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Thursday February 21, 2013 - 09:57:37 GMT
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EZ flash PMI data weaker than expected. EURUSD down. Fed minutes yesterday roil markets. Full U.S. calendar today
|EZ flash PMI data weaker than expected. EURUSD down. Fed minutes yesterday roil markets. Full U.S. calendar today|
21 February 2013 11:00 gmt
CALENDAR- North America: US- CPI, Weekly Jobless, Markit flash PMI, Philly Fed. Existing Homes Sales, LEI, Natural Gas, Weekly Crude
- HIGH IMPACT ITEMS: US- CPI, weekly Jobs, Phiily Fed, Existing Homes Sales, Weekly Crude.
- Fed Minutes unexpectedly roiled the markets again. The markets were not prepared for the FOMC sent a subtle signal that QE will not last effectively forever. When it runs out still remains to be seen. The USD broadly is firmer.
- CURRENCY WARS: Eurozone flash February PMI data today were weaker than expected and remain in contraction. Improvements in this series had been a source of hope for the EZ.
- A growing focus for trade is the Italian national elections on Sunday/Monday. Discontent with the status quo has seen a large number of undecided voters and a fragmentation of the electorate. Key is where austerity programs are headed.
- Today sees a broad range of key pieces of U.S. data (see above)..
- Mixed signals have been coming from Japan as PM Abe and his FinMin Aso do not appear to be on the same page on JPY policy. It may take a while to get the two on the same page. Perhaps that will come once the next BOJ governor is named sometme after PM Abe returns from his U.S trip this weekend.
USDJPY 20-day average is 92.60. EURJPY 20-day average is 124.56. 10-yr JGB: 0.74%, -1bp. Key Far East bourses: down..
EURUSD 20-day average:1.3449.10-yr bund is 1.60%, -6bp. European bourses: down.
U.S. 10-yr 1.99%%, -3bp. 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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