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Wednesday February 13, 2013 - 21:30:38 GMT
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Focus: BOJ Decision, EZ GDP. G20 FinMin meeting starting Friday in Moscow. No reaction to State of the Union,
|Focus: BOJ Decision, EZ GDP. G20 FinMin meeting starting Friday in Moscow. No reaction to State of the Union, |
14 February 2013 00:00 gmt
CALENDAR- Far East: JP- GDP, BOJ Decision, CN- Holiday, Europe: EZ- GDP. North America: US- Weekly Jobless, Natural Gas, 30-yr
- HIGH IMPACT ITEMS: JP- GDP, BOJ, EZ- GDP, US- Weekly Jobless, 30-yr
- CURRENCY WARS: Its been another volatile session Wednesday after BOE Governor King indicated that the central bank will continue to ignore its inflation target for at ;east the next two years. The GBP was slammed on the news and Gilt prices tumbled . King also denounced the "clarification" of an unnamed G7 official who indicated yesterday that markets had misinterpreted the G7 statement on forex.
- The EUR continues to drift vs. the USD and its key crosses.The market has been using it as a hedge against shorts in other currencies.
- A key focus now is 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.
- 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, while a BOJ decision and EZ GDP data are due Thursday.
USDJPY 20-day average is 91.59. EURJPY 20-day average is 123.15. 10-yr JGB: 0.75%, 0bp. Key Far East bourses mostly up
EURUSD 20-day average:1.3444.10-yr bund is 1.67%, +3 bp. European bourses: higher.
U.S. 10-yr 2.02%, +4bp. U.S. shares mostly down.
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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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