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CURRENCY WARS: Rally in global equity markets in focus. EURUSD to S&P correlation weak. AUDUSD falls on soft retail sales
|CURRENCY WARS: Rally in global equity markets in focus. EURUSD to S&P correlation weak. AUDUSD falls on soft retail sales|
6 February 2013 11:00 gmt
CALENDAR-. North America: US- Mortgage Stats, Weekly Crude. CA- Ivey PMI
- HIGH IMPACT ITEMS: CA- Ivey PMI
- CURRENCY WARS: The focus of trade so far today has been on the rally in share markets which started Tuesday in the U.S. Global share markets tend to be highly correlated. The EURUSD to share correlation has not been working as closely very recently.
- The Nikkei has surged overnight following word yesterday that BOJ Governor Shirakawa will be stepping down early. The expectation is tat his early departure will hasten actions to stimulate the economy.
- Weaker than expected Australian retail sales data have weighed on the AUD, as it is thought is will increase pressure on the RBA to cut interest rates in the near future.
- 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 1.3397. the 10-yr bund is 1.66%, 0bp. European bourses are higher. U.S. shares are stronger. The U.S. 10-yr is 2.01%, -1bp.
- Key Far East bourses were higher. The 10-yr JGB is 0.78%, -1bp. The USDJPY 20-day average is 90.15. EURJPY 20-day average is 120.80.
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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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