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Currency Wars continue. Italian elections end later today. Bernanke Tuesday and Wednesday. New BOJ head Kuroda?
|Currency Wars continue. Italian elections end later today. Bernanke Tuesday and Wednesday. New BOJ head Kuroda? |
25 February 2013 11:00 gmt
CALENDAR- Europe: IT- Elections (final day). North America: US- 2-yr
- HIGH IMPACT ITEMS: IT- National Elections
- CURRENCY WARS: The "Currency Wars" continue as various officials do what they can to manipulate the value of their currencies in their self-interest. We don't think the JPY devaluation efforts have ended in Japan, although they might have paused for a short while. Europe speaks with numerous voices, but Germany has been expressing satisfaction with the current level of the EUR and France wants it weaker. The U.S. doesn't say much these days but clearly would not be unhappy if the USD falls.
- Italian national elections started on Sunday and end later today. Markets do not have a good handle what will happen with the electorate unhappy with the present state of the economy. .
- Late on Friday Moody's took away the coveted AAA rating of the U.K. and downgraded it to Aa1 with a stable outlook. A downgrade was not unexpected but it came earlier than expected.
- In Japan a key item is is who will be appointed the next BOJ Governor. There were rumors over the weekend that former FinMin Kuroda will be getting the job some time after PM Abe returns from his U.S trip this weekend.
- Looking ahead, Tuesday and Wednesday will see key Congressional testimony by Fed Chairman Bernanke. Bond markets are looking for a clarifications of the latest Fed Minutes. Recall that Bernanke is in the "dove" camp at the Fed.
USDJPY 20-day average is 92.88. EURJPY 20-day average is 124.71. 10-yr JGB: 0.71%, -2bp. Key Far East bourses: HIGHER..
EURUSD 20-day average:1.3426.10-yr bund is 1.57%, 0bp. European bourses: UP
U.S. 10-yr 1.96%, -1bp. 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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