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Tuesday March 12, 2013 - 20:43:16 GMT
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Market sentiment looking for direction. U.S. data picks up Wednesday
|Market sentiment looking for direction. U.S. data picks up Wednesday|
13 March 2013 00:00 gmt
CALENDAR- Far East: JP- No Major Data.Europe: EZ- Industrial Production. North America: US- Weekly Mortgages, Import Prices, Retail Sales, Business Inventories, Weekly Crude, Auction 10-yr
|HIGH IMPACT ITEMS: EZ- Industrial Production. US- import Prices, Retail Sales, 10-yr|
- Tuesday saw unexpectedly weak U.K. production data before the U.S. open. The data were a weight on the GBP and reinforced speculation that the BOE will soon have to consider seriously an increase in quantitative ease.
- It was also noted by some today that the odds of Bank of Canada ease hove fallen to a mrer 6% following the stronger than expected February February Canadian employment data.
- We had felt like man y that the tone of the USD has been improving, so far the pace of its advance has been disappointingly slow.
- On the other hand, .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 next key U.S. budget date is March 27 when the government's current funding authority runs out.
||JGB: 0.64% -2bp
||Bund: 1.48% -2bp
||U.S.: 2.02% -4bp
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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- 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
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