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Thursday March 20, 2014 - 10:13:15 GMT
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Markets Adjust to Faster Yellen Time Line for Start of Policy Normalization
|Markets Adjust to Faster Yellen Time Line for Start of Policy Normalization|
March 20, 2014 11:00 gmt
CALENDAR: US- Weekly Jobless, Philly Fed, LEI, Existing Homes Sales, Natural Gas
| EURUSD 1.3797
|| U.S. 2.76% +1bp
|| North America:Lower|
| EURJPY 141.35
|| Bund 1.65% +5bp
|| DAX: Lower|
| GBPUSD 1.6535
|| GILT 2.76% +1bp
|| FTSE: Lower|
| USDJPY 102.43
|| JGB 0.60% -1bp
|| Far East Close:Lower|
HIGH IMPACT NEWS ITEMS: US- Weekly Jobless, Philly Fed, LEI, Existing Homes Sales
- There were no surprises in the Swiss National Bank policy decision today. It kept its 0.0% target for 3 mo Euro-Swiss interest rates and will maintain its 1.20 floor on the EURCHF exchange rate.
- The U.S. highlights include: weekly Jobless Claims, the Philly Fed Index and Existing Homes Sales.
- The latest Fed rates decision saw Janet Yellen lay out the likely time line for the start of a normalization of U.S. monetary policy. Her tentative schedule was faster than the markets were expecting. Today the markets are still adjusting to a possible initial tightening in the Spring of 2015, depending on future data.
- Also as expected, the Fed reduced asset purchase plans by another $10bln to $55bln/mo. Also the Fed changed its forward guidance to qualitative from quantitative..
- On Friday, Canadian Retail Sales and CPI data 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. for comments from experienced traders to events as they happen.
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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