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Eurozone Service PMI revisions mixed. UK beats by a mile. U.S. PMIs later
|Eurozone Service PMI revisions mixed. UK beats by a mile. U.S. PMIs later|
5 August 2013 10:00 gmt
CALENDAR: North America: US- Services PMI
- HIGH IMPACT ITEMS: US- Services PMI
- Final Services July PMI releases remain on an improving track although the latest Eurozone revisions to flash estimates were mixed. The U.K. Services PMI was a much stronger reading of 60.2 vs. 57.4 in June. U.K. continues to far beat expectations. Local observers continue to doubt the sustainability of the U.K. data rebound. See the FOREX FORUM for key data and charts as they are released. U.S. Service PMI data are due later in the U.S. session.
- As for the device PMI data, It seems that the PMI data has been running a little ahead of economic statistics, so we have started to take these reports with a grain of salt.
- The rest of the week is not as active but features several major items, such as Australian and Canadian employment data, a Reserve Bank of Australia Rate decision and a number of other items.We have found that for some reason major economic data tends to run on an every other week schedule.
- Recent U.S. data still suggest that a tapering of the Fed Asset Purchase program is could come as early as September U.S. July employment data were disappointing, as they raised some doubt about the strength of the economic recovery.
- Under these circumstances, we typically could see the USD remain in choppy trade for the balance of the summer and then gain against most major currencies in the fall, but we would need a sustained improvement in the data first.
- 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 0.77% +4bp
||Asia Close Mixed|
||Bund 1.64% -4bp
||U.S. 2.61% +1bp
||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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