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U.S./EZ data mixed. GB Strong. Japan stimulus plan disappoints
|U.S./EZ data mixed. GB Strong. Japan stimulus plan disappoints|
6 June 2013 00:00 gmt
CALENDAR Far East: No Major Data. Europe: CH- CPI, DE- Factory Orders, GB- BOE Decision, ECB Decision, Draghi Press Conference. North America: US- Weekly Jobless, Natural Gas, CA- Ivey PMI.
- HIGH IMPACT ITEMS: CH- CPI, GB/EZ- Central Bank Decisions, Draghi, US- Weekly Jobs
- Thursday sees Central bank policy decisions by the ECB and Bank of England. .Both should hold key rates steady. A divided ECB is thought to be considering creative means for promoting economic growth
- The May ADP Private Employment report saw a weaker than expected gain of +135K and a slight downward revision to its April data to +113K. Some say the ADP has a tendency to underestimate the government Private Employment survey by about 30K If true, an adjusted 165K would .be in line with street estimates.Other data such as the ISM employment sub-component are pointing to a weaker NFP print on Friday. So there is a lot of uncertainty surrounding this critical number.
- May final EZ Service PMI's were revised lower and keeps the pressure on the ECB
- U.K. Service PMI were much stronger than expected and likely put more QE on ice.
- 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..
||JGB 0.85% -2bp
||Asia Close lower|
||Bund 1.53% -1bp
||U.S. 2.10% -3bp
FX Trade Talk: What's moving markets-- Commentary, data. and data charts posted continuously on FOREX FORUM
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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