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ECB Hints At Policy Ease. BOE Holds Steady. Yellen Testimony Is Unchanged
|ECB Hints At Policy Ease. BOE Holds Steady. Yellen Testimony Is Unchanged|
May 9, 2014 00:30 gmt
CN- CPI, JP-Lead Indicators. Europe: DE- Trade, GB- Industrial & Manufacturing Output, Trade. CA- Employment, US- Wholesale Inventories, COT Report
| EURUSD 1.3859
|| U.S. 2.58% 0bp
|| North America: Higher|
| EURJPY 140.63
|| Bund 1.45% -2bp
|| DAX: Higher|
| GBPUSD 1.6938
|| GILT 2.65% 0bp
|| FTSE: Higher|
| USDJPY 101.50
|| JGB 0.61% +1bp
|| Far East Close: Higher|
HIGH IMPACT NEWS ITEMS: CN- CPI, DE- Trade, GB- Industrial & Manufacturing Output, Trade, CA- Employment
- As usual, the press conference following the ECB policy decision provided more information than the press release. In his comments Mario Draghi made it clear that the strong EUR in a period of high interest rates presents a problem for the ECB. He also hinted that the ECB could take policy action at its June meeting to boost the rate of inflation depending on the latest economic forecasts due at that meeting.
- The Bank of England kept policy steady as expected and released no policy statement, as is typical.
- Fed Chair Yellen said nothing new Thursday after yesterday taking an accommodative posture as expected. She reiterated that a high degree of Monetary policy accommodation is still warranted.
- Earlier China Trade performed better than expected. The same was true of Australian employment data for April. German Industrial Production unexpected;y fell -0.50%.Be sure to refer daily to the Global-View Economic Calendar For key items (actual data, selected charts, etc.) as they are released.
- Canadian Employment data are due 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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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:30 US- EIA Crude
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John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
- POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic
- POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy
- POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
- POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
- POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
- POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release
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