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Tuesday February 11, 2014 - 10:07:54 GMT
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Traders expect dovish testimony by new Fed Chair Yellen today
|Traders expect dovish testimony by new Fed Chair Yellen today|
11 February 2014 10:00 gmt
CALENDAR: US- Yellen Testimony, Wholesale Inventories, 3-yr auction, API energy
| EURUSD 1.3666
|| U.S. 2.69% +2bp
|| North America: Higher|
| EURJPY 139.95
|| Bund 1.69% +1bp
|| DAX: Higher|
| GBPUSD 1.6429
|| GILT 2.74% +1bp
|| FTSE: Higher|
| USDJPY 102.39
|| JGB 0.61% 0bp
|| Far East Close:Higher|
HIGH IMPACT ITEMS: Yellen Testimony
- Prime fixed income market prices are broadly weaker ahead of House testimony by Fed Chair Yellen (15:00 GMT). Higher equity prices in most markets reflect a "risk-on" posture as Yellen is expected to focus on her full-employment mandate before the House committee. No major data are due today. Tuesday was a holiday in Japan.
- We expect Yellen to indicate the Fed is likely to continue the tapering of its Asset Purchase Program because most Governors feel it has outlived its usefulness. On the other hand, its ultra-easy short term monetary policy is expected to remain in place for the foreseeable future. Thus we expect no surprises from Yellen before Congress.
- This week sees a relatively light calendar. On Wednesday, the Bank of England will release its quarterly Inflation report.
- Thursday sees the latest key employment data from Australia. later that session, the U.S. announces its Retail Sales data. Friday well be an active session with Chinese CPI and EZ GDP data due early. Later the U.S. releases import prices, Industrial production, and the latest University of Michigan Survey ahead of an early pre-holiday close. Be sure to refer daily to the Global-View Economic Calendar For key items (actual data, selected charts, etc.) as they are released, see the FOREX FORUM .
FX Trade Talk: What's moving markets-- Expert 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
19:00 US- FOMC Minutes
Thu 23 Nov
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes
Potential Trading Opportunities
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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EXCLUSIVE: Global-View Free Forex Database updated
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