Quote:
‘The weak cannot forgive. Forgiveness is the attribute of the strong’. Mahatma Ghandi (1869-1948)
The News:
Chinese January Exports –17.5%, biggest Y/Y decline since 1996.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
08:30 SE Swedish Riksbank interest rate decision (-50 to –100 bp from 2.00%); Policy Report published.
09:30 GB January Jobless Claims (+70K to +110K, Claimant Count Unemployed 3.6% to 3.9%, vs +77.9K/3.6% Dec).
09:30 GB December ILO Unemployed (6.1% to 6.4% versus 6.1% November).
09:30 GB December Average Earnings (+2.9% to +3.2% 3M/Y/Y, Ex-bonus +3.4% to +3.6%, vs +3.1% and +3.6%).
10:30 GB Bank of England Quarterly Inflation Report.
13:30 US December Trade Balance (-$45B to -$31B versus -$40.4B November).
13:30 CA December Trade Balance (-C$1B to +C$1.8B versus +C$1.3B November).
13:30 CA December New Housing Price Index (-0.6% to –0.1% M/M versus –0.3% November).
14:50 US Fed’s Elizabeth Duke speaks on stabilising the housing market, New York.
18:00 US Fed’s Evans speaks on the economic outlook, Iowa.
19:00 US January Monthly Budget Statement (-$100B to -$2B versus +$17.8B December).
23:50 JP January Domestic CGPI (Mizuho Securities –0.2% M/M, +0.7% Y/Y, versus –1.2% and +1.1% December).
The Psychology:
National Foundation day holiday in Japan today.
The Risk:
Treasury auctions in Germany, Portugal and US. In fact there are, we believe, Treasury auctions in major currencies on all but 7 days this year.
Today’s most interesting chart: Dow Jones Industrial Average
Re-testing pivotal support; where is the Alan Greenspan put?
