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Inconsequential U.S. data. Final Eurozone & Service PMIs Better. Steady RBA Policy
|Inconsequential U.S. data. Final Eurozone & Service PMIs Better. Steady RBA Policy|
May 7, 2014 09:00 gmt
DE- Factory Orders. US- Weekly Mortgages, Productivity, Yellen testimony, Weekly Crude, 10-yr Auction
| EURUSD 1.3935
|| U.S. 2.60% -1bp
|| North America:Lower|
| EURJPY 141.52
|| Bund 1.46% 0bp
|| DAX: Lower|
| GBPUSD 1.6980
|| GILT 2.66% +2bp
|| FTSE: Lower|
| USDJPY 101.60
|| JGB 0.61% 0bp
|| Far East Close: Mixed|
HIGH IMPACT NEWS ITEMS: DE- Factory Orders, Productivity, Yellen testimony, 10-yr Auction
- U.S. March Trade data came in about as expected and thus are unlikely to impact significantly the 1Q14 GDP revisions.
- Final Services PMI's from Europe and the U.K. were generally been stronger than expected with the exception of Germany. The EURUSD has moved into range of its1.40 psychological target . The same is true for GBPUSD 1.70.
- The Reserve Bank of Australia kept rates steady today as expected, saying the most prudent course is a period of stable rates.The RBA said the AUD remains historically high and its decline from a year ago will assist an economic transition
- We will closely monitor the ECB commentary Thursday to see what is said about the value of their common currency. We do not expect any ECB policy change. From a trading point of view keep a close eye on USDCNY because that will tell you in real-time what the PBOC is up to
- This week also features a Bank of England meeting on Thursday. Canadian Employment data are due on Friday..
- 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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