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Many PMI Reports. Fed sends mixed policy guidance
|Many PMI Reports. Fed sends mixed policy guidance|
20 June 2013 00:00 gmt
CALENDAR Far East: CN- HSBC flash PMI. Europe: CH-- SNB, EZ/DE/FR Preliminary (flash ) PMIs, Consumer Confidence. GB- Retail Sales, CBI Ind Trends. North America: CA- Retail Sales. US- Weekly Jobless, Markit PMI, Philly Fed, LEI, Existing Homes Sales. Natural Gas.
- HIGH IMPACT ITEMS: CN- HSBC PMI, CH- SNB, EZ- PMIs, GB- Retail Sales, CA- Retail Sales, US- Weekly Jobs, PMI, Philly Fed, Existing Homes Sales
- The Fed policy decision by the Fed was for no policy changes. However, the future policy guidance was very clear. The Fed wants to exit from asset purchases as soon as it can, but is in no rush to raise interest rates.
- Bernanke said that an unemployment rate of 7.00% is its target level for tapering off its asset purchase program. Bernanke said if Fed forecasts are correct that a "tapering" will start later year and be completed by mid-2014. .
- On the other hand, its 6.50% unemployment rate "target" for starting to raise interest rates has been softened to a "threshold" and to 6.50% or lower for starting to consider raising rates.
- The yield on the key 10-yr note is trading late at 2.33% +15bps and equity prices have fallen. The USD is stronger.
- In the U.K. the latest Bank of England Minutes vote was 9-0 for no rate change an 6-3 to keep the size of the Asset Purchase program steady. The three voted foe an increase.
- Thursday sees the release of a slew of preliminary (flash) PMI reports, which are always closely followed.
||JGB 0.81% -2bp
||Asia Close Higher|
||Bund 1.56% +3bp
||U.S. 2.33% +15bp
||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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