Quote:
‘We’re not unique, but all alike and interchangeable, pieces of meat seeking pleasure, suffering and battling against each other to possess women, money and power’. Andreï Makine (1957-)
The News:
Japanese finance minister Nakagawa says, ‘rapid moves (JPY) are not good…I am watching carefully’.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP December Trade Balance 320B Yen versus 225B November; exports -35% as Chinese GDP slows sharply.
03:00 JP Bank of Japan leaves rates unchanged at 0.10%; says faces 2 years of deflation and that they will buy corporate bonds to ease the severe funding squeeze.
05:00 JP December Supermarket Sales –2.8% Y/Y versus +0.6% November.
09:00 EZ16 January ECB Monthly Report.
10:00 EZ15 November Industrial New Orders (-7% to –2% M/M, -20.9% and –16% Y/Y, vs –4.7% and –15.1% Oct).
10:00 CH January ZEW Survey (versus –76.2 December).
11:00 GB January CBI Quarterly Industrial Trends Report (versus –35 December).
13:30 US December Housing Starts (500K to 688K, Building Permits 517K to 650K, versus 625K and 615K November).
13:30 US Weekly Jobless Claims (517K to 594K, Continuing Claims 4500K to 4560K, vs 524K and 4497K prior week).
13:30 CA December Leading Indicators (-1.0% to –0.3% M/M versus –0.7% November).
13:30 CA November Retail Sales (-3.0% to –0.6% M/M, Ex-autos –3.0% to +0.3%, versus –0.9% and –1.1% October).
15:00 US November House Price Index (-1.5% to –0.8% M/M versus –1.1% October).
15:30 CA Bank of Canada Monetary Policy Report.
23:50 JP November All Industry Activity Index (Mizuho Securities –2.1% versus –0.5% October).
The Psychology:
Trash the pound and all things British as they are the worst culprits of the banking crisis.
The Risk:
Treasury auctions in France the UK and US.
Today’s most interesting chart: GBP/JPY
Big reversal ‘hammer’ from a record low at 119.50.
