•
USD weakens across the board as euro recovers
somewhat
– Traders
cutting short positions in most currencies, according to COT report
– Still high
Eurozone current account surplus good for euro (but it also implies large
capital outflows due to unprecedented low interest rates)
– Indications
that Merkel is determined to keep Greece in the Eurozone
•
Mixed signals from the US
– Fed funds
rate expectations fall as investors reconsider FOMC growth forecasts
– BUT
Treasury Secretary Lew repeats the old mantra “A strong dollar is good for
America” and comments approvingly about loose monetary policies abroad
•
Podemos gets only 15% of vote in Andalusian
election
•
Today:
– Eurozone: Eurozone
consumer confidence – not that market-affecting. Merkel meets with Tsipras
– Switzerland:
Weekly sight deposit data to show intervention
– US: existing
home sales for Feb forecast to increase a bit
– Speakers:
Draghi, two regional Fed presidents, Fed Vice Chair Fischer.
•
This week:
– Tuesday: PMIs from
Eurozone countries; UK CPI; US CPI
– Wednesday:
German Ifo survey; US durable goods
– Thursday: UK retail
sales
– Friday:
End-of-month data dump from Japan, including CPI
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