Economic Events: (GMT)
It is a quiet day around the world with very little in the way of economic events on Tuesday
15:00 USA Fed Chairman Bernanke Testifies
Federal Reserve Chairman Ben Bernanke (February 2006 – January 2014) is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. The testimony is in two parts; the first is a prepared statement, then the committee conducts a question and answer session. The Q&A portion of the testimony can see heavy market volatility for the duration.
Analysis and Recommendations:
The pair EUR/GBP is currently 0.8274. The euro continues to fall against all its trading partners. Combining a fall in GDP and unnerving news from Greece and comments from the EU, investors are pulling up stakes. News from Greece was not promising.
EUR/GBP Fundamental Analysis February 7, 2012, Forecast
Greece failed to agree on new austerity measures across political parties yesterday, a requirement for the proposed bailout to avoid default in March. There was some progress on bank recapitalization. Overcoming the political realities of further austerity after almost 5 years of recession is proving very difficult. From Reuters News.
There cannot be a new program for Greece unless the conditions of the troika are met,” Merkel said at a joint press conference here with Sarkozy, referring to the European Commission, the ternational
Monetary Fund and the European Central Bank
The EU’s statistics data on government debt to GDP ratios in the euro zone.for the 17 countries fell slightly to 87.4% of GDP. The ratios for countries in need of EU/IMF funding saw thier ratios rise, however. Portugal, Greece, and Ireland (PIIGS) all showed an increase in the debt to GDP ratio, providing more evidence that austerity measures cannot solve the debt crisis.
Economic Data results prior trading day ( key better than expected worse than expected at forecast )
AUD MI Inflation Gauge (MoM) 0.2% 0.5%
AUD Retail Sales (MoM) -0.1% 0.2% 0.1%
AUD ANZ Job Advertisements (MoM) 6.00% -0.60%
IDR Indonesian GDP (YoY) 6.5% 6.5% 6.5%
TWD Taiwanese CPI (YoY) 2.4% 1.6% 2.0%
EUR Sentix Investor Confidence -11.1 -14.6 -21.1
EUR German Factory Orders (MoM) 1.7% 0.5% -4.9%
Scheduled Sovereign Bond Sales
Feb 07 09:00 Netherlands Eur 5.0bn Jul 2022 DSL
Feb 07 10:10 Greece 6M T-bill auction
Feb 07 10.30 UK Auctions 1.75% 2017 conventional Gilt
Feb 07 15:30 UK Details gilt auction on Feb 16
Feb 07 18:00 US Auctions 3Y Notes
Feb 08 10:10 Sweden Nominal bond auction
Feb 08 10:30 Germany Eur 4.0bn Feb 2017 Bobl
Feb 08 10:30 Swiss Bond auction
Feb 08 16:30 Italy Details BOT auction on Feb 13
Feb 08 18:00 US Auctions 10Y Notes
Feb 09 10:10 Sweden Sek 0.75bn I/L bond auction
Feb 09 15:30 Sweden Details I/L bond auction on Mar 23
Feb 09 16:00 US Announces auctions of 30Y TIPS on Feb 16
Feb 09 16:30 Italy Details BTP/CCTeu auction on Feb 14
Feb 09 18:00 Italy Auctions 30Y Bonds
Feb 10 11:00 Belgium OLO auction
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