Market Notes:
The BOJ meeting has left the interest rates unchanged at 0.1%. The economic recovery estimation has left unchanged and is expected to remain moderate until mid-2010/11.
Yesterday’s FOMC Minutes were fairly hawkish, as the Federal Reserve, based on a revision in inventories, has upped its estimate of 2009Q4 GDP. In addition there was discussion on exit strategies and normalization of liquidity programs with a desire to increase the discount rate by 25bp.
Additional pressure was exerted on Euro, when Robert Mundell, the recipient of the Nobel Memorial Prize in Economics in 1999, commented that the EUR’s biggest threat was not Greece, but Italy.
Daily Trends & Charts
Watch the Fundamentals!(GMT time)
Yesterday
UK Jobless Claims: 23.5K vs. -14.6K exp.
UK Interest Rate Votes: 0-0-9 as exp.
US Building Permits: 0.62M vs. 0.63M exp.
US Housing Starts: 0.59M vs. 0.58M exp.
US Industrial Production: 0.9% vs. 0.7% exp.
TODAY
Chinese Banks closed due to New Year Celebrations.
Japanese Interest Rate decision: 0.1% as exp.
Canadian Core CPI at 12:00.
US PPI at 13:30.
US Unemployment Claims at 13:30.
US Manufacturing Index at 15:00.
AU RBA Governor Glenn Stevens at 22:30.
Tomorrow
Chinese Banks closed due to New Year Celebrations.
German PPI at 07:00.
German Flash Manufacturing PMI at 08:30.
EU Current Account at 09:00.
UK Retail Sales at 09:30.
Canadian Core Retail Sales at 13:30.
US Core CPI at 13:30.
Good Day!!!
“Trends for today” is presented by Danny Spivak
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