Economic Events: (GMT)
The economic calendar is very light for Friday, with the 1st falling on Thursday. These events will have no little or significant events in the market. There are also no events scheduled in the US.
|
00:00 |
NZD |
ANZ Commodity Price Index (MoM) |
1.2% |
|
|
14:00 |
USD |
Global Semiconductor Sales (MoM) |
-5.5% |
|
|
Tentative |
GBP |
Halifax House Price Index (MoM) |
0.1% |
0.6% |
|
13:30 |
GDP (MoM) |
0.3% |
-0.1% |
EUR/CHF Fundamental Analysis March 2, 2012, Forecast
Analysis and Recommendations:
EUR/CHF is trading at 1.2055 up +0.0003, the Swissie is stronger today on two economic reports that surprised economist. GDP and PMI both came in above forecast.
The euro weakened in the wake of the previous day’s injection of long-term liquidity by the European Central Banks, while investors also awaited manufacturing data.
While in Europe, the Markit purchasing managers index for the euro zone showed activity in the region shrank at a slower pace in February, coming in unchanged from a preliminary estimate.
Separately, consumer prices grew at 2.7% annual rate in February, edged up from 2.6% in January, the European Union statistics agency Eurostat reported. January unemployment rose to 10.7% from an upwardly revised 10.6% in December
European Union leaders were to hold the first day of a two-day summit meeting in Brussels. Ahead of the meeting, euro zone finance misters were expected to hold talks to discuss whether Greece has fulfilled the required conditions to secure its second bailout.
The International Swaps and Derivatives Association panel said the restructuring of Greek government bonds won’t trigger payouts credit default swaps. Read more on ISDA.
Even if Greece’s debt swap and deal to exclude central banks from taking losses had been ruled a credit event, analysts said it was expected to be manageable. That’s because investors hold net exposure of around just $3.2 billion on CDS covering more than $200 billion of outstanding Greek debt.
Investors continued to worry about the effects consequences as the ECB lent a record 529.5 billion euro of three-year loans to 800 financial institutions, up from 523 at the first round of lending in December. Investors are wary banks will become too reliant on ECB funds and fail to take the steps to strengthen their balance sheets.
March 1, 2012 Economic Releases actual v. forecast
|
CHF |
GDP (QoQ) |
0.1% |
-0.1% |
0.3% |
|
GBP |
Nationwide HPI (MoM) |
0.6% |
0.3% |
-0.3% |
|
CHF |
SVME PMI |
49.0 |
48.5 |
47.3 |
|
EUR |
French Manufacturing PMI |
50.0 |
50.2 |
50.2 |
|
EUR |
German Manufacturing PMI |
50.2 |
50.1 |
50.1 |
|
EUR |
Manufacturing PMI |
49.0 |
49.0 |
49.0 |
|
PLN |
Polish GDP (YoY) |
4.3% |
4.2% |
4.2% |
|
GBP |
Manufacturing PMI |
51.2 |
52.0 |
52.0 |
|
EUR |
CPI (YoY) |
2.7% |
2.6% |
2.6% |
|
EUR |
Unemployment Rate |
10.7% |
10.4% |
10.6% |
|
USD |
Core PCE Price Index (MoM) |
0.2% |
0.2% |
0.1% |
|
CAD |
Current Account |
-10.3B |
-9.6B |
-12.3B |
|
USD |
Personal Spending (MoM) |
0.2% |
0.4% |
0.0% |
|
USD |
Initial Jobless Claims |
351K |
353K |
353K |
|
USD |
Continuing Jobless Claims |
3402K |
3400K |
3404K |
|
USD |
ISM Manufacturing Index |
52.4 |
54.6 |
54.1 |
Sovereign Bond Auction Schedule
Mar 01 09:30 Spain Bono auction
Mar 01 09:50 France OAT auction
Mar 01 10.30 UK Auctions 4.0% 2022 conventional Gilt
Originally posted here
