Friday, April 9, 2010

Updates on Greece $EWG $TLT

Market Movers ahead

  1. In Europe focus will continue to be on Greece. The scheduled data releases for next week suggest a relatively quiet week coming up.
  2. In the US the agenda next week is heavy. Amongst a wide range of economic data the most important will be retail sales and CPI for March. Retail sales appear to have been very strong in March.
  3. There is increasing speculation that China will move on the exchange rate before the Chinese president's arrival in Washington this week to participate in the Nuclear Security summit.
Global Update

  1. Greek bond yields have soared to new highs above 7%. There is no confidence in the EU/IMF back stop agreement and stabilisation appears hard to achieve without actual help in terms of loans coming forward.
  2. Encouraging data in the US. The ISM manufacturing index jumped to a new cycle high in March and employment growth returns to positive territory.
  3. The decision by the US Treasury to delay the publication of its review of its main trading partners' exchange rate policy has secured that the intensifying political game about a revaluation of the yuan will not be derailed.


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