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Friday May 10, 2013 - 09:00:54 GMT
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Canadian Jobs due. Bernanke speaks
|Canadian Jobs due. Bernanke speaks |
10 May 2013 10:00 gmt
CALENDAR- North America: CA- Employment, US- Bernanke, COT Report
- HIGH IMPACT ITEMS: CA- Employment, US- Bernanke
- Markets are still trying to figure out the JPY move through 100 Thursday afternoon. No explanation we have heard is very unsatisfying, but it seems to have been a fundamental rather than a temporary event. Some cited talk about a tightening of Fed policy which seems flimsy while others are mentioning capital flows out of Japan (USD 5.2bln in the past two weeks). This price move should be respected.
- The JPY decline triggered a wave of stops and drove other major currencies lower such as the AUD and EUR. The Nikkei advanced strongly today.
- The major item on the calendar is the release of April Canadian employment data. Fed Chairman Bernanke makes a non-policy speech today which will be closely watched.
- Weekly U.S. jobless Claims fell to a new recent low of 323K in the latest week. They generally support the notion that the economy might be on an improving track. This report may have played a role in the Fed speculation on Thursday.
||JGB 0.66% +7bp
||Bund 1.23% +4bp
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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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