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Weak EZ GDP undermines EUR, BOJ holds policy steady as expected. More ease in pipeline? Moscow G20 FinMin meet Friday
|Weak EZ GDP undermines EUR, BOJ holds policy steady as expected. More ease in pipeline? Moscow G20 FinMin meet Friday|
15 February 2013 00:00 gmt
CALENDAR- Far East: CN- Holiday. JP- Ind Output. Europe: RU- G20 FinMin+CB's GB- Retail Sales.North America: US- Empire PMI, TIC Flows. Industrial Production/Cap Utilization. University of Michigan Sentiment, COT Report.
- HIGH IMPACT ITEMS: G20 FinMins + CBs , GB- Retail Sales, US- Ind Prod, Univ of Mich, COT
- CURRENCY WARS: The EUR has had a rough day vs. the USD and its major crosses Catalyst was a number of weak national preliminary GDP releases from the Eurozone. The Ccmposite Eurozone GDP fell -0.6% pp and -0.9% yy. This was weaker than -0.4% and -0.8% readings expected.
- As expected, the BOJ kept policy steady.Many feel that policy is on hold until. A new central bank governor is installed at the end of March..
- A key focus now is the G20 meeting in Moscow sarting on Friday. 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.
- China remains closed all week. HK hasl returned ,.
USDJPY 20-day average is 91.74. EURJPY 20-day average is 123.34. 10-yr JGB: 0.77%, +1bp. Key Far East bourses mostly up
EURUSD 20-day average:1.3443.10-yr bund is 1.63%, -3 bp. European bourses: down.
U.S. 10-yr 2.00%, -2bp. U.S. shares mixed.
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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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