On the wires: Treasury Secretary Tim Geithner speaking at 12pm
Treasury Secretary Tim Geithner speaks before the U.S. Export-Import Bank annual conference in Washington at 12pm New York time.
Forex Morning Report - March 12
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US Retail Sales Rise
Total US retail sales rose 0.3 percent, as released by the Commerce Department, as consumers bought an array of goods from necessities to luxury items. Sales for January were, however, revised down to only a gain of 0.1 percent from the previously reported 0.5 percent increase.
Bobbys Corner-Open Market-March.12.2010
Good Morning:
The USD lost ground overnight as speculation that the Fed will keep interest rates low reduced demand for USD dominated assets. In other news, Janet Yellen will most probably be selected as vice chairman of the Fed. Ms Yellen is currently President of the San Francisco Fed, and has been a staunch supporter of lower interest rates to combat the global recession.
EU leaders will meet next week to discuss the potential need to issue bonds or give outright loans to Greece, as the country works on an auterity program aimed at cutting it’s staggering deficit.
Equity markets rose around the globe and US futures are also higher this morning. Banks and commodity companies helped keep equity indexes in positive territory.
Commodities in general rose across the board, with gold leading the charge.
Oil:$82.72 Gold:$1117.50
| TIME | FOR | EST | PRIOR | |||
| 8:30A.M. | ADVANCE RETAIL SALES | FEB. | -0.20% | 0.50% | ||
| 8:30A.M. | RETAIL SALES LESS AUTOS | FEB. | 0.00% | 0.60% | ||
| 8:30A.M. | RETAIL SALES EX AUTOS & GAS | FEB. | 0.30% | 0.60% | ||
| 9:55A.M. | U. OF MICHIGAN CONFIDENCE | MARCH | 74.O | 73.6O | ||
| 10:00A.M. | BUSINESS INVENTORIES | JAN. | 0.20% | -0.20% | ||
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
UK’s Dale on the wires
Bank of England’s Chief Economist Spencer Dale had this to say on the current situation in the UK;
*Pause does not necessarily mean loosening at an end
*BoE can withdraw stimulus at any time, in any order
*BoE ready to make more purchases if needed
This commentary seems bearish for the pound and market did act accordingly knocking Gbp/Usd down 30 points to 1.5135. The pair has since regained its losses and currently trades at 1.5163.
Eurozone Industrial Production
Eurozone Industrial Production m/m came in at 1.7%, stronger than the 0.8% forecasted and -1.7% prior reading.
Eur/Usd has been bid all session and has recently made new high at 1.3763. The pair has given back 10 points, but still looks bullish.
EU’s Juncker comments on European debt crisis
Eurogroup Chairman Jean-Claude Juncker has made the following comments in interview in Bonn;
*Eurozone needs instruments to prevent new crisi
*EMF is no instrument to solve Greek crisis, but would be instrument for broad based crisis
*EMF has to comply with stability and growth pact, they would not breach no bailout clause
*EMF does not mean to socialize risk
*EMF implementation will take time, at least months
Seemingly negative comments regarding the Eurozone. Eur/Usd is trading just off fresh high of 1.3727. These comments may have halted the pairs progress.
German Wholesale Price Index
German WPI m/m came in at 0.1%, weaker than the 0.6% expected and the prior reading of 1.3%.
It would appear the weak WPI out of Germany had an effect on Eur/Usd trading. The pair was at its session high of 1.3707 when news broke and has since traded down about 20 point to 1.3687.
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