FOMC

5

BoJ Poised to Ease

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G10 Advancers and Decliners vs USD

CHF
0.19

EUR
0.12

GBP
0.10

JPY
-0.09

• New Zealand Jan retail sales m/m 0.8% vs. 0.5% exp, y/y 2.3% vs. 3.6% exp, ex-autos 0.3% m/m vs.

 
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6

Daily Futures Commentary February 25, 2010

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Thursday, February 25, 2010
Today, Fed Chairman Bernanke will continue his testimony before the House Financial Services Committee. Yesterday he said the U.S. economic recovery has been “nascent” and requires

low interest rates to help it sustain growth. He also said that low employment and subdued inflation allow the FOMC to keep downside pressure on interest rates.
Today’s January Durable Goods Report came out better than expected, but that wasn’t enough to help the equities. Stock indices are down on the news that initial claims rose by 22,000

to 496,000.

 
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4

Market Bounces, Even With Greenspan Testifying

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The market is getting a nice bounce this morning after yesterday's large selloff. The S&P 500 is still trading below its overhead 50-day average, so we will have to see if this is just a one-day bounce and more work needs to be done in terms of consolidation.

It's interesting that the new home sales report was quite weak this morning, showing an -11.2% decline in January, but the market seems to be shrugging it off.

 
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4

Markets wait for Bernanke and default announcements

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Weather will play havoc with market data over the next few weeks. Next month’s NFP report is expected to bring a few surprises after Feb.’s unexpected snow dump along the Easter sea board. This morning’s German Business confidence headline, itself, could not escape the ‘weather’. German confidence unexpectedly fell for the first time in 11-months in Jan., as the coldest winter in 14-years damped retail sales and construction (95.2 vs. 95.8). Despite its stronger underlying fundamentals, technically the German recovery is suspended until the winter is over.

 
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5

Daily Futures Commentary February 18, 2010

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Thursday, February 18, 2010
U.S. stock indices are expected to open flat this morning. The stronger Dollar on Wednesday kept a lid on prices despite better than expected U.S. economic news and a positive FOMC

report from the Fed. The trading action shows that risk is still a concern for investors, and that traders are reluctant to buy strength. This may mean that another correction may be necessary to

attract fresh buying.

 
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4

Daily Futures Commentary February 17, 2010

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Wednesday, February 17, 2010
U.S. investors are driving stock indices higher ahead of this morning’s housing starts and industrial production reports. Renewed confidence in higher risk assets is also contributing

to the strength. Trading could slow down after the morning session as investors flatten out ahead of this afternoon’s FOMC minutes.
The charts indicate that the main trend remains down in the three major indices and that this current rally is being driven by short-covering following the recent sharp sell-off.

 
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6

Trichet Leaves Sydney Early

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G10 Advancers and Decliners vs USD

EUR
0.26

CHF
0.09

GBP
-0.03

JPY
-0.31

FX markets were choppy in the Asian session, with risk appetite see-sawing. The day started with a risk off tone, as Wall Street plunged due to speculation that FOMC Chairman Bernanke could indicate tightening when he testifies in the House on unwinding Fed liquidity programs this week. The USDJPY fell to 89.20, but failed to pierce daily cloud support at 89.02.

 
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3

2010 Outlook for Mortgage Rates

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This is a guest post by Tim Manni of HSH.com. Tim is the author of HSH’s daily blog, which concentrates on the latest developments in the mortgage and housing markets. If you like what you see here, please consider subscribing to his RSS feed.

Are you at all concerned about where mortgage rates are headed as we roll into 2010? If so, it’s understandable since many analysts have predicted rates to rise as the year goes on.

 
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5

What’s Next For The Dollar?

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The Federal Reserve’s Open Market Committee (FOMC) is sticking to its course for phasing out the additional purchases of Mortgage Backed Securities (MBS). Notably however, in its statement released January 27th, reference to an improving housing market was omitted after recent bad news about the sector.

The Fed rarely puts much weight on a month’s worth of data, be they good or bad; few have ever accused the Fed of being “ahead of the curve”.

 
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5

FOMC Rate Decisions Sparks Buyers as Volume Rises

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The correction didn’t end today, but buyers stepped up with volume behind them.  Stocks set a new low for the current correction after New Home sales unexpectedly slowed in December.  Selling pressure slowed as traders began positioning themselves for the FOMC rate decision.  The market appeared to have support at these levels NASDAQ 2200 and [...]
FOMC Rate Decisions Sparks Buyers as Volume Rises

 
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