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Weak gold prices a weight on commodity currencies. Equities sell-off
|Weak gold prices a weight on commodity currencies. Equities sell-off|
16 April 2013 00:00 gmt
CALENDAR- Europe: GB- PPI, CPI, DE- ZEW, EZ- HICP (CPI) North America: US- CPI, Housing Starts/Permits, Industrial Production, API
- HIGH IMPACT ITEMS: GB- CPI, DE- ZEW, EZ- HICP (CPI), US- CPI, Housing Starts, Industrial Production
- The new week starting off on a negative note with gold apparently triggering a sell-off in equity market around the globe. As is often the case, forex markets went into a defensive posture.
- Gold weakness weighed heavily on the commodity currencies (AUD, CAD, NZD).
- This week sees an active data calendar with monetary policy a key focus of trade. It will see inflation reports from a number of major economies. Most central banks these days now target inflation. We are not expecting any reports that should impact policy in the near term. U.S. data released over the day were mostly weak.
- A highlight for Tuesday will be the German ZEW Survey, which is often seen as a leading indicator of the closely followed monthly IFO survey.
||JGB 0.64% +4bp
||Bund 1.26% 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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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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