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Wednesday October 9, 2013 - 20:35:47 GMT
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Yellen named to replace Bernanke. U.K. data disappoints
|Yellen named to replace Bernanke. U.K. data disappoints|
10 October 2013 00:00 gmt
| CALENDAR: Far East: AU- Employment, JP- BOJ Minutes. Europe: GB- BOE Decision.North America: US- Weekly Jobless, Natural Gas, 30-yr Auction|
||JGB 0.66% 0bp
||Asia Close Mixed|
||Bund 1.80% -1bp
||U.S. 2.66% +3 bp
HIGH IMPACT ITEMS: AU- Employment GB- BOE Decision, US- Weekly Jobless. 30-yr
- Janet Yellen is the candidate to take Bernanke's job as Fed Chair in late January. By resume, she is highly qualified for the job. She is widely seen as a policy dove. We would characterize her as a moderate. Based on what we see currently, her Senate approval for the job should go fairly smoothly. This is seen as a non-partisan job.
- The latest Fed Meeting Minutes following conflicting comments by various Fed members about the non-taper decision meeting confirmed that the central bank is of many minds on the issue.. The USD rose on the news and bond prices fell..
- A Bank of England policy decision is set for Thursday. Australian Employment data are due later today.
- The GBP fell on two pieces of worse than expected data. Output slowed and the trade gap was larger than expected, Very recently, U.K. data has started to display some weakness. German Industrial Output data improved. See the FOREX FORUM for latest key data and charts as they are released. .
- The U.S budget/debt default debate negotiations are now focused on October 17, but the real date is probably closer to November 1. Apparently some movement is being made in the stand-off
- Top items on Friday are employment figures from Canada and U.S. Retail Sales data (likely postponed).
- 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.
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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