Economic Events: (GMT)
13:30 USD Initial Jobless Claims 388K 367K
13:30 USD Continuing Jobless Claims 3525K 3437K
Initial and Continuing Jobless claims measures the number of individuals who filed for unemployment insurance for the first time or renewed during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.
A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
Analysis and Recommendations:
The USD/CAD is currently trading 0.9964 up from earlier in the day of the low of 0.9936.The dollar was strong in early trading as there was no agreements in Greece, but declined as the ECB gave in to demands that it accept a haircut on its Greek assets. After adamant refusing for months, the ECB signaled
USD/CAD Fundamental Analysis February 9, 2012, Forecast
today that it was willing to accept additional losses. The EU and ECB quickly developed a mechanism to process these bonds via the EFSF fund. This news gave the markets the belief that a final deal could now be worked out to settle budget cuts with Greek politicians and move to the final stages of the deal with Greek creditors. Again Thursday it will be a roller coaster ride, all revolving around Greece, news, rumors, statements and hopes. The dollar should settle down tomorrow, but watch the US employment reports closely.
Wednesday’s economic reports ( actual )
|
GBP |
BRC Shop Price Index (YoY) |
1.40% |
1.70% |
|
|
JPY |
Economy Watchers Current Index |
44.1 |
47.5 |
47.0 |
|
CHF |
Unemployment Rate |
3.1% |
3.1% |
3.1% |
|
EUR |
German Trade Balance |
13.9B |
14.1B |
14.9B |
|
EUR |
French Government Budget Balance |
-90.8B |
-90.8B |
-97.2B |
Scheduled Sovereign Bond Sales
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
Originally posted here
