Analysis and Recommendations:

The USD/CHF is trading at 0.9114 after opening at 0.9112. The pair bounced around making peaks and troughs throughout the day courtesy of the USD. In early trading the dollar pushed the pair up to 0.9154 and then fell as low as 0.9100.

There was little in the way of economic news, in Switzerland, the Industrial Production report came in well over forecast but did not give any strength to the Franc.

In the US today, construction on new U.S. homes fell 1.1% in February to an annual rate of 698,000, but permits rose 5.1%, the Commerce Department. Housing starts in January were revised up to 706,000 from an original reading of 699,000

Treasury Secretary Tim Geithner said that troubled European countries should take a steady, multi-year approach to fixing their budgets. The path of fiscal consolidation should be gradual with a multi-year phase-in of reforms, 

Investors were increasingly bullish about prospects for global growth and a smaller number expected further rounds of quantitative easing (QE) by central banks, according to the Bank of America Merrill Lynch survey

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Economic Releases March 20, 2012 Asia, Europe and the US

Mar. 20

00:00

 

AUD

 
 
 

CB Leading Index (MoM) 

1.1%

 
 
 

-0.3% 

 
 

 

08:00

 

EUR

 
 
 

German PPI (MoM) 

0.4%

 

0.5% 

 

0.6% 

 
 

 

09:15

 

CHF

 
 
 

Industrial Production (QoQ) 

7.9%

 

0.4% 

 

-2.0% 

 
 

 

10:30

 

GBP

 
 
 

Core CPI (YoY) 

2.4%

 

2.4% 

 

2.6% 

 
 

 

10:30

 

GBP

 
 
 

CPI (YoY) 

3.4%

 

3.4% 

 

3.6% 

 
 

 

10:30

 

GBP

 
 
 

RPI (YoY) 

3.7%

 

3.4% 

 

3.9% 

 
 

 

12:00

 

GBP

 
 
 

CBI Industrial Trends Orders 

-8

 

-5 

 

-3 

 
 

 

12:30

 

EUR

 
 
 

Spanish Trade Balance 

-3.65B

 

-4.50B 

 

-4.50B 

 
 

 

13:30

 

USD

 
 
 

Building Permits 

0.72M

 

0.69M 

 

0.68M 

 
 

 

13:30

 

USD

 
 
 

Housing Starts 

0.70M

 

0.70M 

 

0.71M 

 
 

 

14:00

 

RUB

 
 
 

Russian Retail Sales (YoY) 

7.7%

 

7.3% 

 

6.8% 

 
 

 

14:00

 

RUB

 
 
 

Russian Unemployment Rate 

6.5%

 

6.7% 

 

6.6% 

 
 

 

16:30

 

USD

 
 
 

4-Week Bill Auction 

0.100%

 
 
 

0.070% 

 
 

 

10:30     GBP      MPC Meeting Minutes                 

The Monetary Policy Meeting Minutes are a detailed record of the Bank of England's policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates. The breakdown of the MPC members' interest rate votes tends to be the most important part of the minutes.

13:30     CAD      Leading Indicators (MoM)

The Leading Indicators Index is a composite index based on 10 economic indicators, that is designed to predict the future direction of the economy. The report tends to have a limited impact because most of the indicators used in the calculation are released previously.

 15:00    USD      Existing Home Sales

Existing Home Sales measures the change in the annualized number of existing residential buildings that were sold during the previous month. This report helps to gauge the strength of the U.S. housing market and is a key indicator of overall economic strength.

Government Bond Auctions (this week)

Mar 22  10:10  Sweden  I/L bond auction

Mar 22  10.30  UK  Auctions 0.625% 2042 I/L Gilt

Mar 22  15:00  US

Announces auctions of 2Y Notes on Mar 27, 5Y Notes on Mar

28 & 7Y Notes on Mar 29

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

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
0.9027
0.9063
0.9083
0.9119
0.9139
0.9175
0.9195

Fibonacci
0.9063
0.9084
0.9097
0.9119
0.9140
0.9153
0.9175

Camarilla
0.9087
0.9092
0.9097
0.9119
0.9108
0.9113
0.9118

Woodie's
-
0.9059
0.9074
0.9115
0.9130
0.9171
-

DeMark's
-
-
0.9129
0.9114
0.9073
-
-