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Tuesday February 12, 2013 - 21:25:33 GMT
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Markets misinterpret another official statement, this time from the G7. Far East participation picks up. G20 FinMins starts Friday in Moscow
|Markets misinterpret another official statement, this time from the G7. Far East participation picks up. G20 FinMins starts Friday in Moscow|
13 February 2013 00:00 gmt
CALENDAR-.US- State of The Union Address (late Tue) Far East: JP- Tertiary Activity Index, CN- Holiday Europe: EZ- Industrial Production. North America: US- Weekly Mortgages, Import Prices, Retail Sales, Business Inventories, Weekly Crude, 10-yr.
- HIGH IMPACT ITEMS: JP- Tertiary Activity Index, EZ- Industrial Production, US- Retail Sales, 10-yr
- CURRENCY WARS: Initially, the G7 today reaffirmed its support for market determined exchange rate and said it would not target currency values. Fine, this marked no change in established policies. However, a couple if hours later, an unnamed G7 official said that the markets had "misinterpreted the prepared G7 statement. Its hard for the markets to misinterpret a short statement reinforcing an existing One view is that there might have been some concerns that the G7 statement might have stepped on the toes of the G20. Some warn that if Japanese forex policy is going to be debated at G20.
- There is now a risk that in response that Tokyo could talk up the JPY heading into the meeting to ease the pressure on them. They could then give it another downward shove afterwards..
- We are not expecting anything in the way of market moving news from the State of the Union address Tuesday evening in the U.S.
- With Lunar New Year celebrations winding down, markets picked up on Tuesday. China will be closed all week and HK returns 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
USDJPY 20-day average is 91.32. EURJPY 20-day average is 122.73. 10-yr JGB: 0.75%, -2bp. Key Far East bourses mostly up
EURUSD 20-day average:1.3435.10-yr bund is 1.64%, +3 bp. European bourses: higher.
U.S. 10-yr 1.98%, +3bp. U.S. shares mostly higher.
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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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