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Wednesday May 7, 2014 - 18:28:54 GMT
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Yellen Springs No Surprises Dovish Policy to Persist. Bond Yields Remain Low
|Yellen Springs No Surprises Dovish Policy to Persist. Bond Yields Remain Low|
May 8, 2014 00:00 gmt
CN- Trade, AU- Employment. DE- Industrial Output, CH- CPI, BOE Decision, ECB Decision., US- Weekly Jobless, Natural Gas, 30-yr Auction
| EURUSD 1.3919
|| U.S. 2.58% -2bp
|| North America: Higher|
| EURJPY 141.59
|| Bund 1.47% +1bp
|| DAX: Higher|
| GBPUSD 1.6962
|| GILT 2.65% -1bp
|| FTSE: Lower|
| USDJPY 101.73
|| JGB 0.60% -1bp
|| Far East Close: Lower|
HIGH IMPACT NEWS ITEMS: CN- Trade, AU- Employment, DE- Industrial Output, CH- CPI, BOE , ECB, US- Weekly Jobs, 30-yr
- Fed Chair Yellen took an accomodative posture as expected Wedneday reiterating that a high degree of Monetary policy accommodation is still warranted. She noted that after the harsh winter that indicators point to a rebound in spending and production. She said that labor market conditions continue to improve, but they are still far from satisfactory and that involuntary part-time work and weak wage growth signal "substantial slack". On balance, her comments were dovish as expected.
- German February factory Orders were considerably weaker than expected. The pattern is not evident in the EZ as a whole. The greatest weakness was in foreign orders (-4.6%mm).
- The EURUSD remains in range of its1.40 psychological target. The same is true for GBPUSD 1.70.
- We will closely monitor the ECB commentary Thursday to see what is said about the value of their common currency. We do not expect any ECB policy change. From a trading point of view keep a close eye on USDCNY because that will tell you in real-time what the PBOC is doing
- This week also features a Bank of England meeting on Thursday. Canadian Employment data are due on Friday..
- 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 actual data, selected charts, etc.) and 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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