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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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Tue 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
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John M. Bland, MBA
co-founding Partner, Global-View.com
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