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U.S. April employment report awaited. ECB cuts by 25bp, as expected
|U.S. April employment report awaited. ECB cuts by 25bp, as expected |
3 May 2013 00:00 gmt
CALENDAR- Far East: JP- Holiday. Europe: GB- SVC PMI, EZ- PPI. North America: US- Employment, Factory Orders, SVC PMI, COT Report.ECB Rates North America: CA- Trade, US- Trade, Productivity, Weekly Jobless, Natural Gas
- HIGH IMPACT ITEMS: GB- SVC PMI, US- Employment, SVC PMI
- U.S. April employment will be released at 12:30 GMT on Friday. A gain in jobs of +/-150K in the month is seen. Estimates generally were revised down after the ADP Private jobs data on Wednesday. For what its worth, Weekly jobless levels have been falling steadily over recent months, but this improvement has not been seen yet in other indicators.
- The ECB cut its main Refi rate by 25bps to 0.50% as expected, but the markets were disappointed that nothing else was offered
- PMI data from Europe were mixed. The HSBC flash Chinese PMI was revised down.
- The EZ flash PMI was unrevised. The Swiss PMI regained the 50 level (50.2).
- The FOMC decision Wednesday was cautious to neutral as expected. Future policy decisions will be data dependent.
- Japanese Golden Week holidays continue off and on all week..
||JGB 0.57% -2bp
||Bund 1.17% -3bp
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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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