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Portugal Bank Worries Dominate. Data Mixed. Canada Jobs Next
|Portugal Bank Worries Dominate. Data Mixed. Canada Jobs Next|
July 11, 2014 00:00 gmt
Daily Risk On/Off Heat Map
Markets moved to a risk-off posture on Thursday after problems surfaced in a major Portuguese bank. The issues triggered strong intra-Eurozone flows and gave the USD a flight-to-safety bid. The EURUSD continues has retested the 1.3600 line.
- Yields in prime Eurozone fixed income markets are broadly lower. Yields on the European periphery are higher, especially in Portugal. The German 10-yr bund is 1.21%, -2bp.
- The U.K.10-yr gilt yield is 2.63% -4bp. Odds still favor a +25bp BOE short-term rate hike by yearend.
- U.S.10-yr yield is 2.52%, -6bp.
- Equities closed mixed in the Far East. Bourses in Europe are ending lower. U.S. shares are weaker.
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: CA- Employment
- On Friday, Canadian employment data are due.
- Weekly Jobless Claims fell in the latest week. but remained above the psychological 300K line. Recently weekly jobless data have been less of a market-moving event.
- The June Chinese Trade surplus narrowed slightly. Total exports fell in the month.
- Australian Employment figures were in line with street estimates. but the markets reacted negatively to some of the underlying weaknesses in the data. The AUD has weakened against the USD.
- See the FOREX FORUM. for actual data, selected charts, etc.) and comments from experienced traders to events as they are released.
|Weekly Trading Planner|
FRIDAY July 11, 2014
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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- 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
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