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Wednesday June 5, 2013 - 09:41:39 GMT
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Abe stimulus disappoints. EZ Service PMI soft. GB robust
|Abe stimulus disappoints. EZ Service PMI soft. GB robust|
5 June 2013 10:00 gmt
CALENDAR North America: US- Weekly Mortgages, ADP Private Employment, Productivity, Factory Orders, Service PMI, Weekly Crude, Beige Book
- HIGH IMPACT ITEMS: US- ADP, Productivity, SVC PMI, Beige Book
- The Nikkei fell on market disappointment with the "third arrow" of Abe's stimulus plan released today. Investors were most concerned with the lack of immediacy in the program. The Nikkei fell 3.8% on the day and JGB prices gained.
- May final EZ Service PMI's were revised lower. U.K. Service PMI much stronger than expected (see forex forum) and likely put more QE on ice.
- The AUD has weakened following softer than expected Australian GDP.
- A major event today is the May ADP Private Employment report. It is designed to predict the Private Payrolls component of NFP data due on Friday, but its track record has been uneven. Street estimates are for a gain of +170K vs. +119K in May.
- Thursday sees Central bank policy decisions by the ECB and Bank of England. .Both are expected to hold key rates steady. The ECB is thought to be looking for creative means for promoting economic growth.
||JGB 0.85% -2bp
||Asia Close lower|
||Bund 1.53% -1bp
||U.S. 2.13% -1bp
||U.S. slightly lower|
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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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