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Tuesday March 26, 2013 - 20:49:58 GMT
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U.S. data showing possible early signs of a slowdown?
|U.S. data showing possible early signs of a slowdown?|
27 March 2013 00:00 gmt
CALENDAR- Far East: No Major Data. Europe: CH- KOF Index, GB- Current Account, GDP, EZ- Various Sentiment Indices. North America: CA- CPI, US- Weekly Mortgages, Pending Homes, Weekly Crude, 5-yr
- HIGH IMPACT ITEMS: GB- Current Account, GDP, CA- CPI, Pending Homes 5-yr.
- Data from the U.S. on Tuesday were generally weaker than forecast and raised doubts in the minds of some about whether bad seasonals (too strong) had been at work once again in the winter data
- Comments by Dutch Finmin Dijsselbloem yesterday that the Cyprus bail out for Cypriot banks had been a template for Europe have been taken back as a misunderstanding of his words by the press. There is no doubt that this situation was mishandled by the Troika from the very start. Nevertheless, the attitude that depositors could be treated as bank creditors in the future has some wondering about where their money should be placed.
- The post agreement EURUSD relief rally has been short-lived. It appeared Tuesday afternoon that some centers might already be winding down for the Easter break.
- Markets are still waiting for the formation of a government in Italy. Another election is inevitable in the near future. Italy is a lot more important to Europe than is Cyprus.
- This week ahead sees an active calendar heading into the Easter break. Many major markets will be closed on Friday and some will also be shut on the following Monday. Friday is a partial holiday in the U.S.
- The next key U.S. budget date is Wednesday March 27. when the government's current funding authority runs out. Congress has a recess after that date so something will be done.
||JGB 0.54% -3bp
||Bund 135% -3bp
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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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- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
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