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Wednesday June 26, 2013 - 20:28:00 GMT
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Poor revision to final 1Q13 GDP. New Australian PM
|Poor revision to final 1Q13 GDP. New Australian PM|
27 June 2013 00:00 gmt
CALENDAR Far East: No Major Data. Europe: DE- Employment, GB- Current Account, GDP. EZ- Business Sentiment, Consumer Confidence. North America: US- Weekly Jobless. Personal Income, PCE Deflator, Pending Homes Sales, 7-Yr Auction.
- HIGH IMPACT ITEMS: DE- Jobs, GB- GDP, EZ- Consumer Confidence, US- Weekly Jobs, Personal Income, Pending Homes
- The Australian Labor Patty (ALP) jettisoned its leader, PM Gillard and returned former PM Rudd ahead of expected national elections on August 24. Deputy PM Swan was ousted as well. The ALP faces an uphill battle in that election. AUDUSD rallied on the news.
- U.S. revised 1Q13 GDP was marked down more than expected from 2.40% to 1.80%. Second revisions to these data are usually minimal.
- Wednesday sees an active calendar.
- Bernanke laid out the path to a tapering of asset purchases last week, starting in 2H13 and ending by mid-2014. The unemployment trigger is 7.0%, subject to economic conditions.
- As for interest rates, a 6.50% jobless rate is now the "threshold" for starting to CONSIDER a tightening.
||JGB 0.86% +2bp
||Asia Close Mixed|
||Bund 1.77% -1bp
||U.S. 2.54% -5bp
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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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