^^ US Market Update

Monday, February 13, 2012 11:09:20 AM TradeTheNews.com US Market UpdateDow +48 S&P +6 NASDAQ +18

***Economic data***
- (PL) Poland Dec Current Account: -€1.3B v -€1.2Be v -€1.0B prior; Trade Balance: -€1.1B v -€901e
- (MX) Mexico Dec Industrial Production M/M: 0.9% v 0.5%e; Y/Y: 2.8% v 2.8%e
- European equity markets are giving back some ground as they head towards the close of trading. US indices gained in the premarket and opened well bid, but they are also ticking lower in mid morning trade. Unsurprisingly, analysts have spent the morning trying to poke holes in Greece's passage of austerity measures. While the Eurogroup is now set to approve the second bailout of Greece at a meeting of the Eurogroup on Wednesday, Feb 15th, Greek political leaders still need to provide their European partners with written commitments by that time, promising that they will stick to the program agreed to. Note that during the debate in the Greek parliament ahead of the vote yesterday, the leader of the government coalition member party New Democracy, Antonis Samaras, told his MPs to support the measures today so that the parliament could later "negotiate and change the current policy," which he claimed was forced on Greece. There has been little consequential US corporate or economic news out this morning, although many took some comfort from a comment by PBOC advisor Xia Bin, who said that USTs should remain China's FX investment of choice. Treasury markets were bid up from opening levels sending yields several basis points lower.
- In currency trading, EUR/USD made a run for the 1.3300 handle in European trading, following the positive news out of the Greek parliament. However the 1.3280 level held strong once again and the pair has retreated back to 1.3220 in mid-morning US trade. The JPY was firming up just a bit ahead of the BOJ rate decision set for Tuesday's session. USD/JPY is around 77.60 and the EUR/JPY cross has not been able to find momentum above the 103 handle.
***Looking Ahead***
- 11:00 (US) US President Obama budget presentation
- 11:00 (US) Fed to Purchase $1.5-2.0B in Notes
- 11:30 (US) Treasury to sell 3-Month and 6-Month Bills
- 11:45 (CA) Ontario Minister of Finance Duncan speaks in Toronto
- 11:00 (IC) Iceland Jan International Reserves (ISK): No est v 1.049T prior
- (JP) Bank of Japan (BOJ) Interest Rate Decision: Expected to leave the Target Range unchanged between 0.0-0.10% Legal disclaimer and risk disclosure All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.Forex News
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