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Wednesday July 9, 2014 - 19:02:57 GMT
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Fed Minutes Add Nothing. News Calendar Picks Up Thursday.
|Fed Minutes Add Nothing. News Calendar Picks Up Thursday.|
July 10, 2014 00:00 gmt
Daily Risk On/Off Heat Map
Markets have gone from a slight a risk-off to a slight risk-on posture today. Equities sold-off ahead of earnings season that started yesterday. Since then U.S. shares have rebounded. on concerns that stocks might be overpriced. The EURUSD is trying to distance itself above the1.3600 level.
- Yields in prime Eurozone fixed income markets are mostly steady. Yields on the European periphery remain higher. The German 10-yr bund is 1.23%, 0bp.
- The U.K. 10-yr gilt yield is 2.67% +1bp. Odds favor one +25bp BOE short-term rate hike by yearend.
- U.S.10-yr yield is 2.58%, +1 bp.
- Equities closed lower in the Far East. Bourses in Europe are closing mixed. U.S. shares are higher.
The heat map color scheme of interest rates reflects yields. This aligns all the colors in the chart to reflect risk-on (green) and risk-off(red).
HIGH IMPACT NEWS ITEMS: AU- Payrolls, CN- Trade, GB- Trade, Bank of England, 30-yr
- The latest FOMC minutes contained no major surprises and added nothing new to the policy debate. Some characterized the minutes as "wishy-washy".. We heard nothing new about changes in the timing of an end to asset purchase program. or a "normalization" of short-term interest rates. YAWN...
- June Chinese CPI were tame and generally in line with expectations increasing +2.30% yr/yr. We see no policy implications from the report.
- EURUSD held the 1.3600 line. Relative economic performance suggests the EURUSD SHOULD trade lower over time, but unusual unidentified demand for the EUR has been providing support.
- Thursday also sees Australian employment data and the July Bank of England policy decision. On Friday Canadian employment data are due.
- See the FOREX FORUM. for actual data, selected charts, etc.) and comments from experienced traders to events as they are released.
||Bank of England
||QE GBP bn
||Nat Gas bcf
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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15:00 US- Existing Homes Sales
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Wed 22 Nov
13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
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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