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Wednesday February 5, 2014 - 10:16:03 GMT
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Mixed Service PMI reports for UK and Eurozone. ADP Survey due
|Mixed Service PMI reports for UK and Eurozone. ADP Survey due|
5 February 2014 10:00 gmt
CALENDAR. US- Weekly Mortgages, ADP Private Jobs Services PMIs, Weekly Crude
| EURUSD 1.3520
|| U.S. 2.63% +1bp
|| North America: Steady|
| EURJPY 136.93
|| Bund 1.64% -1bp
|| DAX: Higher|
| GBPUSD 1.6277
|| GILT 2.69% -3bp
|| FTSE: Higher|
| USDJPY 101.24
|| JGB 0.60% -2bp
|| Far East Close:Lower|
HIGH IMPACT ITEMS: US- ADP Private Jobs, Services PMIs
- The ADP jobs report for January is the major focus today. A gain in jobs of about 190K is expected, although that might be a bit optimistic after the severe weather seen that month.
- Today has already seen day has seen the release of Service PMI data from the Eurozone and Europe. U.K. data were weaker than expected and Eurozone readings were mixed.
- Thursday sees a major ECB meeting. ECB President Draghi faces a major dilemma with disinflationary pressures mounting and economic growth in the Eurozone lagging. There is chatter the central bank may wait another month for new economic forecasts before taking any action. This sounds silly to us. The German Bundesbank last Friday appeared to give a green light to ECB Quantitative Ease (QE).
- The Bank of England meets on Thursday also. Latest data have been turning mixed. No policy changes are expected. The end of the week sees January employment data from the U.S. Be sure to refer daily to the Global-View Economic Calendar For key items (actual data, selected charts, etc.) as they are released, see the FOREX FORUM .
FX Trade Talk: What's moving markets-- Expert 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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