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CURRENCY WARS: Fed policy kept steady as expected. ADP Private parolls data signals improved January jobs report on Friday
|CURRENCY WARS: Fed policy kept steady as expected. ADP Private parolls data signals improved January jobs report on Friday|
31 January 2013 00:00 gmt
CALENDAR- Far East: JP- Mfg PMI. Europe: DE- Retail Sales, Unemployment. EZ- Retail Sales. North America: CA- GDP US- Challenger Layoff Survey, Weekly Jobs, Personal Income Data, Chicago PMI, Natural Gas.
- HIGH IMPACT ITEMS: JP- Mfg PMI, DE- Retail Sales, Unemployment, EZ- Retail Sales CA- GDP US- Weekly Jobs, Personal Income, Chicago PMI.
- CURRENCY WARS: The JPY 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 were finally breached.
- The Fed kept its steady as expected but seemed to be prepared to move in the direction of reduced policy ease.
- The Reserve Bank of New Zealand kept policy steady as expected.
- A slew of data reports at the back end of the week. The key employment data are due on Friday.
- ADP private employment data grew a robust +192K in January which suggests a decent NFP report on Friday.
- The key EURUSD 20-day moving average is 1.3297. the 10-yr bund is 1.71%, +2 bp. European bourses are down. U.S. shares are lower. 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 89.16. EURJPY 20-day average is 118.59.
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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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