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Slew of PMI's U.S. government shuts down
|Slew of PMI's U.S. government shuts down|
1 October 2013 10:00 gmt
CALENDAR: US- Mfg PMIs, Construction Spending, API
- HIGH IMPACT ITEMS: US- Mfg PMIs
- Not surprisingly, the U.S. government is in a partial shutdown mode. Nevertheless, we are still expecting the sun to rise later today. The President has calculated that the partial shutdown hurts the Republicans more than his party. The question is will anyone notice? This whole process is a charade with both sides only playing for political advantage. So far markets are yawning.
- PMI data from the Eurozone were in line with flash estimates. U.K. data eased. Notable today, German unemployment figures were weaker than expected.
- The Reserve Bank of Australia kept policy steady as widely forecast and the key Japanese quarterly Tankan Survey was stronger. See the FOREX FORUM for latest key data and charts as they are released. .
- The first week of the month is usually an active one for central bank meetings. The European Central Bank decision will be announced on Wednesday from Paris and the latest BOJ decision is due on Friday.
- The week ahead will be especially heavy on the data front. The early part of the week will see a slew of final PMI reports for September, The markets watch the PMI reports closely even though they are not as good predictors of key economies as some might hope. Wednesday through Friday will see a number of U.S. employment reports. Street estimates currently are for a lackluster 180K increase in U.S. jobs in the month. The partial government shutdown could see the data delayed.
- Janet Yellen appears to be the likely candidate to take Bernanke's job as Fed Chair in late January. Her nomination could come as early as this week or next. She should be a safe appointment.
- For additional key items and more detail (dates, times, data estimates), be sure to reference our Economic Calendar . See the FOREX FORUM for latest key data and charts as they are released.
||JGB 0.66% -3bp
||Asia Close Mixed|
||Bund 1.81% +3bp
||U.S. 2.66% +4 bp
||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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