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Friday July 12, 2013 - 09:16:44 GMT
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U.S. Sentiment data due. Portugal austerity in doubt
|U.S. Sentiment data due. Portugal austerity in doubt|
12 July 2013 10:00 gmt
CALENDAR: North America: US- PPI, University of Michigan Survey, COT Report
- HIGH IMPACT ITEMS: US- PPI, University of Michigan Survey
- The focus today will be on the preliminary University of Michigan Survey survey data today. with the Fed now data dependant. Weekly Jobless Claims Thursday were weaker than expected.
- Sovereign debt yields have traded higher today in Portugal as the political will for austerity appears to be wavering.
- The major event Wednesday was the Q&A after the Bernanke speech in Cambridge. He said the Fed is still falling short of inflation and job mandate. Inflation is too low and and the labor market remains fragile. Bernanke wants to taper the Fed's asset purchase program, but is saying that policy will remain very accommodative for a long period of time.
- The Fed can control short term rates but cannot control the long -end of the market without maintaining its asset purchases.
||JGB 0.82% 0bp
||Asia Close Mixed|
||Bund 1.59% -3bp
||U.S. 2.54% -3bp
||North America: 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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