One Financial Weekly Report - 0406 Through 0411

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04/06 through 04/11 Overview of the Past Week Action this past week was mostly focused on Asia and Europe as data from the US was sparse and did little to move markets, minus the FOMC meeting minutes. Meeting minutes from the Fed’s most recent meeting in March showed them as being more dovish than was expected they would be given the tone from the press conference and due to rate hike expectations being moved forward a bit by some members. We also heard from Fed Chair Janet Yellen who also did her best to dampen any expectations of any rate hikes in the near future. Other themes from the week included UK Industrial and Manufacturing Production, both which came in better than expected and both which continue to show that the UK economy continues to 1 One Financial Weekly Report

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Weekly Market analysis paper I write each week.Analyzes past events in the markets and the world that effected the markets the most. Focus is mainly on Currencies with some mention from time to time of oil, equities and commodities in general. Covers the following regions: US, Canada, Euro Area, United Kingdom, Australia, Japan, New Zealand, China and Emerging Markets

Transcript of One Financial Weekly Report - 0406 Through 0411

  • 04/06 through 04/11

    Overview of the Past Week Action this past week was mostly focused on Asia and Europe as data from the US was sparse and did little to move markets, minus the FOMC meeting minutes. Meeting minutes from the Feds most recent meeting in March showed them as being more dovish than was expected they would be given the tone from the press conference and due to rate hike expectations being moved forward a bit by some members. We also heard from Fed Chair Janet Yellen who also did her best to dampen any expectations of any rate hikes in the near future. Other themes from the week included UK Industrial and Manufacturing Production, both which came in better than expected and both which continue to show that the UK economy continues to

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    One Financial Weekly Report

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    improve. German Industrial Production also came in better than expected. The Bank of Japan had their monthly policy meeting this past week and overall sounded a bit hawkish as they continue to expect inflation to reach their target and growth to continue despite the tax hike that went into eect at the beginning of this month. All in all, the BoJ are in no hurry to add more stimulus to their already massive stimulus program. Employment data in Australia came in better than expected and continues to show an Australian economy that seems to be improving. At least for now. Also from China, CPI and PPI data came in lower than expected, continuing to show a struggling economy even though the government does not want to do anything about stimulating the economy in any meaningful way at this time. All the Chinese government wants to do at this point it seems, is do what it can to implement policies to do what it can to boost employment in particular. Other data during the week included US UoM Consumer Sentiment Index which came in higher than expected, US Jobless claims that fell to their lowest level since May of 2007. Also the ECB monthly report that was released was broadly inline with what we have heard from the ECB up to this point. We most likely wont get any sort of easing from them either until June, when the release their new medium term forecasts for the Euro Area economy. Overall though the USD continued to weaken throughout the week as rate hike expectations were pushed back while the Yen strengthened the most during the week on a less dovish central bank. "

    The Shanghai Composite closed higher for the week, up +3.52%; Nikkei 225 closed down -6.06%; German DAX was down -2.72%; UK FTSE 100 was down -1.22%; US S&P 500 index was down -2.44%. USD/JPY closed up -1.6%; EUR/USD closed up +1.35%; GBP/USD closed up +0.92%; AUD/USD closed up +1.26%; NZD/USD closed up +.96%; USD/CHF closed down -1.86%; Gold closed up +1.10%; Oil closed up +2.40% US 10-year bond price closed up +0.83%"!

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    Key Events

    BoJ Stays the Same - During their monthly meeting this past week, the BoJ left rates at their current level of 0.10% and also left their QE program the same as it has been. They expect the economy to continue to improve and the inflation rate to reach their 2% target, regardless of the tax hike that is now in place in Japan. Though expectations are for them to ease further and we will see if they do or not in just a little over two weeks from now, during their April 30th meeting. By that time too, they should have a better view on the economy and the effects the tax hike has taken on it, if at all.

    FOMC Meeting Minutes - the Meeting minutes from last months Fed meeting showed in it a bit more of a dovish tone than was expected. It talked down rate rises 6 months after QE ends. It also showed that all members wanted to replace existing thresholds for the first rate rise. The USD fell and stocks rose on these minutes.

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    Weekly Overview and Upcoming by Region: "

    United States The most important event to happen this week from the US was the FOMC meeting minutes. In it, it showed a more than expected dovish Fed. They noted that recent weak data has been due to recent adverse weather, the minutes also showed that all members were in favor of dropping the past thresholds used for when rates would be raised. They also did not mention any rate rise 6 months after QE ends and almost all FOMC members wanted the new forward guidance to be qualitative in nature. So overall a dovish statement which did take the markets by surprise as last month during the meeting, we saw rate rise expectations change from several members of the Fed and we also heard from Fed chair Janet Yellen during the press conference that rates could be raised within six months after QE is done, though this has turned out to be more of a blunder in speech any sort of direction in policy. The dovish minutes also caused the US Dollar to fall quite a bit this past week especially against the Yen. Other data from the US showed improvements with Jobless claims falling to their lowest level since May of 2007. Also PPI for March came in much better than expected and the UoM/Reuters Consumer Sentiment number came in better than expected, though this is just the preliminary number so when the final number comes in later on in a couple of weeks, this could change but so far things are looking good. Also NFIB Business Optimism came in better than expected. Negative data included MBA Mortgage Applications and Wholesale Inventories fro February. But overall, this week has seen some upside to the data especially the jobs data, which has been looking better as of late. But we will have to continue to see how things play out and if the US economy does improve as expectations continue that it will as the summer months begin. One Financials analysis of sentiment on the US Dollar continues to be neutral but based on the dovish Fed meeting minutes and their continued desire to keep rates low long past when QE is done this does give a slightly negative bias to our assessment as lower rates mean the US economy, at least in the eyes of the Fed, is still not strong or sustained enough to be able to handle higher rates. And low rates for an extended period of

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    AUD Employment Beats - data this past week showed that the Australian job market added over 18K for the month of March, far above the 7.3K forecasted. The unemployment also fell from 6.1% to 5.8% which was quite unexpected. Full-time job numbers fell while part-time rose. Companies are being more optimistic and so they are hiring more now This strong data is a good sign for the Australian economy and also could be pointing to overall growth that is stronger than previously expected by the RBA in particular which could mean a rate rise instead of a rate cut as their next movement.

    China CPI - CPI data from China this past week came in a bit lower than expected and still remains below the PBoCs CPI target of 3.5% giving more reason for the government of China to roll out measures to help boost the economy but the government continues to say that they will not implement any strong stimulus at this time.

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    time will likely cause business and consumer sentiment to weaken and therefore cause investment from businesses and spending from consumers to weaken. As for data this week from the US, we will have Retail Sales data and Business Inventories on Monday. Then on Tuesday we have CPI data, a speech by Feds Yellen, Net Long-Term TIC Flows and NAHB Housing Market Index number for April and on Wednesday we will have Building Permits, Housing Starts and Industrial Production numbers as well as another speech by Fed Chair Yellen. Then to close out the week we will have Initial Jobless Claims and Philly Fed Manufacturing Survey for March. !

    CanadaData this past week showed that Building Permits for February and Housing Starts for March both slowed. Housing Starts fell from the recent highs we have seen in the data and Building Permits have fallen to negative territory again, but has been notoriously volatile throughout its history. We also had the Bank of Canada Business Outlook Survey. Overall the analysis was pretty good as businesses reported improvements in past sales activity and antiquate an increase in sales growth over the next 12 months, export firms in particular. Plans to hire are also positive and firms are indicating that they are operating more closely to full capacity. The report also points to the improvements being caused by a weaker Canadian dollar and an improving US economy. So overall a pretty good picture in regards to Canadian business activity and future planned activity. As for data this week, we have CPI data on Thursday. The most important event though this week from Canada will be the Bank of Canada monthly meeting. It will be interesting to see what the Bank says in regards to positive data that has surprised the markets recently. The Bank is currently in a neutral stance and has even suggested that rates could move lower but that could change now with the recent improvements we have been seeing. It could be that the Bank continues with their recent neutral to negative rhetoric which would cause the Canadian Dollar to fall but if they change their rhetoric and instead focus more on the positive data, then One Financial expects the CAD to rise and by a good amount as a change in rhetoric from the bank could very likely mean that a rate cut is no longer on the table and

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    UK Data - Both industrial and manufacturing production

    numbers for February came in better than expected.

    Industrial production rose due to a rise in factory output. Both data points continue to show a UK economy that continues to

    improve and grow.

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    we could be looking towards a rate hike in the future instead. So this is something to watch. As for One Financial, we expect the bank to continue to sound neutral and will talk down the recent data though, possibly, being cautiously optimistic that things will improve down the road. Also One Financial expects them to talk down any hopes of rates rising in the future, if that is even brought up which is a real possibility given the positive data seen from Canada recently. !United KingdomLast week, the Pound got a pretty big lift on much better than expected Industrial Production and Manufacturing Production, both for February. Also Trade balance data came in better than expected, lower than previous, but this was due to a drop in imports including aircraft and aircraft parts and also exports dropped some too. The BoE has wanted exports to rise as well in order to shift the balance of recovery seen in the UK from being mainly driven by consumer spending to being driven by exports as well. Also too of note, the BoE left interest rates and QE alone, both as expected. The BoE rate decision this week was pretty much a non-event with not even a statement being released. So overall a pretty positive week for the UK economy and the Pound as well as data continues to show a very good recovery continuing in the UK at this time. This of course continues to cause participants to believe and expect that a rate hike is coming sooner than the BoE wants.As for data this upcoming week, we have the all-important CPI data for March on Tuesday as well as PPI and Core PPI. then on Wednesday we will have Claimant Count Change, Claimant Count Rate and the UK Unemployment Rate. !Euro Zone This last weeks data continued to show weakness in the Euro Area economy. CPI data from France printed lower than expected and previous, pushing the member country closer to a deflationary state. Also inflation fell in Greece again and continues to be in negative territory. while Portugals inflation data also came in weaker month-over-month. But, as we heard from members of the

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    ECB this past week, deflation is not present and growth will increase and has the downtrend in economic activity has bottomed out. So there will likely be no action from the ECB in response to this weak inflation data. Other weak data for the week included Italian Industrial Production and Euro Area Sentix Investor Confidence. Also Exports in Germany fell fro February while imports gained, which shows that Germany continues to do well overall as the rest of the Euro Area economy continues to struggle. A situation that One Financial does not believe will be able to be sustained for much longer. Something has to give sooner or later, and likely sooner in our opinion, as one country can not sustain a whole region for very long especially with inflation continuing to fall. This week, as was mentioned, we heard from several ECB members who said that there is no deflation risk and that growth is gaining some but they also said that the committee is looking at and analyzing dierent easing methods that they might implement if inflation continues to fall. Some good news though from Greece as they returned to the bond markets this past week selling 4 billion worth of 5-year bonds with demand very high. However, though this demand and bond sale looked so good, it really does nothing to give a really good picture of what future demand will be. A couple of things to remember about this auction: (1) it is Greeces first bond auction in over 5 years so excitement surrounding this auction was high and so such a high demand level is not such a big surprise and (2) with yields as on these bonds at around 5% at auction, this is very good yield when compared to other bond yields around the world, so investors are looking for and jumping at any chance they get to get such a good yield, once again explaining the large demand. And besides, Greeces economy is still doing so bad that regardless of the high demand during this first auction, demand could very well fall during the next round of auctions as economic conditions continue to be bad there and One Financial expects both scenarios to unfold. Overall then, our analysis of sentiment for the Euro Area continues to be negative due to the fundamentals but neutral to even a bit positive due to the continued strength in the Euro and the lack of action by the ECB at this time as well as their lack of concern with inflation levels at their current levels. As for data this upcoming week, the most important piece of data this week will be Euro Area CPI number for March, which will be released on Wednesday. Expectations are for a year-over-year print

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    of 0.5% but if recent CPI prints from the separate regions of the Euro Area are any indication, One Financial is thinking things will get worse in the inflation data. Other data we will have will be CPI for Italy and Industrial Production numbers for the Euro Area on Monday. On Tuesday we have Euro Area Trade Balance and Euro Area and German ZEW Sentiment Survey numbers. Then on Wednesday we have the all important CPI numbers for March and then on Thursday we have German PPI and Euro Area Curretn Account data and on Friday we will have Italy Industrial Orders and Sales and Wage Inflation data. JapanThe most important event from Japan this week was the Bank of Japans monthly policy meeting which was significant, not in the way of any more easing measures or any sort of suggestion of future easing being implemented, but rather due to the fact that the Bank went in the other direction. Overall, instead of voicing concerns about the recent weak exports data or about how the newest tax hike will likely hamper growth in the country, they instead sounded rather optimistic saying that inflation is on its way to reaching their target of 2%, growth will soon rebound, even with the tax hike in place and the recent weakness in exports is only temporary. Overall, the Bank is in no rush to add on to their already large QE program. So at this rate, it looks like things are going to stay the same for now as far as BoJ policy is concerned and we will have to wait and see how the economy pans out and if it does indeed grow as the Bank has projected it will. As for data this week, there was a mixed picture painted. Machinery Orders for February came in lower than expected and previous while Machine Tool orders and Japans Trade balance data came in higher than expected and previous. Bank Lending for March also came in a bit weaker as did the Domestic Corporate Goods Price Index number which is correlated with the CPI number and is used to measure changes in prices in manufacturing costs and inflation and this piece of data in particular has struggled over the past few months to gain any traction, either up or down. But the markets gave greater attention to the BoJs policy meeting and because of the results of the meeting and the minutes to follow, the Yen rose for the week and quite strongly too, especially versus the US Dollar while the Nikkei 225 fell strongly.

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    As for data this week, we have Industrial Production and Capacity Utilization data as well as a speech by BoJ Gov. Kuroda, all on Wednesday. Then on Thursday we will have Consumer Confidence for March and Tertiary Industry Index number for February. "

    !AustraliaThis past week the most important data for Australia, the employment data, beat expectations and by a fairly good amount. With a rise in jobs of 18.1K (vs. +7.3K expected) and an unemployment rate that fell to 5.8% from 6.1%, against expectations of it rising some more this year, this is showing some good improvements in the Australian jobs market. However, while the overall number is good, within it it shows that full-time positions fell by over 22K while part-time positions rose 40.2K. So overall a good number but with the lack of full-time positions being added, and instead being taken away, we could see some surprises as many of these part-time positions could be short lived making way for more job openings down the road soon. Other data from Australia this past week included AiG Performance of Construction Index for March which came in better than previous but is still declining overall as the rebalancing of the construction sector of Australia has some way to go as the country moves away from mining-related activity. Other data, which came in better than expected, was Westpac Consumer Sentiment and Home Loans for February which is showing a slight uptrend beginning in the data for new home loans and could point to stronger construction figures later on as well. Investment lending for homes in Australia also rose again for February. A couple of data points that came in lower than expected was NAB Business Confidence numbers for March and ANZ Job Advertisements for March. But overall a good week on the data front for Australia and with the beat in employment data in particualr, this has given the markets reason to think that rates will now actually rise instead of being cut, as has been expected by many, including One Financial. As for our assessment, One Financial still holds a neutral stance on the Aussie dollar but with the data this week looking pretty good we will continue to watch to see how things develop from here. Overall though, we still expect the economy in Australia to continue to weaken throughout the year as non-mining investment

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    grows slowly, employment weakens more, regardless of this months stronger number and China economic weakness continues and grows, putting more pressure on the Australian economy. Data this upcoming week is sparse but we will have RBA meeting minutes from their last meeting and Westpac Leading Index number for March, both on Monday. Then on Wednesday we have National Australia Banks Business Confidence and New Vehicle Sales and then on Thursday the CB Leading Indicator for February will be released. "

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    New ZealandThis past weeks data continued to show a relatively strong New Zealand economy though with some weakness showing as Electronic Card Retail Sales for March come in weaker than expected while the NZIER Business Confidence number continued to show strength at multi-year highs and Business NZ PMI, showing how business conditions are in the country, continued to show strength as well as it rose again in March. Overall, the result of our sentiment analysis for New Zealand is one that is positive though if Retail Sales,in particular, continue to weaken this will likely weaken the recovery in New Zealand and will therefore cause the RBNZ to slow down some on how fast they raise rates, though they seem to be on a very determined and set course of rate hikes now so any weakness anywhere in the economy will likely have to be very weak indeed in order to keep the Bank from continuing to raise rates. Data this week is thin with only CPI data for Q1 on Tuesday but this is important to RBNZ policy as expectations from them have been that inflation risks are to the upside as the economy continues to improve so any surprises to either the up- or downside with this data will give the Bank some food for thought. "

    !ChinaThis past week data continued to show weakness in the Chinese economy as CPI data came in lower than expected and PPI fell some more during the month of February. Also imports fell some more as well as exports, pointing to more signs of a sluggish

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    Chinese economy. However, overall trade balance data from China came in as a surplus though this was due to falling commodity prices aecting imports in particular as such things as iron ore and coal have fallen in prices lately. However, even though Chinas economy continues to show weakness the government continues to say that they do not want to and so will not implement any sort of strong easing measures at this time though they will continue to roll out policies to help grow and support the economy especially to help grow employment, which is the main forces right now of the Chinese government. Though this rhetoric from the Chinese government, of no massive stimulus, has not stopped the markets from thinking otherwise as expectations continue that some sort of important easing measure will be implemented and one of the most anticipated and expected is a cut in the RRR ratio by the PCoC which is the reserve amount banks must have on had in China. But as always we will have to see what happens. One thing is for certain though, the Chinese government is more concerned with jobs creation than with the overall growth of the country so even if the growth rate in China dips to around 7%, One Financial does not think that any sort of major easing policies will be implemented. Things will have to get much worse than they are for that to happen. As for sentiment, data this week continues to reinforce our negative bias towards China as growth continues to falter in China and with a lack of any sort of strong easing measures being implemented, the Chinese economy will likely continue to weaken. As for data this week, on Sunday evening (EST time) we Foreign Direct Investment for February and M2 Money Supply and New Loan data, both for March, will be released. Then on Tuesday there will be GDP data for the first quarter of 2014 as well as Retail Sales and Urban Investment data, both for February, being released. Then on Thursday House Price Index data for March will be released. The GDP data though will be far and away the most important data this week from China, and one of the most important pieces of data for the week. Consensus is for 7.3% growth year-over-year vs. 7.7% previously. Anything worse than this and we could very well see a decent sized risk-o move while a number that is better than expected will likely cause risk assets to rise, particularly commodities and metals, both of which have been hit hard and in part due to China growth worries. !

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    Emerging MarketsThis past week, things in the emerging market space once again turned back to developments in Russia and Ukraine. Reports continued throughout the week of Russian troops building up on Ukraines borders with now over 50K in total, enough to invade Ukraine within a few hours if given the orders to, according to NATO. There were also reports of a NATO report saying that they had uncovered a paper that basically says that Putin has every intention of taking over the whole of Ukraine. But there were some mixed messages as well from Russia as the Foreign Minister was reported as saying that Russia is ready to work with Ukraine and the West to find a diplomatic solution to the situation in Ukraine. Also pro-Russian demonstrators in the Eastern part of Ukraine continued to protest throughout the week and also took over several government buildings. The government of Ukraine gave an ultimatum to the protestors promising them no legal action against them if they removed themselves from the government buildings, but to no avail. Also Ukraine is getting desperate for alternatives to their natural gas supply as last week they began to look for alternative sources in Europe. So overall, things are beginning to heat up again there and markets seem to be taking some attention again. One Financial also expects things to get more intense in Ukraine leading up to the elections at the end of May. As for other developments in emerging markets, Indonesia kept their interest rate at 7.5% and Poland also kept their interest rate at 2.5% and also said that rates will stay unchanged till at least the end of September this year. Also inflation from Sweden, the Netherlands and Norway also fell, showing yet more signs of inflation dropping throughout the world, particularly in advanced economies. Also South Korea kept their rates at 2.5% and the governor sounded a bit more hawkish than expected at the press conference saying that it is inappropriate to adjust policy to tackle low inflation which, according to the Bank, is due to supply factors. And they also mentioned that they would consider rate hikes when demand pressures inflation to go up. As for major data this upcoming week from emerging markets, we will have GDP numbers from Singapore on Sunday evening (US EST). On Monday, we will have Core and Headline Inflation from Slovakia and CPI from Finland. On Tuesday we will have Finlands GDP numbers and Poland and India CPI numbers and then on Wednesday we will have HICP from Austria and Net Inflation

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    from Poland. Then on Thursday we will have Brazils Mid-month inflation number and an interest rate decision from Chile. Also beginning on Thursday, many emerging market countries will be celebrating Good Friday and Maundy Thursday. So these two days in particularly will be especially slow in the emerging country markets. !!Upcoming Data of Importance"

    Country Release Date Time (EST) Exp. Prev.

    SGD GDP y/y (Q1) 04/13 8pm 5.5%

    CNY FDI - Foreign Direct Investment y/y 04/13 10.4%

    CNY M2 Money Supply 04/13 13% 13.3%

    CNY New Loans (Mar) 04/13 1T 644.5B

    EUR Finland CPI y/y (Mar) 04/14 2am 1.3%

    EUR Slovakia Core Inflation y/y (Mar) 04/14 3am 0.3%

    EUR Italy CPI y/y (Mar) 04/14 4am 0.4% 0.5%

    EUR Industrial Production y/y (Mar) 04/14 5am 1.7% 2.1%

    USD Retail Sales m/m (Mar) 04/14 8:30a 0.8% 0.3%

    USD Business Inventories 04/14 10am 0.5% 0.4%

    AUD RBA Meeting Minutes 04/14 9:30p

    EUR Finland GDP y/y (Feb) 04/14 2am 0.2%

    INR India WPI Infation (Mar) 04/15 2:30a 4.68%

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    GBP CPI y/y (Mar) 04/15 4:30a 1.6% 1.7%

    GBP Core CPI y/y (Mar) 04/15 4:30a 1.7%

    GBP PPI y/y (Mar) 04/15 4:30a 0.9% 1.1%

    EUR Trade Balance (Feb) 04/15 5am 8.5B 0.9B

    EURGerman ZEW Economic Sentiment (April)

    04/15 5am 46 46.6

    EURZEW Survey Economic Sentiment (April)

    04/15 5am 60.7 61.5

    PLN Poland CPI y/y (Mar) 04/15 8am 0.7%

    USD CPI y/y (Mar) 04/15 8:30a 1.5% 1.1%

    USD CPI ex. Food & Energy y/y (Mar) 04/15 8:30a 1.6% 1.6%

    USD Feds Yellen Speech 04/15 8:45a

    USD Net Long-Term TIC Flows (Feb) 04/15 9am 14.6B $7.3B

    USD NAHB Housing Market Index (Apr) 04/15 10am 49 47

    NZD CPI y/y (Q1) 04/15 5:45p 1.7% 1.6%

    AUD Westpac Leading Index m/m (Mar) 04/15 9:30p -0.1%

    CNY GDP q/q (Q1) 04/15 10pm 1.4% 1.8%

    CNY GDP y/y (Q1) 04/15 10pm 7.3% 7.7%

    CNY Industrial Production y/y (Q1) 04/15 10pm 9% 8.6%

    CNY Retail Sales y/y (Feb) 04/15 10pm 12.1% 11.8%

    Country Release Date Time (EST) Exp. Prev.

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    CNY Urban Investment YTD y/y (Feb) 04/15 10pm 18.4% 17.9%

    JPY Industrial Production y/y (Mar) 04/16 12:30a 10.3%

    JPY Boj Gov. Kuroda Speech 04/16 2:15a

    EUR Austria HICP y/y (mar) 04/16 3am 1.5

    GBP Claimant Count Change (Feb) 04/16 4:30a -30K -34.6K

    GDP Claimant count Rate (feb) 04/16 4:30a 3.6%

    GBP ILO Unemployment Rate (3M) (Feb) 04/16 4:30a 7.1% 7,2%

    EUR EZ Core CPI y/y (Mar) 04/16 5am 0.8% 1.1%

    EUR EZ CPI y/y (Mar) 04/16 5am 0.5% 0.5%

    USD MBA Mortgage App. (April 11) 04/16 7am -1.6%

    PLN Net Inflation (mar) 04/16 8am 0.9%

    USD Building Permits (Mar) m/m 04/16 8:30a .995M 1.02M

    USD Housing Starts m/m (Mar) 04/16 8:30a .968M .907M

    USDIndustrial Production m/m (Mar)

    04/16 9:15a 0.5% 0.6%

    CAD BoC Interest Rate Decision 04/16 10am 1% 1%

    CAD BoC Rate Statement 04/16 10am

    CAD BoC Monetary Policy Report 04/16 10:30a

    Country Release Date Time (EST) Exp. Prev.

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    !

    USD Feds Yellen Speech 04/16 12:15p

    USD Fed's Beige Book 04/16 2pm

    JPY Boj Gov. Kuroda Speech 04/16 8:30p

    AUDNAB Business Confidence q/q (Q1)

    04/16 9:30p 8

    JPY Consumer Confidence (Mar) 04/17 1am 38.3

    BRL Brazil Mid-Month Inflation (April) 04/17 8am 0.73%

    CAD BoC CPI y/y (Mar) 04/17 8:30a 1.1%

    CAD BoC Core CPI y/y (Mar) 04/17 8:30a 1.2%

    USD Initial Jobless Claims (April 4) 04/17 8:30a 316K 300K

    USD Continuing Jobless Claims (April 4) 04/17 8:30a 2.77M

    USD Philly Fed Manufacturing (Mar) 04/17 10am 9.8 9.0

    CLP Chile Interest Rate Decision (April) 04/17 6pm 4%

    JPY Tertiary Industry (Feb) m/m 04/17 7:50p 0.2% 0.9%

    AUD CB Leading Indicator (Feb) 04/17 8pm 0.2%

    CNY House Price Index (mar) 04/17 9:30p 8.7%

    EUR Italy Wage Inflation (Mar) y/y 04/17 5am 0.1%

    Country Release Date Time (EST) Exp. Prev.

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    Notes and Thoughts"

    Dont forget.this week is Easter so take a break if you want to.. and lets just all hope for no snow to ruin the longer weekend"

    !!!Contact Info Company: One Financial | Name: Andrei Wogen | Address: Minnesota, USD | email: [email protected]

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