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Thursday February 7, 2013 - 11:42:17 GMT
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CURRENCY WARS: Waiting for ECB and BOE policy decisions. Hawkish new BOE Governor Carney testimony. No rate changes are expected today.
|CURRENCY WARS: Waiting for ECB and BOE policy decisions. Hawkish new BOE Governor Carney testimony. No rate changes are expected today.|
7 February 2013 11:00 gmt
CALENDAR-. GB- BOE. EZ- ECB. North America: US- Productivity, Weekly Jobless, Natural Gas
- HIGH IMPACT ITEMS: GB- BOE. EZ- ECB. US- Productivity, Weekly Jobs
- CURRENCY WARS: Markets are focused on the central banks today. New BOE Governor Carney is testifying in London at the moment and taking a more hawking posture than some were expecting. The GBPUSD is higher and 10-yr Gilt yields have risen.
- The monthly BOE and ECB policy decisions are due in a short while.. No rate changes are foreseen. There has been chatter about a possible comment Thursday by ECB President Draghi about the strength about the EUR, but top ECB watchers are expecting President Draghi to reiterate that the ECB does not target the EUR exchange rate. .
- Key January employment data from Australia were mixed with the headline data strong, but the underlying data were mixed. There was nothing to lessen. increasing pressure on the RBA to cut interest rates in the near future. The AUDUSD is steady.
- Markets are looking 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.
- The key EURUSD 20-day moving average is 1.3420. the 10-yr bund is 1.64%, +1bp. European bourses are mixed. U.S. shares are mixed. The U.S. 10-yr is 1.97%, 0bp.
- Key Far East bourses fell. The 10-yr JGB is 0.77%, -1bp. The USDJPY 20-day average is 90.44. EURJPY 20-day average is 121.40.
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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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John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
- POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic
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