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Wednesday December 4, 2013 - 19:22:59 GMT
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Strong ADP data. Mixed Service PMIs. Focus BOE and ECB.
|Strong ADP data. Mixed Service PMIs. Focus BOE and ECB.|
5 December 2013 00:00 gmt
| CALENDAR:: Europe: UK- BOE Rates, EZ- ECB Decision. North America: US- GDP, Weekly Jobless, Factory Orders, Natural Gas, CA- Ivey PMI|
| EURUSD 1.3586
|| U.S. 2.85% +8bp
|| North America: Lower|
| EURJPY 139.43
|| Bund 1.81% +8bp
|| DE: DAX: Lower|
| GBPUSD 1.6350
|| GILT 2.90% +8bp
|| GB: FTSE: Lower|
| USDJPY 102.65
|| JGB 0.64% +1bp
|| Asia Close Mixed|
HIGH IMPACT ITEMS: UK- BOE Rates, EZ- ECB Decision, US- GDP, Weekly Jobless, Factory Orders, CA Ivey PMI
- One major focus on Wednesday was on the volatile ADP private jobs data which came in at a better than expected +215K for Private jobs. While better, the data does not ensure a NFP above +200K, but it was a positive indication. The ISM Services PMI was weaker than expected and many expressed skepticism about the reliability of a strong New Homes Sales data release. The yield on the 10-yr note is pivoting the psychological 2.80% line. It was last at 2.85% +8bp.
- 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 up, but short term rates do not move for many months..
- Revisions to the Service PMIs within the Eurozone continue to display divergent growth patterns.The U.K. November Services PMI came off its October peak. Its hard to hold a PMI above the 60 line. The GBPUSD fell on the news.See the FOREX FORUM for latest key data and charts as they are released.
- Central Bank policy decisions are due Thursday from the Bank of England and European Central Bank. No rate changes are seen. Friday 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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