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Monday March 11, 2013 - 21:39:44 GMT
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Market sentiment more positive for USD, but need an impetus
|Market sentiment more positive for USD, but need an impetus|
12 March 2013 00:00 gmt
CALENDAR- Far East: JP- Tertiary Activity, BOJ Minutes. Europe: GB- Trade, Industrial and Mfg Output. North America: Auction 3-yr, API.
- HIGH IMPACT ITEMS: Tertiary Activity Index, BOJ Minutes, GB- Trade, Industrial and Manufacturing Output, US- 3-yr
- We had felt like many that February U.S.Non-farm payrolls had changed the tone of the USD, so far the pace of its advance has been disappointing. While the JPY clearly is in a downtrend, and likelty to remain so, the dollar seems to be hitting strong headwinds whenever it tries to gain vs. the EUR. We feel that the EUR has been seeing offet buying demand via its crosses (JPY, GBP, etc.).
- If Forex markets are in transition, this transition could mean that prices could start to behave differently to news than they have has for a long time and could force a change in trading strategies for many. We will see.
- The second week of the month tends to be active for U.K. data, and the GBP could be undermined if U.K. economic reports come in weak.
- The next key U.S. budget date is March 27 when the government's current funding authority runs out.
||JGB: 0.66% +1bp
||Bund: 1.50% -3bp
||U.S.: 2.06% +1bp
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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