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Tuesday September 17, 2013 - 20:21:42 GMT
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Fed taper decision due. German ZEW data strong
|Fed taper decision due. German ZEW data strong|
18 September 2013 00:00 gmt
CALENDAR:Europe: GB- BOE Minutes. North America: US- Housing Starts/Permits, Weekly Crude, FOMC Decision
- HIGH IMPACT ITEMS: GB- BOE Minutes, US- Housing Starts/Permits. Fed Decision
- There was a press report late Monday that administration insiders were saying that Janet Yellen is now the leading candidate to replace Bernanke in January. This report had the smell of a trial balloon to us. A good way to test the waters about a possible appointment can be to let a name out and see what the reaction is. Yellen should be a uncontroversial nominee.
- The immediate major focus is the Fed policy decision tomorrow. Markets are already set up for the central bank to announce a reduction in its asset purchase program. From a trading perspective, the big surprise would be no reduction in debt purchases. The street expects the Fed to taper cautiously with a cut its monthly $85bln in asset purchases of $10-15 bln One scenario we propose is that Bernanke could announce a flexible taper target.
- U.K.inflation data were mixed. The latest German ZEW survey was stronger than forecast. See the FOREX FORUM for latest key data and charts as they are released. .
- Wednesday sees U.S. Housing starts, then Existing Home Sales will be released on Thursday. Thursday also features U.K. CPI data. On Friday Canadian CPI data are released. On Sunday Germany will hold what looks to be closely contested national elections.
- For additional key items and more detail (dates, times, data estimates), be sure to reference our Economic Calendar . See the FOREX FORUM for latest key data and charts as they are released.
||JGB 0.72% -1bp
||Asia Close Lower|
||Bund 1.97% +4bp
||U.S. 2.84% 0 bp
||North America: 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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