Economic Events: (GMT)
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.
USD/CAD Fundamental Analysis February 7, 2012, Forecast
Analysis and Recommendations:
The USD/CAD is currently trading up after losing some upward momentum, the duo are at 99.57 after hitting a high of 0.9994. The Canadian dollar picked up some energy after todays release of the Purchasing Managers’ Index which jumped to a seasonally adjusted 64.1 last month, from 63.5 in December. The Canadian dollar still traded lower but came off the highs of the day.
The USD was moving up on the worries over Greece, which is still unsettled as the days count bye.
Merkel and Sarkozy have backed away from the situation and pushing for Greece to handle matters and resolve the problems, at this point the EU, the ECB and the IMF are unyeilding. Greece must move to meet their demands.
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 06 10:10 Norway Bond auction
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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