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Japan PM Abe taps former FinMIn Kuroda to be next BOJ Governor. U.S, Budget Sequester Friday? Italian leadership crisis drags on
|Japan PM Abe taps former FinMIn Kuroda to be next BOJ Governor. U.S, Budget Sequester Friday? Italian leadership crisis drags on|
28 February 2013 11:00 gmt
CALENDAR- North America: CA- Current Account US- Weekly Jobless, GDP, Chicago PMI, Natural Gas
- HIGH IMPACT ITEMS: US- Weekly Jobs, Chicago PMI
- Japanese Prime Minister Abe formally nominated former FinMin Kuroda to be the next BOJ Governor and Iwata and Nakaso to be deputy governors. No surprises in this announcement and indicates that Aso's pro-growth agenda and weaker JPY policy will be actively pursued by the "independent" central bank. All of the appointees must first be approved by parliament. That approval is said to be assured. JPY devaluation efforts not have ended, although they might have paused for a short while.
- 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. If necessary, Obama would until midnight on Friday to put the sequester into effect
- 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.
- Italian political uncertainty persists, and is unlikely to be resolved immediately as the various parties jockey for position amid effort to form a new government.
USDJPY 20-day average is 93.03. EURJPY 20-day average is 124.34. 10-yr JGB: 0.66%, -1bp. Key Far East bourses: HIGHER.
EURUSD 20-day average:1.3364.10-yr bund is 1.46%, +1bp. European bourses: HIGHER
U.S. 10-yr 1.89%, -1bp. U.S. shares: HIGHER.
FX Trade Talk: What's moving markets-- Commentary, data. and data charts posted continuously on FOREX FORUM
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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John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
- POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic
- POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy
- POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
- POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
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- POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release
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