reuters poll last year said they thought the ECB should shut the door on the programme in September, but they were split on whether it actually would.

Eurozone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high

Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high. The bloc's economy outpaced its peers last year, and the European Central Bank plans to scale back its stimulus programme from this month. IHS Markit's December final manufacturing Purchasing Managers' Index for the bloc was 60.6, matching an earlier preliminary reading and above November's 60.1. That was the highest since the survey began in June 1997. An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good guide to economic health, rose to 62.2 from November's 61.0 - its highest in over 17 years and has only been above that once in the survey's history. "The euro zone manufacturing boom gained further momentum in December, rounding off the best year on record and setting the scene for a strong start to 2018," said Chris Williamson, chief business economist at IHS Markit. "Forward-looking indicators bode well for the new year: new orders rose at a near-record pace while purchasing growth hit a new peak as firms readied themselves for higher production. Meanwhile, job creation was maintained at November's record pace." Despite factories raising prices again last month, albeit, at a slightly weaker rate than in November, an index measuring new orders nudged up to 61.5 from 61.4, a level not seen since around the start of the century. Inflation was 1.5 per cent in November, below the ECB's 2 per cent target ceiling, but the central bank announced in October it will halve its monthly asset purchases to 30 billion euros from January. A majority of economists in a Reuters poll last year said they thought the ECB should shut the door on the programme in September, but they were split on whether it actually would.

Euro zone factories ended 2017 with record high growth: PMI

The European Commission sounded the alarm on Wednesday over Italy&#39;s high level of public debt, adding to concerns about the eurozone&#39;s third-largest economy.

&quot;In the case of Italy, the persisting high government debt is a reason of concern,&quot; the European Commission said in a statement, adding that Brussels would write to Rome giving it until spring 2018 to bring things back in order.

The European Commission sounded the alarm over Italy's high level of public debt on Wednesday, adding to concerns about the eurozone's third-largest economy

The European Commission sounded the alarm on Wednesday over Italy's high level of public debt, adding to concerns about the eurozone's third-largest economy. "In the case of Italy, the persisting high government debt is a reason of concern," the European Commission said in a statement, adding that Brussels would write to Rome giving it until spring 2018 to bring things back in order.

Italy's high level of debt reason for concern: EU

Eurozone consumer prices rose to a stronger 0.4 per cent in September, official data said, offering hope that a disputed programme by the ECB to stimulate the economy may be finally delivering.

Eurozone unemployment meanwhile was unchanged at 10.1 per cent in August, the Eurostat statistics agency said.

Both figures were in line with forecasts by analysts surveyed by financial services company Factset.

(AFP)

The figures offer some hope that a disputed programme by the ECB to stimulate the economy may be finally delivering

Eurozone consumer prices rose to a stronger 0.4 per cent in September, official data said, offering hope that a disputed programme by the ECB to stimulate the economy may be finally delivering. Eurozone unemployment meanwhile was unchanged at 10.1 per cent in August, the Eurostat statistics agency said. Both figures were in line with forecasts by analysts surveyed by financial services company Factset. (AFP)

Eurozone inflation rises to 0.4 per cent in September: Eurostat

Euro zone business growth was at its weakest since the start of last year in August, suggesting the bloc&#39;s already struggling economy is losing what little momentum it had, a survey showed on Monday. 
 
The slow growth came as firms offered deeper discounts despite rising input costs, adding to policymakers&#39; concerns. 
 
Markit&#39;s final composite Purchasing Managers&#39; Index (PMI) for Euro zone was 52.9 in August, below a flash estimate of 53.3 and July&#39;s 53.2. That was its lowest since January 2015 but it has been above the 50 mark that divides growth from contraction since mid-2013. 
 
Chris Williamson, chief business economist at IHS Markit said, &quot;While the overall picture is one of steady but sluggish 0.3 per cent growth in the third quarter, the revised figures indicate that the economy is losing rather than gaining momentum.&rdquo; 
 
At just 0.2 per cent in August inflation is nowhere near the ECB&#39;s 2 per cent target ceiling and the composite output price fell to 49.3 last month, under July&#39;s 49.8. 
 
&quot;Inflationary pressures are also cooling amid intense competition. The survey data will fuel expectations that the ECB would prefer not to wait before injecting more stimulus into the economy,&quot; Williamson said. 
 
Growth in the bloc&#39;s dominant service industry also declined. Its PMI was 52.8, matching June&#39;s 17-month low and below July&#39;s 52.9 and flash estimate of 53.1. 
 
With the outlook somewhat bleak, optimism among service firms was at its gloomiest since late 2014. The business expectations index registered 60.7, down from 60.9 in July. 
 
( Reuters)

The slow growth came as firms offered deeper discounts despite rising input costs, adding to policymakers' concerns

Euro zone business growth was at its weakest since the start of last year in August, suggesting the bloc's already struggling economy is losing what little momentum it had, a survey showed on Monday. The slow growth came as firms offered deeper discounts despite rising input costs, adding to policymakers' concerns. Markit's final composite Purchasing Managers' Index (PMI) for Euro zone was 52.9 in August, below a flash estimate of 53.3 and July's 53.2. That was its lowest since January 2015 but it has been above the 50 mark that divides growth from contraction since mid-2013. Chris Williamson, chief business economist at IHS Markit said, "While the overall picture is one of steady but sluggish 0.3 per cent growth in the third quarter, the revised figures indicate that the economy is losing rather than gaining momentum.” At just 0.2 per cent in August inflation is nowhere near the ECB's 2 per cent target ceiling and the composite output price fell to 49.3 last month, under July's 49.8. "Inflationary pressures are also cooling amid intense competition. The survey data will fuel expectations that the ECB would prefer not to wait before injecting more stimulus into the economy," Williamson said. Growth in the bloc's dominant service industry also declined. Its PMI was 52.8, matching June's 17-month low and below July's 52.9 and flash estimate of 53.1. With the outlook somewhat bleak, optimism among service firms was at its gloomiest since late 2014. The business expectations index registered 60.7, down from 60.9 in July. ( Reuters)

Euro zone business growth at slowest since start of 2015: PMI

Eurozone finance ministers will today wrangle over whether to inflict penalties on Spain and Portugal for running up excessive deficits against EU rules for years. 
 
A decision by the 19 ministers of the single currency to punish the two countries would be an unprecedented step, and would put attention on overspending France, which is on course to break the rules next year. 
 
French finance minister Michel Sapin -- whose country was coincidentally beaten by Portugal on Sunday in the Euro 2016 football tournament -- said today that Portugal does not deserve punishment on its budget and argued for a light touch. 
 
&quot;Portugal has made enormous efforts in the past years. It does not deserve excessive discipline,&quot; said Sapin in Paris ahead of the talks which start at 1300 GMT. 
 
France&#39;s plea for leniency came after Germany recently warned Portugal against making &quot;a serious mistake&quot; of flouting the rules. 
 
Those remarks by German finance minister Wolfgang Schaeuble angered Portugal, which summoned Germany&#39;s ambassador to Lisbon in protest. 
 
The European Commission, the EU&#39;s executive arm, last week officially declared Spain and Portugal in violation of budget rules despite fears that austerity orthodoxy by Brussels will further stoke anti-EU populism in the wake of the Brexit vote. 
 
But many EU powers, led by Germany, have long hoped for the commission to crack down on public overspenders, even amid the fallout of the British vote to quit the bloc and a poor economy. 
 
The often-broken rules call for budget deficits not to exceed 3 per cent of gross domestic product. 
 
An endorsement by the ministers would give the commission 20 days to prepare penalties, but Spain and Portugal could make an official request for zero-sanctions within 10 days that would include a firm commitment to fix their budget.Spain on Friday defended its economic policies despite the embarrassing sanctions procedure and said it remained confident that it would avoid a fine. 
 
&quot;It`s a question of good sense. We have made efforts and I believe that will be taken into account,&quot; said Spanish Deputy Prime Minister Soraya Saenz de Santamaria. 
 
Under EU rules, the commission could impose fines of up to 0.2 per cent of gross domestic product on eurozone countries that repeatedly ignore the deficit limits -- but to date it has not dared using its full power. 
 
Portuguese Prime Minister Antonio Costa warned last week that imposing a fine would only embolden euroscepticism in the wake of Britain&#39;s decision to leave the European Union if Brussels applies sanctions. 
 
Spain and Portugal have been under the EU&#39;s excessive deficit procedure since 2009 because of recurrent fiscal holes following the global financial crisis. 
 
Bailed-out Portugal, long considered a star reformer, sharply cut its budget deficit from close to 10 per cent of GDP in 2010 to 4.4 per cent last year, but that still overshoots targets and the bloc&#39;s limit. 
 
Spain, while avoiding a eurozone bailout, suffered through six years of recession. In 2015 it reported a deficit of 5.1 per cent of gross domestic product (GDP), way off the target of 4.2 per cent set by the commission and the normal 3.0-per cent limit. 
 
France is now in the firing line for next year after a court of auditors in Paris warned that the French government was likely to miss targets for 2016. 
 
Brussels has warned that France will not be allowed to exceed the three per cent deficit target again. 
 
(AFP)

The decision would put attention on overspending France, which is on course to break the rules next year

Eurozone finance ministers will today wrangle over whether to inflict penalties on Spain and Portugal for running up excessive deficits against EU rules for years. A decision by the 19 ministers of the single currency to punish the two countries would be an unprecedented step, and would put attention on overspending France, which is on course to break the rules next year. French finance minister Michel Sapin -- whose country was coincidentally beaten by Portugal on Sunday in the Euro 2016 football tournament -- said today that Portugal does not deserve punishment on its budget and argued for a light touch. "Portugal has made enormous efforts in the past years. It does not deserve excessive discipline," said Sapin in Paris ahead of the talks which start at 1300 GMT. France's plea for leniency came after Germany recently warned Portugal against making "a serious mistake" of flouting the rules. Those remarks by German finance minister Wolfgang Schaeuble angered Portugal, which summoned Germany's ambassador to Lisbon in protest. The European Commission, the EU's executive arm, last week officially declared Spain and Portugal in violation of budget rules despite fears that austerity orthodoxy by Brussels will further stoke anti-EU populism in the wake of the Brexit vote. But many EU powers, led by Germany, have long hoped for the commission to crack down on public overspenders, even amid the fallout of the British vote to quit the bloc and a poor economy. The often-broken rules call for budget deficits not to exceed 3 per cent of gross domestic product. An endorsement by the ministers would give the commission 20 days to prepare penalties, but Spain and Portugal could make an official request for zero-sanctions within 10 days that would include a firm commitment to fix their budget.Spain on Friday defended its economic policies despite the embarrassing sanctions procedure and said it remained confident that it would avoid a fine. "It`s a question of good sense. We have made efforts and I believe that will be taken into account," said Spanish Deputy Prime Minister Soraya Saenz de Santamaria. Under EU rules, the commission could impose fines of up to 0.2 per cent of gross domestic product on eurozone countries that repeatedly ignore the deficit limits -- but to date it has not dared using its full power. Portuguese Prime Minister Antonio Costa warned last week that imposing a fine would only embolden euroscepticism in the wake of Britain's decision to leave the European Union if Brussels applies sanctions. Spain and Portugal have been under the EU's excessive deficit procedure since 2009 because of recurrent fiscal holes following the global financial crisis. Bailed-out Portugal, long considered a star reformer, sharply cut its budget deficit from close to 10 per cent of GDP in 2010 to 4.4 per cent last year, but that still overshoots targets and the bloc's limit. Spain, while avoiding a eurozone bailout, suffered through six years of recession. In 2015 it reported a deficit of 5.1 per cent of gross domestic product (GDP), way off the target of 4.2 per cent set by the commission and the normal 3.0-per cent limit. France is now in the firing line for next year after a court of auditors in Paris warned that the French government was likely to miss targets for 2016. Brussels has warned that France will not be allowed to exceed the three per cent deficit target again. (AFP)

Eurozone mulls fines for Spain, Portugal for running excessive deficits

Asian stocks pushed higher again on Monday, building on last week&#39;s rally as central banks around the world promised support to financial markets after Britain&#39;s vote to leave the European Union (EU) fuelled fears of another rout. 
 
The optimism that characterised last week continued as investors tracked another surge in New York and Europe, helped by upbeat US and Eurozone data. 
 
However, analysts warned there was still a plenty of headwinds as Britain and EU leaders must agree a breakaway deal, while the global economy remained fragile. 
 
Tokyo rose 0.4 per cent by the break, Hong Kong climbed 1.3 per cent, Shanghai added 0.8 per cent and Seoul 0.3 per cent. 
 
South Korea&#39;s promise of $17 billion in stimulus last week came as dealers speculate that Japan will bolster its own multi-billion-dollar programme, while the chances of the US raising interest rates this year have all but evaporated. 
 
On Thursday, Bank of England boss Mark Carney became the latest to provide assurances, indicating policymakers could embark on fresh monetary easing -- raising the possibility of a cut in rates. 
 
Richard Jerram, chief economist at Bank of Singapore, said, &quot;Overall the impact of Brexit on the global economy seems likely to be limited, with the pain concentrated on the UK and, to a lesser extent, the rest of the EU.&quot; 
 
But Nicholas Teo, a trading strategist at KGI Fraser Securities in Singapore, told Bloomberg News, &quot;While the potential for increased liquidity from central banks has helped calm stock markets, there&rsquo;s still a lot of uncertainty out there. 
 
&quot;The strengthening US dollar isn&rsquo;t good for emerging markets. With China still on a slowdown, US recovery tentative and the messy UK-EU divorce, volatility will remain heightened,&quot; he added.&nbsp; 
 
The Pound edged up against the dollar after taking a hammering from the referendum outcome. In early trade it bought $1.3307 against $1.3267 Friday in New York and is well up from the 31-year low $1.3121 touched at the start of last week. 
 
(AFP)

The optimism that characterised last week continued as investors tracked another surge helped by upbeat US and Eurozone data

Asian stocks pushed higher again on Monday, building on last week's rally as central banks around the world promised support to financial markets after Britain's vote to leave the European Union (EU) fuelled fears of another rout. The optimism that characterised last week continued as investors tracked another surge in New York and Europe, helped by upbeat US and Eurozone data. However, analysts warned there was still a plenty of headwinds as Britain and EU leaders must agree a breakaway deal, while the global economy remained fragile. Tokyo rose 0.4 per cent by the break, Hong Kong climbed 1.3 per cent, Shanghai added 0.8 per cent and Seoul 0.3 per cent. South Korea's promise of $17 billion in stimulus last week came as dealers speculate that Japan will bolster its own multi-billion-dollar programme, while the chances of the US raising interest rates this year have all but evaporated. On Thursday, Bank of England boss Mark Carney became the latest to provide assurances, indicating policymakers could embark on fresh monetary easing -- raising the possibility of a cut in rates. Richard Jerram, chief economist at Bank of Singapore, said, "Overall the impact of Brexit on the global economy seems likely to be limited, with the pain concentrated on the UK and, to a lesser extent, the rest of the EU." But Nicholas Teo, a trading strategist at KGI Fraser Securities in Singapore, told Bloomberg News, "While the potential for increased liquidity from central banks has helped calm stock markets, there’s still a lot of uncertainty out there. "The strengthening US dollar isn’t good for emerging markets. With China still on a slowdown, US recovery tentative and the messy UK-EU divorce, volatility will remain heightened," he added. The Pound edged up against the dollar after taking a hammering from the referendum outcome. In early trade it bought $1.3307 against $1.3267 Friday in New York and is well up from the 31-year low $1.3121 touched at the start of last week. (AFP)

Asian markets extend rally on central bank hopes

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