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No surprises from the G20. President Draghi expressed no concern at current EUR levels. North American (U.S./Canada) holiday Monday
|No surprises from the G20. President Draghi expressed no concern at current EUR levels. North American (U.S./Canada) holiday Monday|
18 February 2013 00:00 gmt
CALENDAR- Far East: No Major data. Europe: EZ- Current Account. North America: US/CA- Holiday.
- CURRENCY WARS: G20 nations spent a lot of time saying that ther is no currency war. If there is no war, why do they have to dwell on why there isn't one. It seems the G20 agreed to a number of vague pledges which will allow everyone to do what they have been doing al along.
- On Friday, ECB President Draghi spoke and reiteaated that 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.
- Draghi repeated that the EUR is trading around recent levels and that forex policy is not in the mandate.of the ECB. His message appears to be that the ECB is not worried about the present value of EURUSD.
- A internal memo from a Walmart executive which expressed serious concern about the weakness of sales in the past month roiled equity markets late in the day Friday. Walmarty is soo large that some use it as a proxy measure for consumer demand.
- U.K. January retail sales data released Friday were weaker than expected. The government blamed weather on the data.
USDJPY 20-day average is 91.90. EURJPY 20-day average is 123.58. 10-yr JGB: 0.75%, -2bp. Key Far East bourses mostly down
EURUSD 20-day average:1.3445.10-yr bund is 1.65%, +3 bp. European bourses: mostly down.
U.S. 10-yr 2.01%, +1bp. U.S. shares 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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