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Strong ADP. No Fed Surprises. EZ CPI Mixed. German Jobless Improves. BOJ Policy Steady
|Strong ADP. No Fed Surprises. EZ CPI Mixed. German Jobless Improves. BOJ Policy Steady|
May 1, 2014 00:00 gmt
AU/CN- PMIs. EZ- Holiday, GB- PMI. US- Yellen, Personal Income, PCE Deflator, Weekly Jobs, PMI's, CA- PMI.
| EURUSD 1.3862
|| U.S. 2.66% -4bp
|| North America: Higher|
| EURJPY 141.69
|| Bund 1.47% -3bp
|| DAX: Higher|
| GBPUSD 1.6873
|| GILT 2.66% -3bp
|| FTSE: Higher|
| USDJPY 102.20
|| JGB 0.62% 0bp
|| Far East Close: Mixed|
HIGH IMPACT NEWS ITEMS: AU/CN- PMIs, EZ- Holiday, GB- PMI, US- Yellen, Personal Income PCE Deflator, Weekly Jobs, PMI's, CA- PMI
- U.S. ADP private payrolls data saw a stronger than expected 220K gain in April Private Payrolls. The problem is that ADP data have not been a reliable predictor of non-farm payrolls.
- We got no surprises from the FOMC . Another $10 bln cut in the monthly Asset Purchase Program to $45bln was as expected. The official statement acknowledged some improvements in the economy, but otherwise sounded dovish. Chair Yellen will speak publicly on Thursday and may or may not comment of Fed policy.
- German April Unemployment fell faster than expected in data released today. On the other hand, German Retail Sales for March were weaker than expected, but this data series tends to be very volatile.
- Key Eurozone HICP (flash CPI) for April were mixed, but are unlikely to force an ECB policy easing next week. See the FOREX FORUM. for actual data, selected charts, etc.) and comments from experienced traders to events as they happen.
- Earlier, the Bank of Japan kept its monetary policy steady, as widely expected.
- The latest Employment Report (April) is released on Friday. The U.S. Employment data will be the major focus as the impact of the severe winter weather continues to work its way out of the data. Up until now the pace of improvement in the jobs statistics has been disappointingly slow.
- 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. for actual data, selected charts, etc.) and comments from experienced traders to events as they happen.
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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