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Bank of Japan votes to end ultra−cheap money to banks in March

Fri, Oct 30 2009, 07:37 GMT
by Nicole Elliott

Mizuho Corporate Bank

Quote:

‘I would rather start out somewhere small, like London or England.’ Britney Spears (1981-)

The News:

Bank of Japan votes to end ultra-cheap money to banks in March; forecasts 3 years of deflation.

The Numbers:

Greenwich Mean Time, with expectations and previous figures in brackets.

(23:30) JP September Jobless 5.3%, Job-to-Applicant 0.43, versus 5.5% and 0.42 August.

(23:30) JP September Household Spending +1.0% Y/Y versus +2.6% August.

(23:30) JP October Tokyo CPI –2.4% Y/Y, Ex-Fresh Food –2.2%, versus revised –2.1% and –2.1% September.

(23:30) JP September National CPI –2.2% Y/Y, Ex-Fresh Food –2.3%, versus –2.2% and –2.4% August.

00:01 GB October GfK Consumer Confidence –13 versus –16 September.

05:00 JP September Housing Starts 699K and –37.0%, Construction Orders 14.0%, vs 676K,–38.3% and –25.2% Aug.

07:00 DE September Retail Sales –1.5% M/M, -3.9% Y/Y, versus revised –1.8% and –2.9% August.

07:00 GB October Nationwide House Prices +0.4% M/M, +2.0% Y/Y, versus +0.9% and 0% September.

10:00 EZ16 October CPI (0% to –0.3% Y/Y versus –0.3% September). 10:30 CH Oct KOF (0.9 to 1.4 vs 0.85 Sep).

10:00 EZ16 September Unemployment (9.6% to 9.8% versus 9.6% August).

12:30 US September Personal Income (-0.2% to +0.2%, Spending –0.8% to –0.1%, vs +0.2% and +1.3% August).

12:30 US September Core PCE (+0.1% to +0.2% M/M, +1.2% to +1.4% Y/Y, versus +0.1% and +1.3% August).

12:30 US Q3 Employment Cost Index (+0.3% to +0.6% versus +0.4% Q2). CA August GDP (-0.3% to +0.5% vs 0%).

13:45 US October Chicago Purchasing Managers (47 to 52.5 versus 46.1 September).

14:00 US final October University of Michigan Confidence Survey (68 to 74 versus 69.4).

The Psychology:

German police arrest founder of K1 Group suspected of embezzling millions from global banks.

The Risk:

Markets looking for direction.

Today’s most interesting chart: GBP/JPY

Thrashing around at 50% retracement and ‘cloud’.

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Published on  Fri, Oct 30 2009, 07:44 GMT