Quote:
‘A woman is a foreign land,
Of which, though there he settle young,
A man will ne’er quite understand
The customs, politics, and tongue.’
Coventry Patmore (1823-1896)
The News:
Fed sees signs the economy is improving at FOMC.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
10:00 EZ16 April Industrial New Orders (-1.4% to +0.3% M/M, -38% to –29% Y/Y, versus –0.8% and –26.9% March).
13:30 US final Q1 GDP (-5.9% to –5.1%, Core PCE +1.5%, versus –5.7% and +1.5%).
13:30 US Weekly Jobless Claims (595K to 620K, Continuing Claims 6665K to 6765K, vs 608K and 6687K prior week).
15:30 US Fed’s Bernanke testifies on Bank of America’s takeover of Merrill Lynch at House Oversight Committee, DC.
17:00 US auction result of seven-year TNotes.
00:30 JP June Tokyo CPI (Mizuho Securities –1.3% Y/Y, Ex-fresh Food –1.0%, vs –0.8% and –0.7% Y/Y May).
00:30 JP May National CPI (Mizuho Securities –0.9% Y/Y, Ex-fresh Food –0.9%, vs –0.1% and –0.1% Y/Y April).
00:50 JP April All Industry Activity Index (Mizuho Securities +3.0% versus –2.4% March).
The Psychology:
Increased tension and bickering between the various regulators.
The Risk:
Markets trying to break out of recent ranges.
Today’s most interesting chart: EUR/CHF
The Swiss National Bank spends yards trying to keep the cross above the bottom of the Ichimoku ‘cloud’ and manages to get it up to where it was late March.
