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Friday February 15, 2013 - 11:19:20 GMT
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ECB President Draghi expresses no opposition to current EUR levels. U.K. Gretal sales data weak. Moscow G20 FinMin meet underway
|ECB President Draghi expresses no opposition to current EUR levels. U.K. Gretal sales data weak. Moscow G20 FinMin meet underway|
15 February 2013 11:00 gmt
CALENDAR- North America: US- Empire PMI, TIC Flows. Industrial Production/Cap Utilization. University of Michigan Sentiment, COT Report.
- HIGH IMPACT ITEMS: G20 FinMins + CBs , US- Ind Prod, Univ of Mich, COT
- CURRENCY WARS: G20 nations are spending a lot of time denying that there is no currency war. If there is no war, why do they have to dwell on why there isn't one? Lots of focus on the meeting but we are not expecting much market-moving in the communique on Saturday, although the draft document likely will be leaked today.
- ECB President Draghi has commented along the lines of recent comments. He says price stability BOTH WAYS is the mandate of the ECB. Some feel the focus of the central bank is only to combat inflation, It is also to combat deflation. He repeated that the EUR is trading around recent levels and that forex policy is not in the mandate.of th ECB. His message appears to be that the ECB is not worried about the present value of EURUSD.
- U.K. January retail sales data released today were weaker than expected. The government blamed weather on the data.
- A major focus for Japan is what the G20 will say public ally about its weak JPY policy. It looks like nothing. Another major topic is who will be named the next BOJ Governor, either Muto or Iwata. Iwata is seen as more likely to pursue an aggressive stimulus program. Policy is on hold until. A new central bank governor is installed at the end of March..
USDJPY 20-day average is 91.74. EURJPY 20-day average is 123.34. 10-yr JGB: 0.75%, -2bp. Key Far East bourses mostly down
EURUSD 20-day average:1.3443.10-yr bund is 1.61%, -2 bp. European bourses: mostly down.
U.S. 10-yr 1.98%, -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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