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U.S. Trade gap shrinks. Reserve Bank of Australia cuts rates 25bp
|U.S. Trade gap shrinks. Reserve Bank of Australia cuts rates 25bp|
7 August 2013 00:00 gmt
CALENDAR: Europe: GB- BOE Inflation Report, DE- Industrial Output. North America: US- Weekly Mortgages, weekly Crude, 10-yr Auction, CA- Ivey PMI.GB- BOE Inflation Report, DE- Industrial output, 10-yr
- HIGH IMPACT ITEMS: Europe: GB- BOE Inflation Report, DE- Industrial output, 10-yr, CA- Ivey PMI
- The latest U.S. trade data saw a major decline in the June trade deficit. Since a trade deficit is a net subtraction from GDP, a smaller trade gap suggests that future revisions to the 2Q13 GDP estimate will be for a stronger reading. One firm predicts the advance 2Q12 GDP will be revised higher freon +1.70% to +2.20% in its next revision. Stronger GDP data are a prerequisite for a tapering of Fed asset purchases.
- Wednesday sees the release of the closely-followed Bank of England quarterly Inflation Report.
- The Reserve Bank of Australia cut its cash rate target by 25 bps to 2.50% as widely expected. National elections are due in Australia on August 7. The 10-yr Aussie bond is 3.59%, +2bp.
- The balance of the week features a few major items, such as Australian and Canadian employment data, Reserve Bank of Australia and Bank of Japan rate decisions, plus a number of other items.
- For additional key items and more detail (dates, times, data estimates), be sure to reference our Economic Calendar and see the FOREX FORUM for key data and charts as they are released.
||JGB 0.78% 0bp
||Asia Close Mixed|
||Bund 1.69% +5bp
||U.S. 2.64% 0bp
||North America: Lower|
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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