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Tuesday April 2, 2013 - 20:25:30 GMT
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Lackluster PMI reports. RBA policy steady with easing bias
|Lackluster PMI reports. RBA policy steady with easing bias|
3 April 2013 00:00 gmt
CALENDAR- Far East: AU- Trade. Europe: EZ- HICP (CPI). North America: US- Mortgage Statistics, ADP Private Payrolls, Services PMI, Weekly Crude.North America: US- Factory Orders, API.
- HIGH IMPACT ITEMS: AU- Trade, EZ HICP, US- ADP Payrolls, Services PMI.
- Forex markets were finally back at full strength Tuesday after the Easter break. The remainder of the week sees a full economic calendar.It is also an especially active period for central bank meetings. Key data Wednesday will be the ADP payroll data. A gain of about 200K is seen for March. Also the ISM service PMI is watched closely along with its employment sub-component. These data are NOT good predictors of individual monthly employment reports, but are indicators about broad trends.
- A significant increase in economic stimulus is expected to be announced by the BOJ Thursday after its two-day meeting. The BOJ is not known for major surprises.
- A slew of PMI reports were released Tuesday. They seem to be saying that global economic activity may be headed into a slowdown. U.K. Manufacturing PMI improved from the previous month, but fell short of expectations. It seems sometime that PMI data do not always translate to equivalent changes in "hard " economic data. Take these reports with a pinch of salt.
- The Reserve Bank of Australia kept policy steady today, as expected. The central bank kept the door open to a future policy easing. Nevertheless, the AUDUSD is firmer..
||JGB 0.56% -1bp
||Bund 131% +2bp
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John M. Bland, an author and a founding partner of Global-View.com, has been a corporate FX consultant for a major N.Y. bank, a forex trader for a major N.Y. institution, and an FX analyst for a blue chip Fed watching service.. John has an MBA in International Finance and an A.B. in Economics from the University of California at Berkeley.
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