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No surprises in Fed minutes. JPY volatile
|No surprises in Fed minutes. JPY volatile|
11 April 2013 00:00 gmt
CALENDAR- Far East: AU- Employment. Europe: No Major Data. North America: US- Import Prices, Weekly Jobs, Natural Gas, 30-yr Auction.
- HIGH IMPACT ITEMS: AU- employment, 30-yr auction.
- A key focus was the latest Fed policy meeting Minutes which had been due at 18:00 GMT, but had to be released early because the data inadvertently had been leaked.. In the end, they generally confirmed perspectives expressed by Fed speakers since the meeting. We know the Fed is weighing an end to its exit strategy from excessive monetary ease, but also learned that it still needs confirmation of growth from the economy. Last Friday's jobs data could temper the risk of any immediate actions.
- The JPY has been a big mover again, especially after BOJ Governor Kuroda said not to expect anything more from the BOJ in the immediate future.
- The JPY has become the funding currency for buying a wide range of Eurozone sovereign debt. This has been generating offset EUR demand vs. the USD.
- Chinese March trade deficit was USD -0.98bln vs. expectations for a surplus of +15.2bln.
- This is a relatively light week.on the data front. Key U.S. data will be retail sales statistics on Friday.
||JGB 0.58% +5bp
||Bund 129% +3bp
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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John M. Bland, MBA
- 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
- POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy
- POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
- POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
- POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
- POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release
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