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FX Blog TTN- European Market Update European Market Update
Â· *** ECONOMIC DATA ***
Â· GE Jan Retail Sales: M/M 1.6% v 1.0%e || Prior revised from -0.1% to -0.2% |||| Y/Y 0.6% v -2.1%e || Prior revised from -6. 9% to -7.0%
Â· GE Jan Final CPI: M/M -0.4% v -0.3% prior || Y/Y 2.8% v 2.7% prior
Â· GE Jan Final CPI Harmonized: M/M -0.4% v -0.3% prior || Y/Y 2.9% v 3.0% prior
Â· UK Feb Nationwide house Prices: M/M -0.5% v 0.0%e || Prior revised from -0.1% to -0.3% |||| Y/Y 2.7% v 3. 6%e
Â· SP Feb Preliminary CPI Harmonized Y/Y: 4.4% v 4. 3%e
Â· SW Q4 GDP: Q/Q 0.8% v 0.6%e || Y/Y 2.8% v 2.5%e
Â· UK Jan Final M4 Money Supply: M/M 1.4% v 1.3% prior || Y/Y 13.1% v 12.9% prior
Â· UK Jan Final M4 Sterling Lending: Â£21.8B v Â£21.6B prior
Â· UK Jan Net Consumer Credit: Â£900M v Â£800Me
Â· UK Jan Net Lending: Â£7.4B v Â£8.2Be || Prior revised from Â£8.6B to Â£7. 9B
Â· UK Jan Mortgage Approvals: 74K v 70Ke || Prior revised from 73K to 72K
Â· EU Jan CPI: M/M -0.4% v -0.4%e || Y/Y 3.2% v 3.2%e || Core Y/Y 1.7% v 2.0%e
Â· EU Jan Unemployment Rate: 7.1% v 7.2%e || Prior revised from 7.2% to 7.1%
Â· EU Feb Business Climate: 0.72 v 0.75e || Prior revised from 0.78 to 0.77
Â· EU Feb Consumer Confidence: -12 v - 12e
Â· EU Feb Economic Confidence: 100.1 v 101.2e
Â· EU Feb Industrial Confidence: 0 v 1e
Â· EU Feb Services Confidence: 10 v 11e || Prior revised from 12 to 13
Â· IT Feb Preliminary CPI: M/M 0.3% v 0.2%e || Y/Y 2.9% v 2.9%e
Â· IT Feb Preliminary Harmonized CPI: M/M 0. 1% v 0.0%e || Prior Y/Y 3.1% v 3.1%e
Â· SZ Feb KOF Leading Indicator: 1.65 v 1.60e || Prior revised from 1.70 to 1.75
Â· GE Feb Preliminary CPI: M/M 0.5% v 0.4%e || Y/Y 2.8% v 2.7%e
Â· GE Feb Preliminary Harmonized CPI: M/M 0.5% v 0.4%e || Y/Y 2.9% v 3.0%e
Â· *** SPEAKERS/COMMENTS ***
Â· No speakers or comments overnight
Â· *** FIXED INCOME/FX/COMMODITIES/ERRATUM ***
Â· While there was a lot of data overnight, none of it seemed to heavily influence fixed income trading. There has been a general flight to fixed income overnight, and a noticeable steepening of yield curves across Europe. The AFT announced overnight that it will sell â‚¬5.0B-â‚¬5.5B in OATs next week.
Â· The European equity indices were lower overnight on increasing concerns about the prospects of an economic recession in the US. The biggest declines overnight were seen in the industrial sector.
Â· On the currency front, the USD remains soft ahead on month end trading as oil and gold maintain an upward bias. Carry-related pairs focused on continued credit market concerns The currency market continues to be defined by the duel theme of higher commodity prices hurting USD sentiment and the risk aversion theme aiding JPY and CHF pairs
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Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
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John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
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