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CURRENCY WARS: Comments by Japan's Aso (mistranslated?) see JPY rebound. Northeast U.S. awaits major winter storm
|CURRENCY WARS: Comments by Japan's Aso (mistranslated?) see JPY rebound. Northeast U.S. awaits major winter storm|
8 February 2013 11:00 gmt
CALENDAR-. North America: CA- Employment. US- Trade, Wholesale Inventories, COT Report.
- HIGH IMPACT ITEMS: CA- Employment. US- Trade, COT
- CURRENCY WARS: The focus of trade remains on the official financial institutions following comments by ECB President Draghi yesterday when demand for the EURUSD waned after an oblique comment was take as an indication that the central bank would be taking the value of the EUR in account when conducting policy.
- A comment by Japan's Aso reported as the JPY has "weakened more than intended' reportedly was mistranslated from the JPY has weakened "faster than expected". The report has seen the USDJPY fall sharply. We continue to feel that USDJPY100 is a probable official target for the pair.
- The Northeastern U.S., Philadelphia to Boston corridor (including NYC) is bracing for a major winter storm today that could impact participation as the day wears on. The intensity of the storm is expected to be worse as you move northeast with Boston expected to be the hardest hit.
- Next week the focus will be on possible fireworks at the G20 conference of FinMIns and Central Bankers in Moscow on February 15-16 . Many expect Japanese forex manipulation to be a major topic for discussion.
- The key EURUSD 20-day moving average is 1.3427. the 10-yr bund is 1.59%, -1bp. European bourses are up. U.S. shares are mixed. The U.S. 10-yr is 1.94%, -1bp.
- Key Far East bourses rallied. The 10-yr JGB is 0.77%, 0bp. The USDJPY 20-day average is 90.69. EURJPY 20-day average is 121.80.
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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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