Quote:
‘Chords may be our love, but never forget, rhythm is our business.’ Duke Ellington (1899-1974)
The News:
Central Banks set up swap lines to provide their currencies to US firms (via Fed) needing it.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
05:30 AU Reserve Bank of Australia cuts Cash target interest rate to 3.00% (49-year low) from 3.25%.
06:00 JP Bank of Japan interest rate held at 0.10% and expands eligible collateral.
09:30 GB February Industrial Production (-2.5% to –0.4% M/M, -13.9% to –12.5% Y/Y, vs –2.6% and –11.4% Jan).
09:30 GB February Manufacturing Production (-3.0% to –0.4% M/M, -15.6% to –13.7% Y/Y, vs –2.9% and –12.8%).
10:00 EZ16 final Q4 GDP (-1.5% Q/Q, -1.3% Y/Y, versus –1.5% and –1.3% Q4).
17:00 US Treasury ten-year TIPS auction result.
20:00 US February Consumer Credit (-$7B to +$4.3B versus +$1.8B January).
00:01 GB March Nationwide Consumer Confidence (38 to 48 versus 43 February).
00:50 JP February Current Account (Mizuho Securities 1100B Yen, Trade Balance 200B, vs 172B and 844B January).
The Psychology:
Passover holiday in Israel tomorrow. Many on Easter holidays from Thursday to Monday.
The Risk:
Stock market rallies lose steam.
Today’s most interesting chart: Benchmark US Treasury 2-year yield
Stalling once again around 1.00%, 5-year at 2.00% and 10-year at 3.00%.
