Recap 12-4-12

Commentary:

None

Notable:

  • RBA cut rates by 25bps to 3%, as exp. Statement noted that the exchange rate remains higher than expected.
  • BoC kept policy unchanged as exp. Statement was neutral and mainly unchanged.
  • Spain Unemployment increased 74.3k in Nov vs 90k exp and 128k prev.
  • Non-commercial net position in 10Y note futures highest since March 2008; JPMorgan Treasury Client Survey net long falls to lowest since June 25,

Upcoming Data:

  • Tue: BoC, China HSBC Services PMI
  • Wed: Italy, Spain and UK Services PMI, EU Retail Sales, US ADP, ISM Non-Mfg, Australia Employment
  • Thu: Swiss CPI, Unemployment, BoE, ECB, US Jobless Claims,
  • Fri: US Employment, Canada Employment
  • Mon: China Data, Japan Current Account, Eco Watchers Survey, German Trade Balance, EU Sentix Investor Confidence, Canada Housing Starts
  • Tue: German Zew, USDA Ag report
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