CompassFX Webinar with Greg Michalowski Thursday 4:00PM
CompassFX is having a special webinar with Greg Michalowski this Thursday 4:00PM
IMF sees Short term GDP 1.5%. 2.5 Med Term, BOE should tighten gradually as economy strengthens
- Must continue strong fiscal consolidation
- Recent UK GDP weakness, inflation spike unexpected
- Budget cuts are essential
- CPI to remain above 4% for most of 2011
- Current fiscal/monetary policy remain appropriate
- Growth and inflation risks are significant
- Vulnerabilities in UK Banking system
- Risks from Euro Crisis, oil prices and housing market
- BOE should tighten gradually as economy strengthens
The comments from the IMF are being described as being supportive of Exchequer’s Osbornes austerity measures. Maintaining the status quo with the uncertainties is recommended. They cite inflation as being”unexpected”
Chancellor Osborne said this morning that his Plan A was sufficient and had enough flexibility. He is reiterating those ideas on BBC currently. Status quo for the UK.
On Thursday, the BOE will meet and discuss monetary policy. This report suggests that rates should remain on hold. The market is indeed expecting rates to be unchanged.
Canada Building Permits Fall
Canada Building Permits: Survey: -7.5% Actual: -21.1% Prior: 17.2% Revised: 16.8%
NY Opening Forex Commentary for June 6th
The euro came under some pressure after a German finance ministry spokesman says they’re not certain whether there will be a second bailout for Greece, and under what terms.
Following the release the EUR/USD made a new session low, testing the 23.6% line on the move from June 3rd lows to today’s high of 1.46562. The pair has been kicking around between 1.4656 and 1.4607 since the opening; a push lower could see us visit the 38.2% line next.
CompassFX Webinar with Greg Michalowski Thursday 4:00PM
CompassFX is having a special webinar with Greg Michalowski this Thursday 4:00PM
Eurozone April PPI at 0.9%
E/Z April PPI m/m came in at 0.9%, stronger than the 0.8% estimate.
Y/y came in at 6.7%, stronger than hte 6.6% estimate.
Eur/Usd currently trades at 1.4643, up 5 points since release.
Eurozone Sentix investor confidence (June) 3.5 vs. 8.6 expectation.
The market had a limited reaction to the release.
Fed’s Plosser says balance sheet should have shorter term focus.
- Asset composition has shifted to long term, adding that Fed fund rates should be the main instrument.
- Exit must show how Fed funds rate rises, and exit plan must show balance sheet reduction.
- Asset sales are less disruptive if rate rises.
- Stimulus exit would promote stability, and reiterates a call for creation of inflation objective.
- Worried by volatility of inflation expectations, adding that Fed inflation credibility may be weaker than thought.
- Moderate recovery is under way.
ECB’s Noyer
- Recent macroeconomic developments point to a successful exit from crisis.
- Pace of Eurozone recovery may slow in coming quarters; crisis may have left scars on Eurozone economies.
- Balance sheet repair a medium-term problem.
- Short and long term rates at low levels, scarcely any signs of credit rationing.
- Programs must be delivered, conditionality of utmost importance in regards to the sovereign crisis.
- Solutions akin to restructuring are not an option.
- Negative judgments on Euro-area’s future ‘seriously misguided”.
The FXDD Weekly Forex Wrap. Rebroadcast of webinar is available
In this webinar, I talked about the Employment report, the Troika. The declining dollar. We looked at the EURUSD, the GBPUSD and the USDCHF, outlining the trading strategy and why – including the risk. If you have not ever participated in a webinar, take the time and watch the rebroadcast. Next week, we will have another series of FREE trader education.
CLICK HERE TO ACCESS THE REBROADCAST
- kenny on EURUSD tests 200 hour MA. Look for support against level
- Greg Michalowski on EURUSD tests 200 hour MA. Look for support against level
- kenny on EURUSD tests 200 hour MA. Look for support against level
- Greg Michalowski on EURUSD tests 200 hour MA. Look for support against level
- kenny on EURUSD tests 200 hour MA. Look for support against level
- Jan SFO
- Wall Street Journal 1-31-12
- CNNMoney 1-30-12
- Reuters 1-24-12
- CNNMoney_Stocks to get boost from China
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Forex News
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- New Zealand Q4 Employment Report
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Economic Statistics
- China’s January CPI & PPI
- China Sets Yuan Reference Rate @ 6.3009
- Bank of Korea Keeps Interest Rates Unchanged @3.25%
- South Korean Producer Price Index
- Canada Housing Starts Data Due at 8:15AM
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