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Forex Flash: US February consumer spending and retail sales to improve – TD Securities

TD Securities analysts expect US February consumer spending to advance strongly and better than expected retail sales, as well: “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).

“However, with gas and autos accounting for almost all of the gains in spending, we look for core retail sales to rise at a more modest 0.2% m/m pace in line with consensus expectations, suggesting a relatively subdued tone in underlying spending momentum”, Pontoh continued, expecting relatively soft personal spending in the next few months “as the hit from higher taxes and impact of sequestration lower take-home pay, and possibly spending momentum”.

Forex: EUR/USD keeps the red after Italian, German auction

The single currency is testing session lows in the area of 1.3010/15 after Italy sold €6.993 billion in today’s auction vs. target of €7.25 billion, with the 3-year bond yields ticking higher to...
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Ireland moves to launch 10-year bond auction for first time since 2010

Ireland may sell as many as €3.0 billion worth of 10-year bonds, perhaps as soon as today even, marking a new chapter in the financial recovery for the country. Ireland’s National Treasury Management Agency noted yesterday it hired Barclays Plc (BARC), Danske Bank A/S (DANSKE), Davy Stockbrokers, HSBC Holdings Plc, Goldman Sachs Group Inc. and Nomura Holdings Inc. as joint lead-managers for the transaction, “details of which will be announced in due course.” The bond was priced to yield 245 basis points over mid-swaps, a fixed- market benchmark.
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