Quote:
‘I live in Hampstead, because it’s delicious watching American bankers go broke’. Sir David Hare (1947-)
The News:
US Fed’s Fisher says central bank independence more important than ever.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB January BRC Retail Sales Monitor +1.1% Y/Y like-for-like (first rise in 8 months) versus –3.3% December.
00:01 GB January RICS House Price Balance –76% (lowest since 1978) versus revised –74% December.
05:00 JP January Consumer Confidence 27.0, Households 26.4, versus 26.7 and 26.2 December.
08:15 CH January CPI (-0.9% to –0.3% M/M, +0.1% to +0.7% Y/Y, versus –0.5% and +0.7% December).
08:00 SE Swedish Riksbank starts a two-day rate-setting meeting (expect 50 to 100 bp cut from current 2.00%).
08:30 EU Finance Ministers’ meeting, Brussels.
09:30 GB December Trade Balance (-£8.8B to -£7.6B, Non-EU -£5.8B to -£3.9B, versus -£8.3B and -£5.3B November).
14:00 US Fed’s Dudley makes the case for TIPS, New York.
15:00 US December Wholesale Inventories (-1.5% to –0.2% versus –0.6% November).
15:00 US Fed’s Geithner testifies on TARP at Senate Banking panel, Washington.
18:00 US Fed’s Bernanke testifies at House Financial Services Committee on financial crisis, Washington.
The Psychology:
Israeli general election today.
The Risk:
Treasury auctions in Austria, Japan, UK and US.
Today’s most interesting chart: EUR/NOK
Norwegian krone gaining on bank capital injection.
