German PPI down 0.4% in December, a 0.1% rise was expected
Eur/Usd has come off 7 pips to 1.2968 on heels of news.
Philadelphia Fed Data Fall to 7.3, Prior and Survey Both 10.3
January 12′ vs. December 11′
Prices-Received: 11.2 vs 10.3
Futures Index: 49.0 vs 40.0
Prices-Paid: 31.8 vs 30.4
New Orders: 6.9 vs 10.7
Employment: 11.6 vs 11.5
US Philadelphia Fed Survey Due at 10AM
Jobless Claims Lowest Since April 2008, CPI & Housing Starts Weaker, Building Permits Stay the Same
Consumer Price Index(MoM): Survey: 0.1% Actual: 0.0% Prior: 0.0%
CPI Ex Food & Energy(MoM): Survey: 0.1% Actual: 0.1% Prior: 0.2%
Housing Starts (MoM)%: Survey: -0.7% Actual: -4.1% Prior: 9.3% Revised: 9.1%
Building Permits: Survey: 679K Actual: 679K Prior: 681K Revised: 680K
Building Permits (MoM)%: Survey: -0.2% Actual: -0.1% Prior: 5.7% Revised: 5.6%
Jobless Claims: Survey: 384K Actual: 352K Prior: 399K Revised: 402K
Continuing Claims: Survey: 3590K Actual: 3432K Prior: 3628K Revised: 3647K
Fitch expects rating downgrade in 6 Eurozone countries
Ratings review should conclude by end of month.
Eur/Usd dropped to 1.2868 on news.
Bundesbank Dombret says global investors should buy euro sovereign debt
* markets are undervaluing Eurozone efforts
* Europe sovereigns deserve more confidence
E/Z Current Account
E/Z current account came in at a 1.8 bln deficit, a surplus of 0.5 bln was expected..
Eur/Usd has just come off recent highs by 15 points to 1.2878.
ECB’s Asmussen on Securities Market Program
* ECB cannot use its bond-buying program to prop up troubled euro zone states forever
* governments bear the main responsibility for fighting the debt crisis
* The SMP (Securities Markets Program) is neither unlimited nor can it last forever
* sees no inflationary danger from the SMP program, goal of the SMP is to improve market conditions
* ECB has a mandate to contribute to the stability of financial markets
* This crisis is not a euro crisis but rather a crisis of state debt


