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Monday July 22, 2013 - 09:48:08 GMT
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PM Abe's ruling coalition wins Upper House. JPY Mixed
|PM Abe's ruling coalition wins Upper House election JPY Mixed |
22 July 2013 10:00 gmt
CALENDAR: North America: US- Existing Homes Sales
- HIGH IMPACT ITEMS: US- Existing Homes Sales
- PM Abe' s LDP has won a decisive victory in Upper House elections, which has resulted in giving PM Abe majority control of both houses. This election victory breaks a decade long dead-lock by taking the Upper House. This victory should open the door to additional economic reforms.
- The JPY has traded a volatile range in the wake of the Abe Upper House victory over the weekend. His victory had been expected and some point out that the ruling LDP Party contains a range of factions.
- Testimony by Fed Chairman Bernanke in the past week has done nothing to clear the air on when the Fed Asset Purchase program (QE) will come to an end. If anything, the Fed Chair managed to blur the ending date. Recent mixed data from the U.S. clearly has Bernanke worried. We still expect the Fed to start to taper its debt purchase program as early as September, but no later than December barring unforeseen events.
- This week ahead features: the first look at July PMI data with a number of flash reports due. This will give the markets a fresh look at the current state of the global economy.The critical IFO Survey is scheduled as well. A number of U.S. housing statistics are due starting today.
- For additional key items and more detail (dates, times, data estimates), be sure to reference our Economic Calendar and the Forex Forum as key items are released.
||JGB 0.78% -2bp
||Asia Close Higher|
||Bund 1.51% 0bp
||U.S. 2.48% -4bp
||North America: Higher|
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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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Amazing Trader EVENT RISK Calendar:
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes
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John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
- POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic
- POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy
- POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
- POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
- POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
- POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release
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