Trade Talk: What's Moving Markets continuous on Forex Forum
Key Items JP- Ind Output, BOJ, GB- CPI, DE- ZEW, Ind Prod, US- Retail Sales, API.
There was not much of a market response to the Greek austerity budget approved by the Parliament late Sunday evening in Athens. The budget is a pre-requisite for Troika aid (EU Commission, IMF and ECB). Greece still needs economic growth to generate revenue to finance its budget.
The next major event is a vote Wednesday by EU FinMins to approve financing for Greece.
Tuesday sees the economic calendar pick up after a slow Monday.
End of fiscal year Japanese life insurance investment adjustment activity coming into focus? Covert intervention by the BOJ has been confirmed, and more was threatened on Friday.
Check the Forex Forum over the day for an updated and ongoing discussion of current trading themes in the MARKET CHATTER continuous discussion thread.
See ECONOMIC CALENDAR for a complete list of future forex market events and consensus data estimates. Go to the forex forum for up-to-date market developments and technical trading ideas.
John M. Bland is an author and co-founder and partner of Global-View.com. Prior to Global-View.com, he was a forex trader and a private-label forex analyst for a top Fed watching service in NYC. He has been a corporate forex advisor and also worked in international liability management for a major N.Y. money center bank. John holds an MBA from the University of California at Berkeley and a B.A. in International Economics from that school.
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WEEKLY HIGH IMPACT NEWS: 26-May THURSDAY
08:30 GB- GDP
12:30 US- Weekly Jobless
12:30 US- Durable Goods Orders
14:00 US- Pending Homes Sales 27-May FRIDAY
12:30 US- GDP
14:00 US- University of Michigan Survey
17:15 US- Fed's Yellen Speaks
18:00 US- Early Close for Fixed Income Markets
00:00 GB/US- Holiday
Trading Themes --
A Key focus of trading today has been crude oil, which has tested above the $50 line in both Brent and WTI. The impact is largely psychological as the correlation trades with equities recently have broken down. One impetus for trade has been production disruptions for Chevron in Nigeria.
The EURUSD continues to press modestly higher but so far has held below the psychological 1.1200 line. EURUSD is up on what appears to be short-covering into long weekends in the U.K. and U.S. The EUR is mostly higher on its crosses.
The first revision of U.K. Q16 GDP saw the yr/yr reading marked down slightly. The two-day G7 leaders summit in Japan is under way. We expect to hear noise on forex, but no action.
Interest is growing in the scheduled speech by Fed Chair Yellen at Harvard Friday at 17:15 GMT. The hope is she will clarify the outlook for Fed policy heading into the long U.S. weekend.
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