Swiss Retail Sales Released
The CHF Retail Sales came out at -3.8% from the previous 1.2%. A drop to -0.2% was forecast.
UK Trade Minister’s Comments Push GBP to Session Lows
Trade Min: Not concerned over a further fall in the GBP currency
Japan’s Household Confidence Released
JPY’s Household Confidence came out at 28.9 from the previous 26.7. A rise to 29.3 was forecast.
ECB’s Trichet on the Wires
ECB’s Trichet: ECB must maintain appropriate balance between immediate needs and long-term sustainability; will fully take into account financing structure of Euro area, with decision coming on May 7th
- Ambiguity on policy would delay return to sustainable prosperity
- Measures need to be implemented with active bank participation
- Long-term inflation expectations remain at levels consistent with price stability
- Risks of sudden economic, financial developments remain
- Urgent action needed to fix toxic asset problem
- Decisive, immediate global policy action still needed
Fed’s Fisher on the Wires
Fed’s Fisher: Treasuries and USD boosted by Fed actions; Implosion of export markets has made US downturn worse
- Innovative Fed policies will hasten US recovery
- Inflation not a threat to US economy over next couple years, pervasive bias toward lower prices at work
- Eurozone challenges exceed those in US
- Treasury’s debt is tied to US policy; Fed is independent and will not monetize Treasury debt
- US economic data in Q1 is grim, GDP decline likely to be sharp
- Unemployment rate likely to reach 10%
- Note: On 4/14, Fisher said that he saw a strong case in favoring the dollar, based on capital returns and at the same time he noted that he did not expect sharp declines in USD fx rates. Also, on 4/14 Fisher said that the jobless rate could exceed 10% by the end of 2009 and that he expected US Q1 GDP to contract at a “very dismal” rate.
Bank of Japan’s Governor Shirakawa on the Wires
BoJ Gov Shirakawa: Japan’s economy is worsening sharply, expected to continue deteriorating for the time being
- Overseas economy deteriorating overall
- Corporate sentiment declining significantly, fundraising conditions remain severe
- Expects CPI To move into negative territory
- Pace of exports and output decline to moderate gradually
** Sentiment comparable to most recent statements on Apr 13th, noting worsening Economic conditions since Jan, caution about signs of global recovery, underperformance of BoJ’s’ Jan forecast, and expectations of CAPEX and consumption weakening further
Japan’s Finance Minister Yosano on the Wires
Finance Min Yosano: Difficult to achieve goal of balancing budget, may need to revise fiscal goal
- Note: On 4/10, Yosano said that Japan can’t return to fiscal health without an economic recovery.
Comments From Obama-Calderon Meeting
Mexico President Calderon: Mexico, US to cut red tape hurting trade, sees US initiative on lifting Cuba travel restrictions as very positive
- Comments coming from Obama-Calderon meeting
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