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Monday November 11, 2013 - 19:12:22 GMT
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Subdued Holiday Trade. Back- end weighted data week
|Subdued Holiday Trade. Back- end weighted data week|
12 November 2013 10:00 gmt
| CALENDAR: Far East: No Major Data Europe: GB- CPI/RPI/PPI North America: US- 3-yr Auction, API Energy|
| EURUSD 1.3410
|| U.S. 2.75% 0 bp
|| North America: Higher|
| EURJPY 133.04
|| Bund 1.75% -1bp
|| DE: DAX: Higher|
| GBPUSD 1.5986
|| GILT 2.79% +2bp
|| GB: FTSE: Higher|
| USDJPY 99.22
|| JGB 0.60% +1bp
|| Asia Close Higher|
HIGH IMPACT ITEMS: GB- CPI/RPI
- Trade got off to a sluggish start this week with Holidays Monday is several centers due to the Veterans Day (formerly Armistice Day) observances. Markets were also still digesting the October U.S. employment report (including revisions), which was much stronger than expected. There is no doubt that in the markets that the data put a Fed tapering on the table for consideration at the December FOMC.
- The European Central Bank (ECB) also blindsided the markets last Thursday with an unexpected 25bp cut in its refi rate to 0.25%. The Eurozone has seen rising unemployment and falling (0,70% y/y) flash October HICP inflation. It was the developing deflation in the Eurozone that forced the hand of the ECB to make the token cut in the Refi rate. Its greatest significance was symbolic as it sent a clear message to the markets that the Eurozone economy is in trouble.
- Tuesday starts a period of a number of key U.K. data releases. Otherwise, a the usual weekly U.S. data are due. Key Eurozone inflation data are also slated. Keep in mind, recent very weak inflation data may have been behind the unexpected ECB rate cut last week.
- 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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