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Risk off worries abating? Solid U.K. GDP as expected
|Risk off worries abating? Solid U.K. GDP as expected|
28 January 2014 11:00 gmt
CALENDAR:US- Durable Goods, Case Shiller, CB Consumer Confidence, Richmond Fed, 2-yr Auction, API Energy.
| EURUSD 1.3652
|| U.S. 2.78% +4bp
|| North America: Higher|
| EURJPY 140.75
|| Bund 1.70% +3bp
|| DAX: Higher|
| GBPUSD 1.6584
|| GILT 2.82% +3bp
|| FTSE: Higher|
| USDJPY 103.10
|| JGB 0.63% -1bp
|| Far East Close: Lower|
HIGH IMPACT ITEMS: US- Durable Goods, Case Shiller, CB Consumer Confidence
- The U.K. saw solid advance 4Q13 GDP today which were up +2.80% y/y. The GBPUSD eased initially on the data because they were in line with street estimates. See the FOREX FORUM for latest key data and charts as they are released.
- The "risk off" trade led by equities seen in recent sessions appears to be easing somewhat. All are keeping a close eyes on shares, especially in the States. The end of this week sees the start of the Lunar New Year observances.
- Wednesday sees the final FOMC meeting before Ben Bernanke's term as Chairman runs out. We expect no surprises from the meeting. It has been made fairly clear that the central bank will announce another tapering of its asset purchases.
- The central bank will continue to hit home the theme that a tapering does not mean policy is not being tightened. The Fed will continue its ultra-easy short-term interest rate policy well into the future. Janet Yellen will replace Bernanke when he steps down and provide policy continuity.
- This week sees GDP data from the U.S.. A major highlight will be the Fed decision on Wednesday. U.S. sentiment surveys are always closely watched. Be sure to refer daily to the Global-View Economic Calendar and the Forex Forum for key items (actual data, selected charts, etc.) as they are released. 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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Amazing Trader EVENT RISK Calendar:
Mon 20 Nov
14:00 EZ- Draghi Speech
15:00 US- Leading Indicators
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
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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