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Tuesday February 19, 2013 - 21:44:13 GMT
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Busy calendar for the rest of week. Strong German sentiment data. Fresh U.K. worries. View Japan still wants weaker JPY
|Busy calendar for the rest of week. Strong German sentiment data. Fresh U.K. worries. View Japan still wants weaker JPY|
20 February 2013 00:00 gmt
CALENDAR- Far East: JP- Trade. Europe: GB- Employment, BOE Minutes, EZ- Consumer Confidence. North America: US- Weekly Mortgages, PPI, Housing Starts/Permits, Fed Minutes.
- HIGH IMPACT ITEMS: GB- Employment, BOE Minutes, EZ- Consumer Confidence, US- Housing Starts/Permits, Fed Minutes.
- CURRENCY WARS: Trade came back to life gradually Tuesday as North American traders returned from their Monday holidays. Earlier in the day Germany released a much stronger than expected ZEW Sentiment Survey. There is now the hope that improving trader sentiment will carry over to the real economy. The EURUSD gained over the day.
- During the day, S&P refused to comment on market rumors about an impending downgrade of U.K. sovereign debt. GBPUSD weaker.
- Traders say they feel that the G2 gave Japan an implicit green light to weaken its currency. Also, Japan FinMIn Aso said today that Tokyo has no plans to buy foreign bonds. It has been successful at weakening the currency recently so there is no need to push those funds out
- U.S. markets shrugged their first full opportunity to react to an internal Walmart executive memo from late Friday that expressed serious concerns about the weak Jan/Feb sales Walmart is sometimes seen as a proxy measure for the U.S. economy.
USDJPY 20-day average is 92.35. EURJPY 20-day average is 124.24. 10-yr JGB: 0.74%, -1bp. Key Far East bourses mostly down.
EURUSD 20-day average:1.3451.10-yr bund is 1.62%, -1 bp. European bourses: higher.
U.S. 10-yr 2.03%, +3bp. U.S. shares up..
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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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- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
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