Mike's Musings, Jan 08

 
 
 
 

TODAY's HIGHLIGHTs

 THURS. JAN. 8TH

GBP Halifax HPI: .3%(0.9%)

GBP Official Bank Rate: .50%(.50%)

GBP Asset Purchase Facility: 375B(Came in at 375B)

EUR Retail Sales: 0.3%(0.6%)

CAD NHPI: 0.2%(0.1%)

USD Unemployment Claims: 291k(Came in at 294k)

NZD Building Consents

AUD Retail Sales: 0.3%

CNY CPI: 1.5%

CNY PPI: -3.1%

EUR French Industrial Production: 0.4%

 

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NORTH AMERICA

 

The Loonie has retraced some of its losses, pulling back into the low 1.18's, with most traders focused on tomorrow's employment data out of both Canada and the US. US Unemployment Claims came in within expectations this morning, although just slightly worse, preventing another attempt to push higher, while Canadian New Home Pricing Index numbers were also just below expectations, but not enough to send the CAD tumbling further. With a slew of important data on the docket tomorrow, don't expect things to remain as range bound as they are today.

Support: 1.1750, 1.1650

Resistance: 1.1825, 1.1875

 

   
   

EMEA/ASIA-PACIFIC

The EUR remains under pressure and fell to 9 year lows overnight, and down over 15% against the USD from May. With inflation levels below zero, things are looking bleak for a swift EUR recovery, and we may yet see even lower levels. Even in largest Euro zone economy, Germany, is struggling, with Factory orders falling by 2.4%, helping to drag the currency even further into trouble.

The GBP remained weaker as well overnight, falling to low 1.50's levels before recovering this morning. The BOE left policy unchanged, which wasn't much of a surprise. With inflation remaining low, we shouldn't expect to see a change in interest rates until next year.  

Written by mbrown@paylinebyice.com 

 

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