Yen Gains on Global Growth ConcernsFebruary 25, 2014 Posted by: Joe O'Leary
The JPY strengthened the most in more than a week as the speculation is growing for slower global economic growth. The Yuan dropped for a sixth day as the People Bank of China is believed to be warding off speculators before widening the trading band. The GBP is higher after UK mortgage approvals climbed to a six year high, adding to signs the recovery is gaining momentum. The AUD was higher as investors sought higher yielding assets. US consumer confidence fell 78.1, down from February’s 79.4. US home prices rose at a 13.4% from Dec. 2012.
• U.S. Consumer Confidence fell to 78.1 from 79.4 (was 80.7) in January.
• German Q4 GDP was confirmed at 0.4% q/q, as expected.
• Fed Governor Tarullo said that financial risks do not warrant a change to policy, though that's one way to deal with broad and sustained systemic risk.
• Israeli Central Bank cuts its benchmark rate to .75% to stimulate economic activity.
• NYMEX crude has shed $1.20/bbl to $101.62, as risk appetite falters, crude stockpiles are expected to rise, and as weather forecasts in the U.S. call for warmer temperatures..
02/26 GBP: GDP, 2nd release (Q4)
02/26 USD: New Home Sales (Jan.)
02/27 EUR: Economic/Consumer/Industrial/Services Confidence Reports (Feb.)
02/27 USD: Durable Goods (Jan.)
02/28 EUR: Consumer Price Index (Feb.)
02/28 USD: GDP, 2nd release (Q4)
02/28 CAD: GDP YOY (Dec.)
02/28 USD: University of Michigan confidence. (Feb.)
03/03 GBP: PMI Manufacturing (Feb)
03/03 USD: ISM Manufacturing (Jan)
2 Year 0.32
5 Year 1.52
10 Year 2.71
30 Year 3.67Read More