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Currency Market Survives Bombshells

While the U.S. stock market was hit with fresh bombshells from the tech sector -- weak earnings from Hewlett-Packard, Dell and warnings from Nortel -- and news of allied airstrikes against Iraq, the USD majors remained surprisingly stable before the long U.S. weekend and G7 meeting.

Next week's holiday-shortened period will be light on data. Highlighting the calendar will be the Consumer Price Index release on Wednesday. The CPI should prove anticlimactic following Friday's Producer Price Index release, but will be of interest nonetheless.

Other releases include international trade, jobless claims and leading indicators. The absence of significant data will leave much of the focus on the equity markets. More crucial figures will be out the following week, including confidence and the National Association of Purchasing Managers report. Note that payrolls won't be released until Mar 9.

As for possible Fedspeak next week, Gov Gramlich will be in London on Tuesday to address a Euromoney magazine conference while San Francisco Fed president Parry (a non-current voter) speaks before a local economists group on Wednesday.

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