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Focus on Japan. Fed on Wednesday
|Focus on Japan. Fed on Wednesday|
18 June 2013 00:00 gmt
CALENDAR Far East: JP- Industrial Output. Europe: GB- CPI, PPI, DE- ZEW Survey. North America: US- CPI, Housing Starts/Permits, API Energy
- HIGH IMPACT ITEMS: US- GB- CPI, DE- ZEW, US- CPI, Housing Starts
- The FT ran a mid-afternoon story indiacing in their opinion the Fed could be more hawkish than expected on Wednesday.Odds are this is not a leak to the press.
- U.S. Empire State PMI and the NAHB index data on Monday were stronger than expected. More data will be released Tuesday before the FOMC decision.The Fed policy decision and Bernanke press conference on Wednesday will be major events this week. Its not 100% certain, but Fed reporter Jon Hilsenrath, who often is a mouthpiece of the Fed, might have been a messenger to the markets told the markets last week them not to expect much from the central bank.
- Odds are the Bernanke press conference will be the most significant part of the Fed meeting, with the odds strongly favoring no policy changes. Note in the latest week that U.S. economic data has generally not showed much improvement. .
- Japanese officials are getting a lesson about how difficult it can be to try to manipulate the markets. Today Nikkei has gained and the JPY has eased.
- The German ZEW survey due Tuesday is often seen as a predictor of the IFO Survey later in the month.
||JGB 0.83% -2bp
||Asia Close Higher|
||Bund 1.54% -2bp
||U.S. 2.14% -4bp
||U.S. Higher |
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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