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Spike in U.S. Home Sales doubtful. U.K. GDP Revisions in Line
|Spike in U.S. Home Sales doubtful. U.K. GDP Revisions in Line.|
27 February 2014 00:00 gmt
CALENDAR: JP- Industrial Output. DE- Unemployment, EZ- Consumer Confidence. CA- Current Account. US- Durable Goods, Weekly Jobless, Yellen, Natl Gas, 7-yr
| EURUSD 1.3680
|| U.S. 2.67% -3bp
|| North America: Steady|
| EURJPY 140.14
|| Bund 1.62% -3bp
|| DAX: Lower|
| GBPUSD 1.6658
|| GILT 2.73% -2bp
|| FTSE: Lower|
| USDJPY 102.45
|| JGB 0.59% 0bp
|| Far East Close:Higher|
HIGH IMPACT ITEMS: JP- Ind Output, DE- Unemployment, CA- Current Account. US- Durable Goods, Weekly Jobless, Yellen, Natural Gas, 7-yr Auction
- January U.S New Home Sales were considerably stronger than exprcted although may were skeptical about the report
- The U.K. revised 4Q13 GDP was barely changed from initial estimates GDP gained roughly 2.70% y/y.
- Unnamed ECB sources said an interest rate cut at next Thursday's meeting (one week from tomorrow) is unlikely. That view is in line with our perspective.
- 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. 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. Policy is data-dependent.
- German Retail Sales and Employment data will be closely scrutinized. Eurozone HICP (CPI) data have been a high impact item recently and certainly will be watched for any sign of ongoing disinflationary pressures. More U.S. Housing data are due Friday. Also 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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