Janet SpeaksNovember 14, 2013 Posted by: Joe O'Leary
Janet Yellen, the nominee to be chairman of the Federal Reserve, is testifying at the Senate Banking Committee. She states clearly the central bank should take care not to withdraw stimulus too early. “It’s important not to remove support, especially when the recovery is fragile and the tools available to monetary policy should the economy falter, are limited given that short-term interest rates are at zero,” she said in testimony to the Senate Banking Committee in Washington today. The yen weaken above 100 after the Japanese growth numbers were less than less than expected. The GBP is higher on optimistic U.K. economic growth prospects. The AUD is weaker on speculation the RBA will cut interest rates. Official data for Q3 GDP growth today confirmed the expected slowdown in economic activity and added further justification to the ECB's rate cut last week
• U.S. initial jobless claims fell 2k to 339k (median 330k) for the week-ended November 9,
• Eurozone Q3 GDP slowed to 0.1% q/q, from 0.3% q/q, as expected.
• German Q3 GDP growth slowed to 0.3% q/q from 0.7% q/q in the previous quarter, in line with expectations.
• US September trade deficit widened to $41.8 bln (median -$39.0 bln) though the figure remains below the $44 bln deficit in May.
• Canada new housing price index was flat in September on a month comparable basis after the 0.1% m/m rise in August.
• Mexico Congress approves the widest budget gap ever.
11/15 USD: Industrial Production (Oct.)
11/15 EUR: Consumer Price Index (Oct.)
11/15 CAD: Existing Home Sales (Oct.)
11/17 GBP: Rightmove House Prices (Sept.)
11/17 RUB: Russian Industrial Production (Oct.)
11/18 USD: Net TIC Flows (Sept.)
11/18 EUR: ECB Current Account (Sept.)
11/18 GBP: Retail Sales (Oct.)
11/19 EUR: German ZEW Survey (Nov.)
11/19 JPY: Japan Leading Index (Sept.)
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