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Tuesday February 5, 2013 - 10:25:31 GMT
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CURRENCY WARS: AUDUSD weaker after RBA hints at future rate cut. EURUSD rebounds from early weakness. USDJPY higher.
|CURRENCY WARS: AUDUSD weaker after RBA hints at future rate cut. EURUSD rebounds from early weakness. USDJPY higher.|
5 February 2013 11:00 gmt
CALENDAR- North America: US- SVC PMI, API Energy
- HIGH IMPACT ITEMS: US- Service PMI
- CURRENCY WARS: The EUR has remained a key focus of trade Tuesday as it rebounded from a sharp overnight decline. The JPY is also moving and has weakened and seen the EURJPY improve. Equity markets are mixed. The U.S. IM Services PMI is due later today.
- The Reserve Bank of Australia kept policy steady as expected but left the door open to policy ease in coming months. AUDUSD is weaker and the 10-yr is 3.49%, -11bp.
- Markets are starting to look ahead to possible fireworks at the G20 conference of FinMIns and Central Bankers in Moscow on February 15-16 . Many expect currency value manipulation (JPY) to be a major discussion topic.
- On Thursday, the Bank of England and European Central Bank will announce their latest policy decisions. No rate changes are foreseen. .
- The key EURUSD 20-day moving average is 1.3372. the 10-yr bund is 1.63%, +1bp. European bourses are mixed. U.S. shares are mixed. The U.S. 10-yr is 1.97%, 0bp.
- Key Far East bourses were mixed. The 10-yr JGB is 0.79%, -2bp. The USDJPY 20-day average is 89.84. EURJPY 20-day average is 120.61.
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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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