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Quiet European morning; Day Traders return to their desk after Quadruple Witching Week
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The James’ Report: Day Trading Strategies for Professional Traders
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| Heat Map Futures Markets |
***Notes
from around the world***
Remember to rollover the following futures contracts today:
– Crude Oil = 05-12
– Euro (currency futures) = 06-12
– Russell = 06-12
– Dollar Index = 06-12
– Gold = still trading 04-12
European shares traded lower during the session, falling from the eight-month
high prices sustained last week.
IMF warns again “of false sense of security”
PIMCO’s El-Erian sees Portugal to be the next Greece
German Bundesbank member Nagel commented that the ECB should start to discuss the
potential exit from emergency lending measures
Reserve Bank of Australia (RBA) Gov Stevens commented that the global economy
faced sub-trend growth in 2012 period and noted that downside risks were easier
to see than upside. Slower China growth was required to ease inflationary
pressures and that China had the capacity to respond if growth gets too slow.
The gov added that there would be periods of continued EU anxiety in the years
ahead.
China Premier Wen reiterated the view that Europe should safeguard foreign debt
and push ahead with fiscal consolidation
China PBoC’s Wang Yu commented that China would take measures to further
increase domestic demand
China PBoC Deputy Gov Du Jinfu stated that China needed to further cut its RRR
DPJ Tax Panel Head Fujii: Yen currency could decline given Japan’s economic
fundamentals
US Ambassador Locke commented that China should end discrimination against US
companies and end its unfair practice of currency distortion
Poland Central Bank’s Kazmierczak stated in the Polish press that a tighter
rate policy was likely following release of Feb CPI data.
Thailand Ministry of Finance (MoF) stated that it might reduce its current
fiscal year Govt Bond issuance due to high yields and would watch Wednesday
auction before deciding on any changes to its offering. The MOF was considering
cheaper alternatives to finance govt spending with Treasury bills could be one
alternative to bonds
South Korea said said to have established communication channels with various
Asian countries regarding investments in its treasuries after expressing
concerns over potential sudden exit.
Countries include Indonesia, Thailand and Malaysia
Fitch comments on commodities and noted that price volatility to continue in
2012 as Euro Zone sovereign debt concerns constrains market confidence. All
commodities would not be equally affected as certain commodities groups to see
demand lag positive and negative trends in economic growth. Precious metals
tend to benefit from a flight to safety
A quiet European calendar was in store for the session. The EUR/USD hovered
around the 1.3150-60 level throughout the morning in lackluster trading.
Japanese corporate names purchased JPY in the session to offset the weakness
exhibited during the Asian session. Such exporter action was noticeable absent
during the last week weeks as the JPY currency weakened. JPY strength emerged
as the Hang Seng Index slumped in the last hour of trading. Analysts also
pointed out that stretched positioning suggested that USD/JPY would struggle to
extend its recent gains.
Papers:
The Telegraph’s Ambrose Evans-Pritchard looked at the factors affecting petrol
prices and its effects on global growth. According to Bank of America, following
the recent spike in oil prices, energy costs now make up about 9% of global
GDP, near levels in the past which have triggered recessions. The firm believes
that oil prices above $130 would pose a significant threat to growth.
In an interview with the German press, PIMCO’s
El-Erian said that he sees Portugal to be the next Greece, and that it will
require additional cash from Brussels to avoid a bust. This year would indicate
whether the euro zone will break apart or become a smaller, stronger region;
the first option being “less likely but definitely not to be ruled
out”.
The UK Chancellor of the Exchequer expected to offer £40.0B in low rate loans
to small businesses in an attempt to boost the economy.
7:45 (UK) Business Sec Cable
–
8:30 (CA) Canada Jan Wholesale Sales M/M: 0.4%e v 0.9% prior
– 8:35 (US) NY Fed’s
Dudley to speak about economy on Long Island
–
9:00 (PL) Poland Feb Sold Industrial Output M/M: +3.0%e v -5.1% prior; Y/Y:
8.8%e v 9.0% prior
–
9:00 (PL) Poland Feb Producer Prices M/M: 0.0%e v 0.2% prior; Y/Y: 6.6%e v 8.0%
prior
– 9:00 (US) Apple
conference call on its cash holdings
–
9:00 (RO) Romania to sell 12-month Bonds
– 9:30 (US) Fed’s
Killian on foreclosures
-10:00 (US) Mar NAHB
Housing Market Index: 30e v 29 prior
–
10:00 (FR) France Debt Agency to sell combined €7.4B in 3-month, 6-month and
12-month Bills (BTF)
–
10:30 (EU) ECB announces weekly settlements in its Govt Bond Purchase program
(SMP)
–
10:30 (EU) ECB calls for bids in 7-Day Main Refinancing Tender
–
10:45 (UK) BOE to buy £1.5B 2015-2018 Gilts in reverse auction
–
11:00 (US) Fed to purchase $4.50-5.25B in Notes
–
11:30 (US) Treasury to sell 3-Month and 6-Month Bills
–
11:30 (US) NY Fed’s Dudley to visit instrument maker on Long Island
–
12:30 (US) Portugal’s Fin Min Gaspar speaks in Washington
–
13:00 (AS) ECB’s Nowotny speaks in Vienna
–
13:00 (EU) EFSF’s Regling, Luxembourg
Fin Min Frieden speak in Luxembourg
–
13:40 (US) Fed’s Dudley to Partake in Roundtable on Long Island
–
14:30 (AT) ECB’s Nowotny speaks in
Vienna
– CFTC, Registration of Swap Dealers and Major
Swap Participants
–
20:30 (AU) Australia Central Bank (RBA) March Minutes
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