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S&P downgrades Italian Debt. ECB reinforces low rate policy
|S&P downgrades Italian Debt. ECB reinforces low rate policy|
10 July 2013 00:00 gmt
CALENDAR:Far East: CN- Trade, JP- Tertiary Activity Index Europe: GB- No Major Data. North America: US- Weekly Mortgages, Wholesale Inventories, Weekly Energy, 10-yr auction, Fed Minutes, Bernanke
- HIGH IMPACT ITEMS: CN- Trade, 10-yr, Fed Minutes, Bernanke
- S&P woke up the markets Tuesday afternoon in NY with a sovereign debt downgrade of Italy to BBB from BBB+ with a negative outlook. S&P cited a forenoon's of the outlook for economic growth. The news was a second weighton EURUSD after ECB comments by policy Board Member Asmussen hit the pair earlier.
- The ECB's Asmussen: stirred the markets when he said that ECB forward guidance goes beyond 12 months The Asmussen statement did not tell us much new, but it reconfirmed that the ECB is favoring lowering rates. On the news. the market got a "new" pretext for testing the downside of EURUSD. He said he wantedto anchor market expectations for the foreseeable future. EURUSD tested below 1.2800 on the headlines. Subsequently, the ECB "clarified" his comments, returning the official view to an "extended period of time" from the 12month plus time line.
- GBP fell on the U.K. sees the first softer U.K. data (Manufacturing and Industrial Output) in a while. See forum for data.
- China CPI data for June were higher than expected.
- The tone of the USD has improved in the wake of the much stronger than expected June U.S. employment report on Friday. The data were supportive of an early tapering of Fed asset purchases.
- Nothing major is due from the U.S.
- This week is a relatively quiet one for data. Forex markets are starting to open up for the first some since 2008.
||JGB 0.86% -1bp
||Asia Close Higher|
||Bund 1.70% 0bp
||U.S. 2.63% -3bp
||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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