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Bank of Canada Policy Decision and ADP Data awaited. European PMIs Mixed
|Bank of Canada Policy Decision and ADP Data awaited. European PMIs Mixed|
March 5, 2014 11:00 gmt
CALENDAR .US- Weekly Mortgages, ADP Jobs, final Markit PMI, ISM Service PMI, Weekly Crude, Beige Book, Bank of Canada Decision
| EURUSD 1.3725
|| U.S. 2.68% 0bp
|| North America:Steady|
| EURJPY 140.56
|| Bund 1.62% +2bp
|| DAX: Lower|
| GBPUSD 1.6685
|| GILT 2.72% +2bp
|| FTSE: Higher|
| USDJPY 102.40
|| JGB 0.61% 0bp
|| Far East Close:Mixed|
HIGH IMPACT ITEMS: GDP, US- ADP Jobs, final Markit PMI, ISM Service PMI, Weekly Crude, Beige Book, Bank of Canada
- PMI Service data from Europe today generally has been mixed. Eurozone January retail sales were stronger than expected while GDP was unrevised. U.S. Service readings are due later in the day. Also the ADP Private Jobs report is scheduled for the open. These data always shape expectations foe the Non-Farm Payroll Data on Friday.
- Later, the latest Bank of Canada policy decisions due. No rate changes are seen, but a less dovish policy statement should be anticipated. .
- Tensions in Ukraine continue to ease after Russian President Putin ordered troops to step back in Ukraine. We have no doubt that he still plans to control the nation from behind the scenes. .
- No rate change by the ECB is seen Thursday, although there is chatter about a reduction in the sterilization of asset purchases. Flash Eurozone HICP data ticked up in January. Also, the German Bundesbank is not in favor of a rate cut. We feel ECB policy is geared more to the needs of Germany than the rest of the bloc. German data recently has been mostly better than seen.A BOE decision is also due Thursday.
- The end of the week features key U.S. and Canadian jobs data. 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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John M. Bland, MBA
co-founding Partner, Global-View.com
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