Quote:
‘Keep right on to the end of the road,
Keep right on to the end.
Tho’ the way be long, let your heart be strong,
Keep right on round the bend’. Harry Lauder (1870-1950 )
The News:
South Korea cuts key interest rate by 50 basis points to a record low 2.00%.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP January Domestic CGPI –0.1% M/M, -0.2% Y/Y, versus –1.2% and +1.1% December.
06:45 CH Q1 Consumer Confidence –23 versus –27.0 Q4.
09:00 EZ16 February ECB Monthly Report.
10:00 EZ15 December Industrial Production (-6.0% to –1.5% M/M, -12.0% to –8.4% Y/Y, vs –1.6% and –7.7% Nov).
10:30 GB Gilt auction result of £1.1B Index Linked 1.25% 2027.
13:30 US January Retail Sales (-2.2% to +0.7%, Ex-autos –2.0% to +0.7%, versus –2.7% and –3.1% December).
13:30 US Weekly Jobless Claims (575K to 650K, Continuing Claims 4710K to 4860K, vs 626K and 4788K prior week).
15:00 US December Business Inventories (-2.0% to –0.2% versus –0.7% November).
18:00 US Treasury auction result of 30-year TBond.
18:00 DE ECB’s Trichet speaks in Osnabrueck.
The Psychology:
No surprises and bailout ‘fatigue’ greet US Congress’ passing of $789B stimulus package.
The Risk:
Stock indices drawn down towards key chart support.
Today’s most interesting chart: US 10-year TNote yield
On the way down again having backed up to, and stalled at, retracement resistance.
