Economic Events: (GMT)
Tuesday February 21, 2012 Economic Events.
Today are is a very light day, with only minor reports due that should not have any market effects.
07:00 CHF Trade Balance 2.50B 2.07B
09:30 GBP Public Sector Net Borrowing -9.1B 10.8B
10:30 EUR Spanish Trade Balance -3.10B -2.70B
13:30 USD Chicago Fed National Activity 0.22 0.17
15:00 EUR Consumer Confidence -20 -21
18:00 USD 2-Year Note Auction 0.250%
Analysis and Recommendations:
The EUR/USD continues to remain strong on the hopes of a final agreement on Greece today along with annoucments from China on reducing bank reserves, which is the same as flooding the banks with billions of dollars, increasing liquidity and growth. The pair is trading at 1.3245
EUR/USD Fundamental Analysis February 21, 2012, Forecast
The markets are closed today for the Presidents Day Holiday
Brussels: The Eurozone Ministers continue in meetings with no decision at this time.
German Chancellor Angela Merkel's center-right CDU/CSU-FDP government coalition on Sunday agreed with the center-left opposition parties to jointly nominate former East German human rights activist Joachim Gauck to become the country's next president. Gauck is not a member of a political party. The role of the German president is mainly ceremonial.
Greek bailout will likely get final approval in the week starting March 12, according to statement on Finnish Finance Ministry website. The final approval for activating the EFSF guarantees and completing the PSI operation are conditional on the Troika and the eurogroup deeming the PSI as successful and Greece to have fulfilled its commitments
China's VP Xi Jinping, in a speech in Dublin last night, said his country is considering more support for Europe. The official said We are considering more involvement in helping address the European debt issue through EFSF, ESM and other channels adding China supports the European integration process, the euro, by purchasing European bonds.
In Italy Dec industrial orders rose 5.5% in seasonally-adjusted m/m terms as a result of increased domestic and foreign orders. It was the steepest gain since march 2011, ISTAT said. On the year, unadjusted industrial orders fell 4.3%, down from -0.7% y/y in November. -Dec seas. adjusted m/m domestic orders +5.8%; foreign orders +5.1% m/m .
Italian Industrial orders for Dec +5.5%m/m from +0.2% in Nov. Unadjusted -4.3% y/y Dec sales sa +3.4%m/m from +0.1$ in Nov Workday adjusted +5.6% y/y Improvement, with increases in domestic and foreign orders with the largest gain since March 2011.
Italian PM Monti say that his government is sticking to 2013 balanced budget target
In France February manufacturing sentiment 92 vs January 92 (91)also France manufacturing morale came in at forecast in MNI
UK Gross mortgage lending fell 14.1% on the month in January but was up 10.2% on a year ago, according to Council of Mortgage Lenders data. As the CML figures are not seasonally adjusted it said the monthly fall in January was not unexpected. The 10.2% rise on the year.
Monday February 20, 2012 Economic Reports actual v. forecast
US markets closed today for holiday
Rightmove House Price Index (MoM)
Thai GDP (YoY)
French Business Survey
Italian Industrial New Orders (MoM)
Russian Retail Sales (YoY)
Russian Unemployment Rate
Sovereign Bond Auction Schedule
Feb 20-24 n/a UK 0.375% 2062 I/L Gilt syndication
Feb 20 10:10 Norway Nok 3bn 4.5% May 2019 DSL
Feb 20 10:10 Slovakia Eur 0.15bn Apr 2014 & Eur 0.05bn Nov 2016 bonds
Feb 21 09:30 Spain 3 & 6M T-bill auction
Feb 21 15:30 UK Details gilt auction on Mar 01
Feb 21 18:00 US Auctions 2Y Notes
Feb 22 10:10 Sweden Nominal bond auction
Feb 22 10:30 Germany Eur 5.0bn Mar 2014 Schatz
Feb 22 16:30 Italy Details CTZ/BTPei on Feb 24 & BOT on Feb 27
Feb 22 18:00 US Auctions 5Y Notes
Feb 23 10:10 Sweden Sek 0.75bn I/L bond auction
Feb 23 16:30 Italy Details BTP/CCTeu on Feb 28
Feb 23 18:00 US Auctions 7Y Notes
Feb 24 10:10 Italy Auctions CTZ/BTP
EUR/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3