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Sunday September 22, 2013 - 13:36:37 GMT
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German Election Sunday. Key flash PMI Monday
|German Election Sunday. Key flash PMI Monday|
23 September 2013 00:00 gmt
CALENDAR: CN- HSBC flash PMI, JP- Holiday Europe: EZ/DE/FR- Flash Mfg/SVC PMIs. North America: US- Chi NAI, Markit flash PMI
- HIGH IMPACT ITEMS: CN- HSBC flash PMI, EZ/DE/FR- Flash Mfg/SVC PMIs, US- Markit flash PMI
- The Fed threw the markets a curve when it announced that it was not ready yet to start to "taper" its purchase of securities ($85bn/mo) which inject liquidity into the markets. In an era where the Fed touts its "transparency", this was a major blunder which could impact its effectiveness in the future.
- Reportedly the Fed held its fire on tightening for three reasons. disappointment with recent sluggish economic data. the increase recently in bond yields, andtalk that the Fed is not happy abouh the upcoming debt resolution battle.
- Sunday sees national elections in Germany. Expectations are that Chancellor Merkel will be returned as Chancellor for a third term, but she is thought destined to be the leader of a coalition which will have shifted to the left. Any other outcome would be a surprise.
- The major feature of the week will be the slew of flash PMI data releases Monday. On Tuesday, the closely-followed German IFO sentiment Survey will be released. This is typically a market-moving event. The U.S. calendar is relatively subdued. It features the Conference Board and University of Michigan Sentiment Surveys among other items.Friday.
- Press reports suggest Janet Yellen is the likely candidate for Bernanke's job. The nomination could come as early as next week barring an unexpected developments. She should be a safe appointment.
- 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 0.70% +2bp
||Asia Close Mixed|
||Bund 1.95% +2bp
||U.S. 2.74% -2 bp
||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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