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Thursday June 13, 2013 - 09:20:22 GMT
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Japanese markets in turmoil. Australia Jobs better than forecast. RBNZ steady as expected
|Japanese markets in turmoil. Australia Jobs better than forecast. RBNZ steady as expected|
13 June 2013 00:00 gmt
CALENDAR Far East: NZ- RBNZ Decision, AU- Employment. Europe: No major data. North America: US- Retail Sales, Weekly Jobs, Business Inventories. Natural Gas, 30-yr Auction.
- HIGH IMPACT ITEMS: US- Retail Sales, Weekly Jobs, 30-yr Auction
- The crisis in Japanese markets continues to intensify with the Nikkei falling over 6% today and the USD falling through the 95 line (93.80 low today, The basic problem is that the markets are concerned that the Japanese bureaucracy it thought to be stonewalling the economic reforms being pushed by PM Abe (Abenomics). The "third arrow" in his program and the cooperation of the BOJ have both been disappointments.
- The performance of the JPY and Nikkei are the focal points of all the markets.
- The Reserve Bank of New Zealand kept its key target rate at 2.50% as expected.
- Key Australian employment data were better than expected, but only barely changed in the month.
- U.S. retail sales data today will be closely followed.
- Friday sees EZ CPI data and several pieces of key U.S. data, including the University of Michigan Survey.
||JGB 0.85% -2bp
||Asia Close Lower|
||Bund 1.56% -3bp
||U.S. 2.17% -6bp
||U.S. Lower |
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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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