Quote:
‘Total spending will continue to rise and it will be a zero per cent rise in 2013/2014.’ Gordon Brown (1951-)
The News:
Fed’s Bernanke says ‘accommodative policies will likely be warranted for an extended period’.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP Bank of Japan Minutes of June 15/16th MPC meeting; one member suggests considering exit strategy.
06:30 JP June Nationwide Department Store Sales –8.8% Y/Y, Tokyo –11.4%, versus –12.3% and –14.0% May.
07:15 CH June Trade Balance +CH1.571B versus +CH2.013B May.
08:00 JP June Convenience Store Sales (versus +1.0% Y/Y May).
09:30 GB June Public Finances (£18.0B to £25.2B, Net Borrowing £7B to £18B, versus £18.8B and £19.9B May).
10:30 GB auction result of £4B 4.00% 2016 Gilt; Ireland to sell €1B 2012 and 2014.
13:30 US June Chicago Fed National Activity Index (versus –2.30% May).
14:00 CA Bank of Canada interest rate decision (unanimously expected unchanged at 0.25%).
15:00 US Fed’s Bernanke’s semi-annual report to the House Financial Services Committee, Washington.
00:50 JP Bank of Japan Minutes of June 15/16th MPC meeting.
The Psychology:
Japan Ocean’s day holiday and Ascension of the Prophet’s in several Middle Eastern countries.
The Risk:
India’s driest monsoon season in 80 years wreaking havoc on agriculture.
Today’s most interesting chart: TNote future
‘Bullish engulfing’ candle with a ‘spike low’ against retracement support.
