German Bunds yield broke the monumental 3.09% level and was strongly rejected yesterday. That indicates a strong risk-willingness, which is also reflected by credit spreads and corporate CDS prices.
What's going on?
· The German constitutional court was saying that a Greek bail-out might violate the “no bail-out” clause in the EU rules and therefore be illegal. German Bunds yield broke the monumental 3.09% level and was strongly rejected yesterday. That indicates a strong risk-willingness, which is also reflected by credit spreads and corporate CDS prices.
· Not a lot of data today, so a lot of focus on Greece and the EUR, which is likely to continue underperforming the rest of the European currencies. Gold not affected.
Calendar
|
Economic Data Releases |
|
|
Country |
Time (GMT) |
Name |
Saxo |
Consensus |
Prior |
|
CA |
11:00 |
CPI / Core CPI MoM (FEB) |
|
0.3% / 0.3% |
0.3% / 0.1% |
|
CA |
12:30 |
Retail Sales / ex. Autos MoM (JAN) |
|
0.6% / 0.5% |
0.4% / 0.4% |
|
FX |
Daily stance |
Comment |
|
EURUSD |
0/- |
Sell at the break of 1.3585 and target 1.3475. Stop above 1.3515. |
|
USDJPY |
0 |
Neutral. |
|
EURJPY |
0/- |
Sell at the break of 122.85 and target 121.80. Stop above 1.2310. |
|
GBPUSD |
0/- |
Sell around 1.52 and target 1.5050. Stop above 1.5260. |
|
AUDUSD |
0/+ |
Buy on dips towards 1.0130 and target 1.0220. Stop below 1.0100. |