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Wednesday September 18, 2013 - 21:37:57 GMT
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Fed shocker: No taper BOE tone hawkish. Housing disappoints
|Fed shocker: No taper BOE tone hawkish. Housing disappoints|
19 September 2013 00:00 gmt
CALENDAR: Far East: JP- Trade, Lead Indicators Europe: CH- SNB Decision, GB- Retail Sales, CBI Industrial Output North America: US- Current Account, Weekly Jobless. Philly Fed, Existing Homes Sales. Leading Indicators, Natural Gas
- HIGH IMPACT ITEMS: CH- SNB Decision, GB- Retail Sales, US- Current Account, Weekly Jobless. Philly Fed,
Existing Homes Sales
- Financial markets were shocked by the Fed policy decision not to start to reduce its asset purchases ($85 bln) at what seemed to be an ideal opportunity for such a move. The decision raises questions about the confidence of the Fed in the economy. USD tumbles, stocks soar and bond yields fall.
- There is a press report indicating a top administration official said that Janet Yellen is now the top candidate for Bernanke's job and could get the nomination as early as next week barring an unexpected development. We think she would be a safe appointment, but we will see.
- Bank of England policy board minutes from two weeks ago saw unanimous votes to keep interest rates steady and the size of asset purchases unchanged. Comments about the economy leaned to the hawkish side. The GBP has gained on the statement. See the FOREX FORUM for latest key data and charts as they are released.
- U.S. Housing starts came in below expectations but are not falling out of bed, yet, The full impact of rising long term rates has yet to have been felt.
- 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 0.71% -1bp
||Asia Close Mixed|
||Bund 2.00% -1bp
||U.S. 2.71% -145 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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15:00 US- Existing Homes Sales
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Wed 22 Nov
13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
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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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