Economic Events: (GMT)

The economic calendar is very light for Friday, with the 1st falling on Thursday. These events will have no little or significant events in the market. There are also no events scheduled in the US.

 

00:00

 

NZD

 
 
 

ANZ Commodity Price Index (MoM) 

 

 
 
 

1.2% 

 

 

14:00

 

USD

 
 
 

Global Semiconductor Sales (MoM) 

 

 
 
 

-5.5% 

 

 

Tentative

 

GBP

 
 
 

Halifax House Price Index (MoM) 

 

 

0.1% 

 

0.6% 

 

 

13:30

 

CAD

 
 
 

GDP (MoM) 

 

 

0.3% 

 

-0.1% 

 

 

USD/CAD

USD/CAD Fundamental Analysis March 2, 2012, Forecast

Analysis and Recommendations:

The USD/CAD is currently trading at 0.9847.  U.S. manufacturing fell unexpectedly, but the greenback held firm after a trade body's ruling that Greece's privately-held debt restructuring hasn't met the threshold of a credit event. Crude Oil and Gold also climbed today.

The International Swaps and Derivatives Association panel said the restructuring of Greek government bonds won't trigger payouts credit default swaps.

Even if Greece's debt swap and deal to exclude central banks from taking losses had been ruled a credit event, analysts said it was expected to be manageable. That's because investors hold net exposure of around just $3.2 billion on CDS covering more than $200 billion of outstanding Greek debt.

Business at U.S. manufacturers expanded at a slower pace in February, according to a key index released Thursday. The Institute for Supply Management said its manufacturing index declined to 52.4% last month from 54.1% in January. Readings over 50% indicate that manufacturers are generally expanding.

Construction spending eased 0.1% in January to a seasonally adjusted annual rate of $827 billion, the first monthly dip since July, the Commerce Department said Thursday. Economists had expected a 0.7% gain, and December's gain was revised to 1.4% from 1.5%. Private residential construction improved 1.8% in continuing some of the other positive trends seen from the housing market. However, private nonresidential construction slumped 1.5%

The Labor Department reported that initial unemployment claims fell by 2,000 to a seasonally adjusted 351,000 in the week ended Feb. 25. The level of claims is an indicator of whether layoffs are rising or falling. The number remained constant.

Mr. Bernanke testifying in front of Congress stated that US employment remains far from normal and stronger growth would be needed to bring down the jobless rate - comments that tempered market enthusiasm over recent strong US economic data.

 width=710

March 1, 2012 Economic Releases actual v. forecast

CHF

 
 
 

GDP (QoQ) 

0.1%

 

-0.1% 

 

0.3% 

 
 

GBP

 
 
 

Nationwide HPI (MoM) 

0.6%

 

0.3% 

 

-0.3% 

 
 

CHF

 
 
 

SVME PMI 

49.0

 

48.5 

 

47.3 

 
 

EUR

 
 
 

French Manufacturing PMI 

50.0

 

50.2 

 

50.2 

 
 

EUR

 
 
 

German Manufacturing PMI 

50.2

 

50.1 

 

50.1 

 
 

EUR

 
 
 

Manufacturing PMI 

49.0

 

49.0 

 

49.0 

 
 

PLN

 
 
 

Polish GDP (YoY) 

4.3%

 

4.2% 

 

4.2% 

 
 

GBP

 
 
 

Manufacturing PMI 

51.2

 

52.0 

 

52.0 

 
 

EUR

 
 
 

CPI (YoY) 

2.7%

 

2.6% 

 

2.6% 

 
 

EUR

 
 
 

Unemployment Rate 

10.7%

 

10.4% 

 

10.6% 

 
 

USD

 
 
 

Core PCE Price Index (MoM) 

0.2%

 

0.2% 

 

0.1% 

 
 

CAD

 
 
 

Current Account 

-10.3B

 

-9.6B 

 

-12.3B 

 
 

USD

 
 
 

Personal Spending (MoM) 

0.2%

 

0.4% 

 

0.0% 

 
 

USD

 
 
 

Initial Jobless Claims 

351K

 

353K 

 

353K 

 
 

USD

 
 
 

Continuing Jobless Claims 

3402K

 

3400K 

 

3404K 

 
 

USD

 
 
 

ISM Manufacturing Index 

52.4

 

54.6 

 

54.1 

 
 

Sovereign Bond Auction Schedule

Mar 01  09:30  Spain  Bono auction

Mar 01  09:50  France  OAT auction

Mar 01  10.30  UK  Auctions 4.0% 2022 conventional Gilt

USD/CAD Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
0.9803
0.9822
0.9849
0.9868
0.9895
0.9914
0.9941

Fibonacci
0.9822
0.9840
0.9851
0.9868
0.9886
0.9897
0.9914

Camarilla
0.9863
0.9867
0.9871
0.9868
0.9880
0.9884
0.9888

Woodie's
-
0.9824
0.9852
0.9870
0.9898
0.9916
-

DeMark's
-
-
0.9882
0.9862
0.9836
-
-