Economic Events: (GMT)
The economic calendar is very light for Friday, with the 1st falling on Thursday. These events will have little or no significance. 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/USD Fundamental Analysis March 2, 2012, Forecast
Analysis and Recommendations:
The EUR/USD took a dive to 1.3318 with the USD remaining positive against the euro.
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
Thursday a U.S. manufacturing gauge fell unexpectedly, but the greenback held gains against the euro following a trade body’s ruling that Greece’s privately-held debt restructuring hasn’t met the threshold of a “credit event.”
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.
Business at U.S. manufacturers expanded at a slower pace in February, according to a key index released Thursday. The Institute for Supply Management said its manufacturing index declined to 52.4% last month from 54.1% in January. Readings over 50% indicate that manufacturers are generally expanding.
Construction spending eased 0.1% in January to a seasonally adjusted annual rate of $827 billion, the first monthly dip since July, the Commerce Department said Thursday. Economists polled by MarketWatch had expected a 0.7% gain, and December’s gain was revised to 1.4% from 1.5%. Private residential construction improved 1.8% in continuing some of the other positive trends seen from the housing market. However, private nonresidential construction slumped 1.5%
The Labor Department reported that initial unemployment claims fell by 2,000 to a seasonally adjusted 351,000 in the week ended Feb. 25. The level of claims is an indicator of whether layoffs are rising or falling. The number remained constant.
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
