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Wednesday January 30, 2013 - 10:41:28 GMT
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CURRENCY WARS: JPY weaker leading EURUSD higher. 1.35 barrier breached. Fed later. U.S. ADP and GDP data due early.
|CURRENCY WARS: JPY weaker leading EURUSD higher. 1.35 barrier breached. Fed later. U.S. ADP and GDP data due early.|
30 January 2013 11:00 gmt
CALENDAR- North America: US- Weekly Mortgages, ADP Private Jobs, GDP, Weekly Crude, 7-yr, Fed Decision
- HIGH IMPACT ITEMS: US- ADP Private Jobs. GDP, Weekly Crude, 7-yr, Fed Decision.
- CURRENCY WARS: The JPY has weakened vs. the USD and the EUR again today and the softness in the unit has generated offset demand for the EUR which has seen EURUSD rise. Option protection schemes at EURUSD 1.3500 have finally been breached.
- Markets await the Fed policy decision at 19:15 GMT today and a slew of data reports at the back end of the week. The Fed policy decision will have been made before the full January employment data is known. Key employment data are due on Friday.
- ADP private employment and 4Q12 advance GDP data are due on the N.Y. open.
- Today markets once again will have to figure out the likely impact of repayments of special ECB LTRO funding for banks. Depending on HOW the funds are repaid, the repayments could result in an implicit tightening of ECB monetary policy.
- The key EURUSD 20-day moving average is 1.3277. the 10-yr bund is 1.70%, +1 bp. European bourses are mixed. U.S. shares are mixed. The U.S. 10-yr is 2.02%, +6bp.
- Key Far East bourses were higher. The 10-yr JGB is 0.77%, 0bp. The USDJPY 20-day average is 88.97. EURJPY 20-day average is 118.16.
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John M. Bland, an author and a founding partner of Global-View.com has been a forex trader and a FX analyst for a top N.Y. Fed watching service. Previously he was an FX consultant to major institutions. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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