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Tuesday February 11, 2014 - 20:18:29 GMT
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Fed's Yellen testimony a bit more hawkish than expected
|Fed's Yellen testimony a bit more hawkish than expected|
12 February 2014 00:00 gmt
CALENDAR: CN- Trade Europe: EZ- Industrial Production, BOE Inflation Report.North America: US- Weekly Mortgages, Weekly Crude, 10-yr Auction
| EURUSD 1.3636
|| U.S. 2.72% +5bp
|| North America: Higher|
| EURJPY 139.99
|| Bund 1.69% +1bp
|| DAX: Higher|
| GBPUSD 1.6445
|| GILT 2.74% +1bp
|| FTSE: Higher|
| USDJPY 102.85
|| JGB 0.61% 0bp
|| Far East Close:Higher|
HIGH IMPACT ITEMS: CN- Trade, EZ- Industrial Production, BOE Inflation Report, US- 10-yr
- House testimony by new Fed Chair Janet Yellen proved to be slightly more hawkish than expected. A key statement was that the Fed "tapering" was likely to continue along its scheduled path unless the economy weakens unexpectedly. .Fixed income market prices traded broadly weaker, even though her statements contained no major surprises. Equity prices were up sharply on the day. Higher equities saw the USDJPY improve. Tuesday was a holiday in Japan.
- A major event on Wednesday will be the latest quarterly Inflation Report by the Bank of England, which should provide some insight into the current monetary policy being pursued by the central bank. In the case of the BOE, the focus will be on the timing of a future policy tightening.
- 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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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
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Fri 24 Nov
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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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