Recap 3-15-13

~ globalmacrotrading

Commentary:

NB: There will be no updates next week.

The ECB’s take on EU rebalancing, h/t FTAlphaville:

Notable:

  • UMichigan Consumer Confidence dropped to 71.8 in March vs 78 exp, the lowest print since Dec 2011. The drop appears to be driven by responders making more than 75k/yr.
  • Some comments from the BoE today moved GBP assets. Mervyn King said that the GBP is ‘moving towards a properly valued exchange rate.’ The chief economist Spencer Dale vigorously defended the BoE’s inflation mandate. Recent press reports have suggested that the Treasury is considering proposals to change the MPC’s inflation remit. It was also reported on Bloomberg this week that Governor-designate Carney recently met with a high-level Treasury official to discuss the remit
  • Portugal’s bailout terms were extended today. The country must cut its budget deficit to 3% of GDP in 2015, a year later than originally set.
  • Japan’s Upper House confirmed all three nominations for the BoJ. They take up the new positions on March 20th. The first board meeting takes place April 3rd and 4th.

Upcoming Data:

  • Mon : US NAHB Index
  • Tue : UK CPI, German Zew, US Housing Starts
  • Wed : BoE Minutes, FOMC, UK Jobless Claims, Japan Trade Balance, China HSBC Flash Mfg PMI

Published by globalmacrotrading

I am a G20 Global Macro Portfolio Manager in NYC. My background includes stints at a major investment bank, a commodities market maker, and one of the world's largest global macro hedge funds.