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Fed policy steady as expected. U.S. ADP and GDP data better
|Fed policy steady as expected. U.S. ADP and GDP data better|
1 August 2013 0:00 gmt
CALENDAR: Far East: CN- NBS & HSBC PMI. Europe: EZ/DE/FR/GB- Mfg PMI, GB- Rates. North America: US- Challenger Layoffs, Weekly Jobless, Markit PMI, ISM PMI, Construction Spending, Natural Gas. CA- RBS-Markit PMI
- HIGH IMPACT ITEMS: CN- NBS/HSBC PMI, EZ/DE/FR/GB- Mfg PMI, BOE/ECB- Rates, North America: US- Weekly Jobless,
Markit PMI, ISM PMI
- The Fed kept key rates steady as widely anticipated. Nothing major from the Fed was as expected. Its logical the FOMC would wait for the next meeting in September. After that meeting Bernanke already had a scheduled press conference where he could explain any policy changes n detail. See the FOREX FORUM for data and charts.
- Japanese July PMI data were unexpectedly weaker.
- ADP July Private Jobs' estimate and the advance 2Q13 GDP estimate were both stronger than expected
- A slew of final PMI releases are due Thursday,. Also, the Bank of England (Thu) and European Central Bank (Thu) will announce their latest decisions on that day.
- July U.S. employment is due Friday. Recall that Fed policy, both on a tapering of Quantitative ease and on an eventual increase in interest rates, is tied a declining unemployment rate.
- For additional key items and more detail (dates, times, data estimates), be sure to reference our Economic Calendar and see the FOREX FORUM for key data and charts.
||JGB 0.79% 0bp
||Asia Close Mixed|
||Bund 1.67% +1bp
||U.S. 2.64% +4bp
||North America: Mixed|
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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