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Friday February 1, 2013 - 10:36:00 GMT
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CURRENCY WARS: EURO continues its strong advance vs. the JPY and USD. EU officials cannot be pleased. January jobs data due on New York open
|CURRENCY WARS: EURO continues its strong advance vs. the JPY and USD. EU officials cannot be pleased. January jobs data due on New York open|
1 February 2013 11:00 gmt
CALENDAR- North America: US- Employment, University of Michigan Survey, mfg PMI, Construction Spending, COT Report..
- HIGH IMPACT ITEMS: US- Employment, University of Michigan
- CURRENCY WARS: The EUR has continued to work higher vs. the USD and JPY following a number of stronger than expected PMI readings from Europe. U.K. PMI data were a touch weaker than expected, but still (barely) at an expansion level. The EZ flash HICP (CPI) estimate of 2.0% yy for January brought the ECB back in line with its target for the first time since December 2010 .
- Markets are waiting eagerly for the January U.S. employment figures. due on the N.Y. open. The ADP private employment data released on Wednesday suggest a decent NFP report. Street estimates are for a gain of 155,000 in the month, although "whisper numbers" are for a slightly higher reading. Job growth levels continue to point to a tepid recovery.
- Chinese PMI data (NBS and HSBC) were mixed today but still suggested that the economy is in expansion.
- Australian PMI data released early in the day were especially weak. The Reserve Bank pf Australia (RBA) meets for the firs time in two months next Tuesday.
- The key EURUSD 20-day moving average is 1.3323. the 10-yr bund is 1.71%, +3 bp. European bourses are up. U.S. shares are higher. The U.S. 10-yr is 2.00%, +2bp.
- Key Far East bourses were mixed to higher. The 10-yr JGB is 0.77%, +2bp. The USDJPY 20-day average is 89.37. EURJPY 20-day average is 119.10.
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John M. Bland, an author and a founding partner of Global-View.com has been a forex trader and a FX analyst for a top N.Y. Fed watching service. Previously he was an FX consultant to major institutions. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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- POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias
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