3-11 Economic Calendar
Canada Trade Balance Way Below Forecast
Bobbys Corner-Open Market-March.10.2011
Good Morning:
Moody’s downgraded Spain from Aa2 to Aa1-with a negative outlook.
- Cites concerns over sustainability of Spanish govt finances
- Sees background of only moderate Spanish growth short-medium term
- Spain still has high vulnerability to market disruption
- Total cost of bank restructuring likely around 40-50 blnAs expected the Bank of England left interest rates unchanged.
World equity markets were and are lower-as are US Futures.
Oil:$102.59 Gold:$1418.10
TIME FOR EST. PRIOR 8:30A.M. INITIAL JOBLESS CLAIMS 5-Mar 375K 368K 8:30A.M. CONTINUING CLAIMS 26-Feb 3750K 3774K 8:30A.M. TRADE BALANCE JAN. -$41.5B -$40.6B 9:45A.M. BLOOMBERG CONSUMER COMFORT 6-Mar -39.3O 2:00P.M. MONTHLY BUDGET STATEMENT Feb -$225.4B -$220.9B
HAVE A GREAT DAY & GOOD LUCK
Jobless Claims & Trade Balance Both Rise
Jobless Claims: Survey: 376K Actual: 397K Prior: 368K Revised: 371K
Continuing Claims: Survey: 3750K Actual: 3771K Prior: 3774K Revised 3791K
Canada Trade Balance Data Due at 8:30AM
US Jobless Claims & Trade Balance Data Due at 8:30AM
3-10 Economic Calendar
Aussie Employment Report
The Australian Employment Report came in worse than expected, losing 10K jobs while the expectation was a gain of 20K. The unemployment rate was unchanged as expected at 5%, while the drag on the jobs number was led by a loss of 57K part-time jobs. Although the initial headline of a loss of 10K jobs moved the AUD/USD pair ~40pips lower, the pair quickly recovered to post gains as the part-time losses are the story and an insignificant one according to the market participants.
- Employment Change – Survey:20k Actual:-10.1K Prior:24k
- Unemployment Rate – Survey:5.0% Actual:5.0% Prior:5.0%
- Full-Time Employment Change – Actual:47.6 K Prior:-8K
- Part-Time Employment Change -Actual:-57.7K Prior:32KParticipation Rate - Survey:65.9% Actual:65.7% Prior:65.9%
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