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Sterling
Commentary The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5380 level and was supported around the $1.5205 level. Bank of England reported it is considering an extension of the eligible collateral at its discount window. BoE MPC Fisher said the move would “enhance facilities.” Minutes from the March MPC meeting were released today in which policymakers voted unanimously to keep its asset-purchase program unchanged at £200 billion. Data released in the U.K. today saw the February claimant count decrease to 4.9% from 5.0% in January while the ILO three-month unemployment rate was unchanged at 7.8%. Bank of England Monetary Policy Committee member Barker this week reported the U.K. economy could recede again, adding the economic recovery will continue to be “bumpy and fragile.” Cable bids are cited around the US$ 1.4455 level. The euro moved lower vis-à-vis the British pound as the single currency tested bids around the US$ 0.8950 level and was capped around the $0.9065 level. SCHEDULE Wednesday, 17 March 2010 all times GMT (last release in parentheses) N/A Japan Bank of Japan Policy Board monetary policy decision 0030 Australia Q4 dwelling starts (8.9%0 0930 UK Bank of England Monetary Policy Committee meeting minutes 0930 UK February jobless claims, net change (23,500) 0930 UK February claimant count (5.0%) 0930 UK January ILO unemployment rate (7.8%) 0930 UK January average weekly earnings 1000 Eurozone Q4 labour costs (3.2% y/y) 1000 Eurozone January construction output (0.5% m/m) 1000 Eurozone January construction output (-3.1% y/y) 1230 US February producer price index (1.4% m/m) 1230 US February producer price index (4.6% y/y) 1230 US February PPI, ex-food and energy (0.3% m/m) 1230 US February PPI, ex-food and energy (1.0% y/y) 1230 Canada January wholesale sales (0.7% m/m) 2300 US MBA mortgage applications (0.5%) 2350 Japan Q1 BSI large all-industry 2350 Japan Q1 BSI large manufacturing Thursday, 18 March 2010 all times GMT (last release in parentheses) 0200 NZ March ANZ consumer confidence index (123.6) 0200 NZ March ANZ consumer confidence (-5.9% m/m) 0500 Japan Bank of Japan monthly report 0500 Japan January leading index (94.3) 0500 Japan January coincident index (97.6) 0715 CH February trade balance (CHF 2.42 billion) 0815 CH Q4 industrial production (3.4% q/q) 0815 CH Q4 industrial production (-6.7% y/y) 0900 Italy
January trade balance 0900 Eurozone January current account (€1.9 billion) 0930 UK February mortgage approvals (49,000) 0930 UK February public sector net borrowing (£4.3 billion) 0930 UK February public sector net cash requirement (-£11.8 billion) 0930 UK February M4 money supply (0.4% m/m) 0930 UK February M4 money supply (4.9% y/y) 1000 CH March ZEW survey, expectations (52.5) 1000 Eurozone January trade balance (€4.4 billion) 1100 UK March CBI industrial trends (-36) 1230 US February consumer price index (0.2% m/m) 1230 US February consumer price index (2.6% y/y) 1230 US February CPI, ex-food and energy (-0.1% m/m) 1230 US February CPI, ex-food and energy (1.6% y/y) 1230 US Q4 current account balance (-US$ 108.8 billion) 1230 US Weekly initial jobless claims (462,000) 1230 US Continuing jobless claims 1230 US Kansas City Fed President Hoenig speaks 1230 US Richmond Fed President Lacker speaks 1230 Canada January international securities transactions 1400 US March Philadelphia Fed index (17.6) 1400 US February leading indicators (0.3%) 1530 US Federal Reserve Governor Duke speaks Friday, 19 March 2010 all times GMT (last release in parentheses) 0200 NZ February credit card spending 0430 Japan January all-industry activity index (-0.3% m/m) 0700 Germany February producer price index (0.8% m/m) 0700 Germany February producer price index (-3.4% y/y) 0745 France Q4 wages (0.2% q/q) 0900 Italy January industrial orders 0900 Italy January industrial sales 1230 Canada February consumer price index (0.3% m/m) 1230 Canada February consumer price index (1.9% y/y) 1230 Canada Bank of Canada CPI, core (0.1% m/m) 1230 Canada Bank of Canada CPI, core (2.0% y/y) 1230 Canada January retail sales (0.4% m/m) 1230 Canada January retail sales, ex-autos (0.4% m/m) DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained SUPPORT RESISTANCE L1. 1.5345 1.5880 L2. 1.5160 1.6215 L3. 1.4950 1.6530
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