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Bernanke testimony makes no waves as widely expected. The Italian government crisis continues
|Bernanke testimony makes no waves as widely expected. The Italian government crisis continues|
28 February 2013 00:00 gmt
CALENDAR- Far East: JP- Industrial Output Europe: CH- GDP, CPI. DE- Employment. EZ- HICP. North America: CA- Current Account US- Weekly Jobless, GDP, Chicago PMI, Natural Gas
- HIGH IMPACT ITEMS: JP- Industrial Output, CH- GDP, DE- Employment, EZ- HICP (CPI), US- Weekly Jobs, Chicago PMI
- The U.S. budget sequester is scheduled to come into effect on Friday, This is more theater than something catastrophic. Both sides are hoping to use it to their political advantage. Most citizens will not even be aware of the shut down, although the administration will be trying to create as much disruption as it can to make political gains. A last minute face-saving compromise is always possible.
- The second round of Bernadine's testimony made no major headlines on Wednesday. Bernanke stated in response to a question that sequestration should not impact the markets. Data from the U.S., Durable Goods and Existing Homes sales were strong.
- Italian political uncertainty persists, and is unlikely to be resolved soon as the various parties jockey for position amid effort to form a new government.
- The Japanese government is said to be prepared to announce the names of BOJ governors at 02:00 GMT on Thursday. Japan remains a major focus.. It was "leaked" over the weekend that former FinMin Kuroda who favors PM Abe's aggressive stimulus will be getting theGovernor's position. Odds are only BOJ Deputy Governor nominations will be presented. JPY devaluation efforts not have ended, although they might have paused for a short while.
USDJPY 20-day average is 93.03. EURJPY 20-day average is 124.34. 10-yr JGB: 0.67%, -2bp. Key Far East bourses: MIXED.
EURUSD 20-day average:1.3364.10-yr bund is 1.45%, -3bp. European bourses: HIGHER
U.S. 10-yr 1.90%, +2bp. U.S. shares: HIGHER.
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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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