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Wednesday February 26, 2014 - 10:07:56 GMT
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U.K. GDP Revisions in Line. U.S. New Home Sales Today.
|U.K. GDP Revisions in Line. U.S. New Home Sales Today.|
26 February 2014 11:00 gmt
CALENDAR: US- Weekly Mortgage Statistics, New Homes Sales, Weekly Crude, 5-yr Auction,
| EURUSD 1.3740
|| U.S. 2.71% +1bp
|| North America: Higher|
| EURJPY 140.64
|| Bund 1.65% 0bp
|| DAX: Lower|
| GBPUSD 1.6690
|| GILT 2.76% +1bp
|| FTSE: Lower|
| USDJPY 102.34
|| JGB 0.59% 0bp
|| Far East Close:Higher|
HIGH IMPACT ITEMS: US- New Home Sales
- The U.K. revised 4Q13 GDP was barely changed from initial estimates GDP gained roughly 2.70% y/y..
- The EURUSD is barely changed after disappointing data from the U.S. on Tuesday New Home Sales are due today.
- Unnamed ECB sources today suggested that an interest rate cut at Next Thursday's meeting (one week from tomorrow) is unlikely.
- Thursday will see the second round of (postponed) testimony by new Fed Chair Yellen before the Senate. Her prepared testimony should not be changed, but we wonder if in light of recent data she will temper her economic outlook. In general, the Fed is expected to remain on its USD 10bln per meeting taper schedule, but will continue to pursue an ultra-easy short-term monetary policy well into the future. Obviously, policy will be data-dependent.
- German Retail Sales and Employment data over the week will be closely scrutinized. Eurozone HICP (CPI) data have been a high impact item recently and certainly will be watched for any more signs of ongoing disinflationary pressures. A couple more U.S. pieces of Housing data are due over the period along with Senate testimony by Janet Yellen. U.S, and Canadian GDP figures are due.
- 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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co-founding Partner, Global-View.com
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