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Wednesday March 12, 2014 - 09:53:48 GMT
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Markets in a defensive "risk-off" Posture Early Wednesday.
|Markets in a defensive "risk-off" Posture Early Wednesday.|
March 12, 2014 :10:00 gmt
CALENDAR US- Weekly Mortgages, Weekly Crude, 10-yr auction. NZ- RBNZ Decision.
| EURUSD 1.3855
|| U.S. 2.75% -3bp
|| North America:Lower|
| EURJPY 142.39
|| Bund 1.61% -3bp
|| DAX: Lower|
| GBPUSD 1.6616
|| GILT 2.74% -4bp
|| FTSE: Lower|
| USDJPY 102.76
|| JGB 0.63% 0bp
|| Far East Close: Lower|
HIGH IMPACT NEWS ITEMS: US- 10-YR, NZ- RBNZ Decision
- Today is off to a "risk-off" posture for the major markets with fixed income prices up and equities lower. The major USD pair in forex are narrowly mixed, which implies that the same is generally true for the major crosses.
- There appears to be some nervousness about the Crimea "independence" referendum over the weekend even though its outcome is a foregone conclusion.
- A light data news calendar leaves the fate of the markets in the hands of algo systems who typically revert to correlation trades. One new correlation trade that has surfaced recently is copper to the CNY because the Chinese manufacturing economy is heavily dependent on copper for production.
- The data for the week ahead seems to be relatively quiet. It sees central bank decisions by the Reserve Bank of New Zealand. Thursday sees key February employment data from Australia and and U.S. retail Sales data.
- 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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