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Thursday November 14, 2013 - 10:18:32 GMT
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Yellen hearing highlight of day. U.K. retail sales miss. EZ adv 3Q13 GDP soft.
|Yellen hearing highlight of day. U.K. retail sales miss. EZ adv 3Q13 GDP soft.|
14 November 2013 10:00 gmt
| CALENDAR: North America: CA/US- Trade, US- Productivity, Weekly Jobless, Yellen Hearing, Natural Gas, Weekly Crude, 30-yr|
| EURUSD 1.3452
|| U.S. 2.72% -1bp
|| North America: Higher|
| EURJPY 134.30
|| Bund 1.72% -2bp
|| DE: DAX: Higher|
| GBPUSD 1.6012
|| GILT 2.80% 0bp
|| GB: FTSE: Higher|
| USDJPY 99.89
|| JGB 0.61% 0bp
|| Asia Close Higher|
HIGH IMPACT ITEMS: JP- Ind Out, GB- Retail Sales, EZ- GDP, CA/US- Trade, US- Productivity, Weekly Jobless, Yellen, 30-yr
- The major event today will be the Senate confirmation testimony of Janet Yellen starting at 15:00 GMT. Her prepared text has already been released . The key portion of her text was: "...For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy..." In other words, expect continuity in policy with her predecessor.
- U.K. headline retail sales data were weaker than expected in October. Other UK data have been on an improving path. Yesterday saw a another solid employment report. The unemployment rate fell to 7.60%. BOE guidance has been that the central bank will CONSIDER a policy normalization when the unemployment rate reaches 7.00%.The GBP fell on the retail Sales report. See the FOREX FORUM for latest key data and charts as they are released..
- Advance 3Q2013 Eurozone GDP was slightly on the weak side of market expectations. The EURUSD fell modestly on the news.
- The usual weekly U.S. data are due today as well as on Friday.
- 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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AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
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AA 08:30 GB- CPI
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