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Monday June 24, 2013 - 20:27:24 GMT
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German IFO Survey mostly steady. Active data week into quarter-end
|German IFO Survey mostly steady. Active data week into quarter-end|
24 June 2013 10:00 gmt
CALENDAR North America: No Major Data
- HIGH IMPACT ITEMS: No Major Data
- The closely-followed German IFO Survey was mixed to steady today This number is used as a key indicator of the Eurozone economy
- Last week was a watershed week after the Fed Chairman was exceptionally clear in laying out the path to a tapering of asset purchases. He expects a reduction in asset purchases to start in the second half of this year and for the program to have ended by mid-2014. He gave a benchmark unemployment rate of 7.0%, but warned that the tapering is subject to economic conditions.
- As for interest rates, Bernanke softened earlier guidance. A6.50% jobless rate is no longer a "target",. It is now a "threshold" for starting to CONSIDER a tightening.
- Early Monday, fixed income and equity markets are weaker again due to the prospect of a future loss of Fed support for financial asset prices. The 10-yr note is now 2.59& +8bp.
||JGB 0.87% 0bp
||Asia Close Lower|
||Bund 1.78% +5bp
||U.S. 2.59% +8bp
||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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