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Wednesday February 13, 2013 - 10:26:36 GMT
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Markets do not react to State of the Union, as expected. Focus: U.S. Retail Sales and G20 FinMin meeting starting Friday in Moscow
|Markets do not react to State of the Union, as expected. Focus: U.S. Retail Sales and G20 FinMin meeting starting Friday in Moscow|
13 February 2013 11:00 gmt
CALENDAR- North America: US- Weekly Mortgages, Import Prices, Retail Sales, Business Inventories, Weekly Crude, 10-yr.
- HIGH IMPACT ITEMS: US- Retail Sales, 10-yr
- CURRENCY WARS: The EUR continues to drift generally higher vs. the USD and on its key crosses as the market continue to set up for the G20 meeting in Moscow at at the end of the week. It is uncertain what the G20 will decide, but there is not much the group can do if Japan is determined to continue pursue a weak JPY policy.
- The official prepared G7 statement released Tuesday was a tepid one and had to be "clarified" when the markets recognized it as such. There is little doubt that Japanese forex policy is going to be debated at the G20.
- As expected, there was not much in the way of market moving news from the State of the Union address late Tuesday, although the President sounded a little more conciliatory on the budget.
- China remains closed all week. HK will return on Thursday.
- U.S. Retail Sales Wednesday are due today 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%, 0bp. Key Far East bourses mostly up
EURUSD 20-day average:1.3435.10-yr bund is 1.66%, +2 bp. European bourses: higher.
U.S. 10-yr 1.99%, +1bp. 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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