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German IFO Survey Falls Short of Expectations. Early Close for Some Markets Today
|German IFO Survey Falls Short of Expectations. Early Close for Some Markets Today|
May 23, 2014 10:00 gmt
Daily Risk On/Off Heat Map
- Markets trading cautiously into Ukraine elections Sunday and a Monday holiday in the U.S. and U.K.
- The yields on prime sovereign debt instruments are narrowly mixed, reflecting the caution in the markets. Yields on the periphery are mostly lower.
- Far East Equity markets ended mostly higher. European bourses are narrowly mixed. U.S. equity futures are slightly higher.
- The U.S. 10--yr was last 21.55% 0bp.
- Late in European trading, markets have been drifting away from a"risk-on" posture to greater neutrality.
- Yields in prime fixed income markets are steady to mixed as equities stabilizw. Yields on bonds on the periphery of the Eurozone have turned higher after falling sharply early.
- Equities mostly rallied in the Far East earlier. European bourses are closing higher. U.S. equies are currently trading higher.
- The U.S. 10-yr is 2.55%, +1bp.
The heat map color scheme of interest rates reflect yields. This aligns all the colors in the chart to reflect risk-on (green) and risk-off (red)
HIGH IMPACT NEWS ITEMS: CA- CPI, US- New Homes Sales
Today's focus will be on Canadian CPI data as they could have implications for the central bank's policy bias. U.S. New homes sales data a is usually not a market-mover but will provide more current information about this key industry. The U.S. cannot start generating new jobs on a large scale without housing.
U.S. and UK markets are likely to wind down early Friday ahead of Monday holidays.
The German IFO business climate survey for May was weaker than expected. This survey is always closely followed. It is supportive of expectations for ECB policy ease in June as many expect.
See the FOREX FORUM. for actual data, selected charts, etc.) and comments from experienced traders to events as they happen. .
Five Day Trading Planner
FRIDAY 23 May 2014
- - CPI Seen within the Bank of Canada target range. Such an outcome would dampen speculation for a rate cut.
- - New Homes Sales. Another piece of the housing picture. It is seen improving. This is usually not a market mover.
MONDAY 26 May 2014
UK & U.S
.- - Holidays
TUESDAY 27 May 2014
United States- Durable Goods/ Capacity Utilization, Case Shiller, Markit Service PMI, Richmond Fed Survey, Conference Board Survey, 2-yr Auction, Fed Minutes
WEDNESDAY 28 May 2014
United States- 5-yr Auction.
THURSDAY 29 May 2014
United States- GDP, Weekly Jobless Claims. Pending Homes Sales
FRIDAY 30 May 2014
United States- University of Michigan survey
||BOC CPI Apr y
||New Home Sales
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.
John M. Bland, is a founding partner of Global-View.com, and an author. He has been an FX consultant for a money center. bank, a forex trader for a N.Y. institution, and a FX analyst for a top 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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Amazing Trader EVENT RISK Calendar:
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes
Potential Trading Opportunities
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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