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Monday December 2, 2013 - 19:21:46 GMT
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Initial PMI data mostly better. US jobs Friday the highlight
|Initial PMI data mostly better. US jobs Friday the highlight|
2 December 2013 10:00 gmt
| CALENDAR:. Far East: AU- RBA Decision. Europe: EZ- PPI. North America: US- API Energy|
| EURUSD 1.3535
|| U.S. 2.80% +5bp
|| North America:Mixed|
| EURJPY 139.54
|| Bund 1.74% +5bp
|| DE: DAX: Lower|
| GBPUSD 1.6355
|| GILT 2.84% +7bp
|| GB: FTSE: Lower|
| USDJPY 103.09
|| JGB 0.62% +1bp
|| Asia Close Mostly down|
HIGH IMPACT ITEMS: No Major Data
- Today is seeing the first wave of final November manufacturing PMI releases. In general, the data from the Far East and Europe were in line with our observation that the global economy is in a modest expansion phase. The final U.S. Markit PMI was revised higher and the ISM mfg PMI gained as well. See the FOREX FORUM for latest key data and charts as they are released. The U.S. data are due later.
- The Fed has gone to great pains to distinguish between monetary policy and a tapering of asset purchases. So it is likely that at some time soon long term interest rates could start to move higher while short term rates do not move. This decision will be very much data dependent. We have already elaborated here at length why technical factors could postpone a tapering until March 2014. We feel Fed tapering would be a USD positive.
- Also Japanese authorities floated a trial balloon about more Quantitative Ease at some time in the very near future. The USDJPY is trading higher on the news.
- The week ahead sees an exceptionally active data calendar. PMI releases will continue all week. Central Bank policy decisions are due from the Reserve Bank of Australia (Tues), Bank of England, Bank of Canada (Wed), Bank of England (Thu) and European Central Bank (Thu). The end of the week then sees key employment data from the United States and Canada.
- See the FOREX FORUM for latest key data and charts as they are released.. 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.
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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AA 08:30 GB- Employment
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