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Cyprus bank deposits confication scheme worries mount. Active week in store for data
|Cyprus bank deposits confication scheme worries mount. Active week in store for data|
19 March 2013 00:00 gmt
CALENDAR- Far East: JP- Lead Indicators. Europe: GB- PPI, CPI, DE- ZEW Survey. North America: US- Housihg Starts, API Energy
- HIGH IMPACT ITEMS: GB- CPI, DE- ZEW Survey, US Housing Starts
- Markets are waiting to see what is decided on the Cyprus bank bailout. The latest speculation is that deposits less than EUR100,000 will take a 3% haircut while those between EUR100K and EUR500K will lose 10% and deposits greater than than EUR 500K will lose 12%. Needless to say this hasremains a cotroversial decision, if approved as depositors throughout Europe do not know what other arbitrary actions of this type might be coming next.
- Any plan to renege on Cyprus bank deposit insurance protection on bank accounts will require parliamentary approval and that will be hard to come by. Banks are no longer to reopen on Tuesday as initially promised. The latest chatter is that banks wil not reopen until Thursday as internal political discussions drag on
- The prices of Euro-zone banks stocks have tumbed today . This is not good for confidence in the EUR. Gold is higher on the tday.
- Tuesday sees critical sentiment data from Germany with the ZEW Survey due. The major IFO survey is released Friday. Recall that Germany is the core economy of Europe. Flash PMIs are also slated.
- Wednesday sees a Fed meeting and a Bernanke Press Conference. The hope is for some clarification on future Fed policies.
- CALENDAR NOTE. All future Fed policy decisions will be released at 2:00 PM Eastern U.S. time and the Bernanke press conferences will start at 2:30 PM..
- The next key U.S. budget date is March 27 when the government's current funding authority runs out.
||JGB 0.60% -3bp
||Bund 1.40% -6bp
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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