ECB’s Liikanen on the wires
* All ECB crisis measures are temporary
* ECB has done its part, now governments must do theirs
* Downside growth risks stem from debt crisis
* No rate move discussed at last month’s meeting
* ECB and governments must separate responsibilities
* Eurozone still in a crisis that is long and deep
Eurozone Q4 employment change q/q -0.2% vs -0.2% expected and prior -0.1%
Q4 Labor costs 2.8% vs 2.3% expected
Eur/Usd continues to trade 1.3050-60.
ECB’s bulletin sees signs of stabilazation in Euro area economy
* upside risks prevail on inflation
Eur/Usd jumped to 1.3060 on news.
SNB 3 month LIBOR target range remains at 0.0% to 0.25%
* SNB to continue to defend Eur/Chf ceiling of 1.2000
* Chf is still high; ready to take further measures
* economy to expand 1.0% in 2012 vs previous 0.5% estimate
* there is no risk of inflation in forseeable future
JPY strengthens; Usd/Jpy down to 83.50
Currency movement attributed to Japan ministry of finance official Nakao, stating one sided JPY rise could resume due to market speculation.
Swiss government raises growth forecast, doen’t see recession
* GDP to rise 0.8% in 2012 vs previous 0.5% estimate
* 2013 GDP should rise 1.8% vs previous 1.9% estimate
* further economic worsening is unlikely
* economy should gain strength over year
* economy showing some signs of stability
* export slowdon is less marked than feared
* debt crisis is considerable risk
Usd/Chf off 20 points to .9288
US Import Price Index and Current Account Both Lower
US Import Price Index and Current Account Both Lower
Current Account Balance: Survey: -115.0B Actual: -124.1B Prior: -110.3B Revised: -107.6B
Index(MoM): Survey: 0.6% Actual: 0.4% Prior: 0.3%
Import Price Index(YoY): Survey: 5.8% Actual: 5.5% Prior: 7.1%





