IMPACT ITEMS: CN- HSBC PMI, GB- BOE Minutes, US- Fed Decision. Bernanke Press Conference
- Weaker than expected U.S. housing data were a weight on the USD. from the U.S. Tuesday.
- The Fed policy decision and Bernanke press conference
on Wednesday will be major events this week. Its not 100% certain, but Fed reporter Jon Hilsenrath,
who can be a mouthpiece of the Fed, told the markets last week not to expect much.
- Odds are the Bernanke press conference
will be the most significant part of the Fed meeting, with the odds
strongly favoring no policy changes. Note in the latest week that U.S.
economic data has generally not showed much improvement. .
- June German ZEW survey data were mixed. Many view it as a precursor of the respected IFO Survey in about a week..
- U.K. inflation data generally were higher than hoped for. They should keep the BOE on the defensive.
- FT ran a story Monday indicating in their opinion the Fed could be more hawkish than expected. This was not a leak.
|Europe Mostly Higher
Trade Talk: What's moving markets-- 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
Finance and an A.B. in Economics from the University
of California at Berkeley.