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Thursday April 4, 2013 - 09:24:20 GMT
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Extent of BOJ ease surprises markets. EZ PMI revisions disappoint. UK data better. BOE & ECB today
|Extent of BOJ ease surprises markets. EZ PMI revisions disappoint. UK data better. BOE & ECB today|
4 April 2013 10:00 gmt
CALENDAR- EZ- ECB, GB- BOE North America: US- Challenger Layoffs, Weekly Jobless, Bernanke, Natural Gas
- HIGH IMPACT ITEMS: EZ- ECB, GB- BOE, Weekly Jobs, Bernanke.
- The BOJ announced a significant increase in economic stimulus Thursday. Its aggressive ease surprised the markets seeing JGBs yields tumbling and USDJPY spiking higher. The Nikkei was up sharply. Kuroda pledge to maintain the stimulus for as long as needed to achieve its 2.0% inflation target.
- March flash Service PMI readings for the Eurozone were revised to weaker, especially for Germany and France today. U.K. Services PMI data were stronger than expected.
- The European Central Bank and Bank of England release their latest policy decisions on Thursday. Neither are expected to change interest rates in the near term. The major focus will be on their policy biases.
- ADP payroll data were weaker than forecast on Wednesday as were U.S. Service PMI data. Both the ADP and PMI data point to a weaker than expected NFP print for March on Friday. .Neither are reliable predictors of a number in any given month.
||JGB 0.45% -11bp
||Bund 128% 0bp
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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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