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Slew of PMI's U.S. government shuts down
|Slew of PMI's U.S. government shuts down|
2 October 2013 00:00 gmt
CALENDAR: Far East: CN- Holiday Europe: EZ- PPI, ECB North America: US- Weekly Mortgages, ADP Private Jobs, Weekly Crude
- HIGH IMPACT ITEMS: US- ADP Private Jobs
- The reaction of markets in the U.S. and elsewhere was muted to the partial shutdown of the government.. The President and his party (Democrats) have calculated that the partial shutdown will hurt the Republicans more. Key parts of the government continue to function. This whole process is a charade with both sides only playing for political advantage. So far markets are yawning.The key issue is how the debt limit talks will be resolved sometime around October 17.
- The U.S. ISM PMI data were better than expected. The newer Market PMI data were not as strong, but still positive. The ISM employment PMI was solid. 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 balance of the week will see a slew of final PMI reports for September, Markets watch the PMI reports closely even though they are not as good predictors of key economies as some might hope. The partial government shutdown could see some government economic statistics postponed.Wednesday through Friday will see many of the scheduled U.S. employment reports released.
- 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 0.67% -2bp
||Asia Close Mixed|
||Bund 1.81% +3bp
||U.S. 2.65% +3 bp
||North America: Higher|
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.
|Copyright 2013, GlobalViewpoint, Inc All rights reserved|
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