Tuesday, January 16, 2007
Well, hurdle one of Judgement Week passed without event. UK CPI printed 3.0%, pretty much what Macro Man had assumed was priced into the pound and the strip. Both are little changed on the day, and in the case of LM7, since Macro Man went long. This week has been fairly tedious to date, thanks in sno small part to yesterday's US holiday. Hopefully, today will see at least some fo the beta plus SPY position filled.
This evening sees the release of New Zealand CPI, and Macro Man wants to see a low number. Yesterday's quarterly business confidence survey hit its highest level sicne 2002, which suggests that the stratosphereic level of the NZD is not hitting as hard as Macro Man believed. Although kiwi gains have been relatively muted in the grand scheme of things, tolerance for further losses from here is very limited. EM currencies have taken a step back, on the other hand, so it will be critical to see how equities perform today. The BOJ either will or will not hike rates, depending on which press report you believe. The sooner the BOJ gets their business over and done with, the better.
As Macro Man waits for the release of key data and the re-opening of the stock market, he has surfed the net and come up with a few interesting tidbits:
* Can you guess the five best-selling cars of all time? One in particular was a surprise to Macro Man
* How many of the 10 best-selling books of all time have you read? Macro Man has laid hands on four of them, but read none cover-to-cover
* Kepler's conjecture, which asserts that the most efficient way of stacking spheres is in a pyramid, has been proven with 99% certitude. The proof is 300 pages long.
* The governments of Venezuela, Iran, and Syria are all avowedly anti-American. Curious, then, that the most popular website in each country is American!