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Tuesday February 12, 2013 - 10:56:19 GMT
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Trade picks up as Far East participation starts to pick up again. G7 favors market determined forex rates. G20 at week's end
|Trade picks up as Far East participation starts to pick up again. G7 favors market determined forex rates. G20 at week's end|
12 February 2013 11:00 gmt
CALENDAR-. North America: none.
- CURRENCY WARS: The G7 today reaffirmed its support for market determined exchange rate and said it would not target currency values. This marked no change in stated policies. Currency Wars could come to a head at the G20 at the end of the week in Moscow. Japan and its weak yen policy are running into strong opposition. .
- With the initial day of the Lunar New Year celebrations out of the way, markets have picked up on Tuesday. China will be closed all week and HK does not return until Thursday.
- Today has seen U.K.and Swiss CPI data. U.K. inflation data were hotter than expected, while Switzerland remains mired in deflation.
- Upcoming high-Impact releases include: U.S. Retail Sales Wednesday and a BOJ decision and EZ GDP data on Thursday.
- The key EURUSD 20-day moving average is 1.3428. the 10-yr bund is 1.61%, 0 bp. European bourses are mixed. U.S. shares are mixed. The U.S. 10-yr is 1.96%, +1bp.
- Key Far East bourses were mostly up.. The 10-yr JGB is 0.75%, -2bp. The USDJPY 20-day average is 91.07. EURJPY 20-day average is 122.32.
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John M. Bland, an author and a founding partner of Global-View.com, has been a corporate FX consultant for a major N.Y. bank, a forex trader for a major N.Y. institution, and an FX analyst for a blue chip Fed watching service.. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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