Economic Events: (GMT)
13:30 CAD Core Retail Sales (MoM) 0.2% 0.3%
13:30 CAD Retail Sales (MoM) -0.2% 0.3%
13:30 CAD Wholesale Sales (MoM) 0.5% -0.4%
Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy.
Wholesale Sales measures the change in the total value of sales at the wholesale level. It is a leading indicator of consumer spending.
A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.
13:30 USD Chicago Fed National Activity 0.22 0.17
A monthly report by the Chicago Federal Reserve Bank that tracks economic activity in the 7th district, which is comprised of Indiana, Iowa, Illinois, Michigan and Wisconsin. The index is useful in tracking economic growth and identifying potential inflation.
USD/CAD Fundamental Analysis February 21, 2012, Forecast
Analysis and Recommendations:
The USD/CAD is currently trading 0.9938 slightly down, after the decision by the Chinese central bank to lower the ratio of funds that commercial banks must hold as reserves. The cut, which will free up more money for commercial banks to lend, is aimed at helping to improve economic growth. Injecting the equivalent of billions of dollars into the economy.
Investors are hopeful European finance ministers will approve Greece’s $US130 billion bailout package at a meeting in Brussels on Monday. Italian Prime Minster Mario Monti, German Chancellor Angela Merkel and Greek Prime Minister Lucas Papademos have all expressed optimism that an agreement on Greece can be reached.
The markets are closed today for the Presidents Day Holiday
Brussels: The Eurozone Ministers continue in meetings with no decision at this time.
German Chancellor Angela Merkel’s center-right CDU/CSU-FDP government coalition on Sunday agreed with the center-left opposition parties to jointly nominate former East German human rights activist Joachim Gauck to become the country’s next president. Gauck is not a member of a political party. The role of the German president is mainly ceremonial.
Greek bailout will “likely” get final approval in the week starting March 12, according to statement on Finnish Finance Ministry website. “The final approval for activating the EFSF guarantees and completing the PSI operation are conditional on the Troika and the eurogroup deeming the PSI as successful and Greece to have fulfilled its commitments”
China’s VP Xi Jinping, in a speech in Dublin last night, said his country is considering more support for Europe. The official said “We are considering more involvement in helping address the European debt issue through EFSF, ESM and other channels” adding “China supports the European integration process, the euro, by purchasing European bonds.”
In Italy Dec industrial orders rose 5.5% in seasonally-adjusted m/m terms as a result of increased domestic and foreign orders. It was the steepest gain since march 2011, ISTAT said. On the year, unadjusted industrial orders fell 4.3%, down from -0.7% y/y in November. -Dec seas. adjusted m/m domestic orders +5.8%; foreign orders +5.1% m/m .
Italian Industrial orders for Dec +5.5%m/m from +0.2% in Nov. Unadjusted -4.3% y/y Dec sales sa +3.4%m/m from +0.1$ in Nov Workday adjusted +5.6% y/y Improvement, with increases in domestic and foreign orders with the largest gain since March 2011.
Italian PM Monti say that his government is sticking to 2013 balanced budget target
In France February manufacturing sentiment 92 vs January 92 (91)also France manufacturing morale came in at forecast in MNI
UK Gross mortgage lending fell 14.1% on the month in January but was up 10.2% on a year ago, according to Council of Mortgage Lenders data. As the CML figures are not seasonally adjusted it said the monthly fall in January was not unexpected. The 10.2% rise on the year.
Monday February 20, 2012 Economic Reports actual v. forecast
US markets closed today for holiday
|
Actual |
Forecast |
Previous |
||
|
GBP |
Rightmove House Price Index (MoM) |
4.1% |
-0.8% |
|
|
THB |
Thai GDP (YoY) |
-9.0% |
-4.3% |
3.7% |
|
EUR |
French Business Survey |
92 |
92 |
92 |
|
EUR |
Italian Industrial New Orders (MoM) |
5.5% |
-0.5% |
0.2% |
|
RUB |
Russian Retail Sales (YoY) |
6.8% |
10.2% |
9.5% |
|
RUB |
Russian Unemployment Rate |
6.6% |
6.3% |
6.1% |
Sovereign Bond Auction Schedule
Feb 20-24 n/a UK 0.375% 2062 I/L Gilt syndication
Feb 20 10:10 Norway Nok 3bn 4.5% May 2019 DSL
Feb 20 10:10 Slovakia Eur 0.15bn Apr 2014 & Eur 0.05bn Nov 2016 bonds
Feb 21 09:30 Spain 3 & 6M T-bill auction
Feb 21 15:30 UK Details gilt auction on Mar 01
Feb 21 18:00 US Auctions 2Y Notes
Feb 22 10:10 Sweden Nominal bond auction
Feb 22 10:30 Germany Eur 5.0bn Mar 2014 Schatz
Feb 22 16:30 Italy Details CTZ/BTPei on Feb 24 & BOT on Feb 27
Feb 22 18:00 US Auctions 5Y Notes
Feb 23 10:10 Sweden Sek 0.75bn I/L bond auction
Feb 23 16:30 Italy Details BTP/CCTeu on Feb 28
Feb 23 18:00 US Auctions 7Y Notes
Feb 24 10:10 Italy Auctions CTZ/BTP
Originally posted here
