Quote:
‘’Chicago’ stands for a belief in the efficacy of the free market as a means of organising resources, for scepticism about government intervention into economic affairs’. Milton Friedman (1912-2006)
The News:
US Fed’s Bernanke goes on CBS TV to say the recession will end by the end of 2009.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
00:01 GB March Rightmove House Prices +0.9% M/M, -9.0% Y/Y, versus +1.2% and –9.1% February.
00:01 GB Bank of England Quarterly Bulletin.
04:00 JP February Tokyo Condominium Sales –27.5% Y/Y versus –24.1% January.
10:00 EZ16 February CPI (+0.4% M/M, +1.1% to +1.2% Y/Y, Core +1.4% to +1.7% Y/Y, versus –0.8%, +1.1% and +1.6% January).
12:30 US March Empire Manufacturing Survey (-40 to –25 versus –34.65 February).
12:30 CA Q4 Capacity Utilisation (74.8% to 76.5% versus 77.4% Q3).
13:00 US January Net Long Term TIC Flows (versus $34.8B December).
13:15 US February Industrial Production (-2.2% to +0.6%, Capacity Utilisation 70.2% to 72.4%, vs –1.8%/72.0% Jan).
16:30 EZ16 ECB’s Trichet speaks on cultural diversity, Frankfurt.
17:00 US March NAHB Housing Index (8 to 10 versus 9 February).
23:50 JP January Tertiary Industry Index (Mizuho Securities –0.8% versus –1.6% December).
The Psychology:
We all want to believe that economic recovery is just around the corner.
The Risk:
Markets looking for direction.
Today’s most interesting chart: EUR/CHF
Biggest weekly rally in a while but still well within retracement parameters.
