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Major Focus on ECB Decision on Thurs. Service PMIs Disappoint. Aussie Jobs Due

Major Focus on ECB Decision on Thurs. Service PMIs Disappoint. Aussie Jobs Due
  November 6, 2014 00:00 GMT
Daily Risk On/Off Heat Map

17:00 GMT- Current Market Conditions
Late in European trading hours, markets remain in a RISK-ON posture as markets await the ECB decision Thursday and digest the U.S. election results. With ECB leadership in question, there is considerable uncertainty about what the Bank will be announcing.

In the Far East, equities ended mixed.  European bourses are trading  higher. U.S. shares are up modestly at this hour. U.S. 10-yr yields are higher. 10-yr bund and gilt yields are up.The Peripheral European bond yields are mostly higher.

The heat map color scheme of interest rates reflects yields.

HIGH IMPACT NEWS: AU- Employment, DE- Factory Orders, GB- Ind & Mfg Output, BOE, EZ- ECB, US- Productivity, Weekly Jobless
    • Key items Thursday include Australian Employment data and monetary policy decisions by the European Central Bank and the Bank of England. Reports of dissent within the ECB governing committee raise questions about the ECB meeting The focus of disagreement is said to be irreconcilable differences between President Draghi and BBK President Weidman over QE and Draghi's secretive management style      
    • U.S. elections saw the Republicans take control of the Senate and increase its majority in the House. This means the Republicans are now in charge of the legislative agenda, but getting bills passed will be difficult.
    • Service PMI data from the U.K. and Eurozone were mildly disappointing. The data saw the EUR and GBP slip.
    •  U.S. ADP Private Jobs data.were in line with estimates.
    • Friday highlights are U.S. and Canadian Employment data, plus several items from the U.K. and EZ.
    • Be sure to refer daily to the Global-View Economic Calendar and the Forex Forum for the complete list of key items (actual data, selected charts, etc.) as they are released.
    Weekly Trading Planner Top Items (GMT):
    01:30 AU Jobless employment data
    09:30 GB Ind/Mfg Output production
    11:00 GB Bank of England no changes seen
    12:45  EZ Europe Cntl Bank key decision
    13:30 EZ ECB Webcast press conference
    13:30  US Productivity key to growth
    13:30  US Initial Claims weekly data
    15:00 CA Ivey PMI closely followed survey
    09:15  CH CPI SNB targets inflation
    09:30 GB Trade External accounts
    13:30 CA Jobless Key growth measure
    13:30 US Jobless Top U.s. indicator
    15:15  FRB Yellen Paris key speech

    Time  Imp Country Title Cons Last
    06/11/14 1:30 A AU % Jobless 6.10% 6.10%
    06/11/14 1:30 A AU Payrolls -30 21.6
    06/11/14 8:00 B DE Factory Ord mm 2.00% -5.70%
    06/11/14 8:00 B DE Factory Ord yy -1.10% -1.30%
    06/11/14 9:30 A GB Ind Output m 0.40% 0.00%
    06/11/14 9:30 A GB Ind Output y 1.60% 2.50%
    06/11/14 9:30 A GB Mfg Output m 0.30% 0.10%
    06/11/14 9:30 A GB Mfg Output yy 2.80% 3.90%
    06/11/14 11:00 A GB Bank of England 0.50% 0.50%
    06/11/14 11:00 A GB QE GBP bn 375 375
    06/11/14 12:45 A EZ Europe Cntl Bank 0.05% 0.05%
    06/11/14 13:30 A EZ ECB Webcast n/a n/a
    06/11/14 13:30 A US Productivity n/a n/a
    06/11/14 13:30 A US Initial Claims 283 287
    06/11/14 13:30 A US Cont Claims n/a 2.384
    06/11/14 15:00 A CA Ivey PMI n/a 58.6
    06/11/14 15:30 C US Nat Gas bcf n/a 87
    07/11/14 0:00 A FRIDAY
    07/11/14 8:00 B DE Trade eur bn 19 14
    07/11/14 8:00 B DE Ind Output yy -0.60% -2.80%
    07/11/14 9:15 A CH CPI mm 0.20% 0.00%
    07/11/14 9:15 A CH CPI yy n/a 0.10%
    07/11/14 9:30 A GB Visible Trade n/a -9.1
    07/11/14 9:30 A GB Trade- Non-EU n/a -3.59
    07/11/14 10:00 B EZ Retail Sls mm -0.80% 1.25%
    07/11/14 10:00 B EZ Retail Sls yy 1.20% 1.90%
    07/11/14 13:30 A CA Jobless % 6.80% 6.80%
    07/11/14 13:30 A CA Payrolls -7.5 74.1
    07/11/14 13:30 A CA F/T Jobs n/a n/a
    07/11/14 13:30 A US Jobless % 5.90% 5.90%
    07/11/14 13:30 A US Payrolls 228 248
    07/11/14 13:30 A US Priv Jobs 219 236
    07/11/14 15:15 A FRB Yellen Paris n/a n/a
    07/11/14 20:30 US COT Report n/a n/a

    calendarBe 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.

    John M. BlandJohn M. Bland is a founding partner of He was a FX consultant to major corporations. He has also been a institutional forex trader, FX analyst for a blue chip Fed watching service and an author. John has an MBA in Finance and a BA in Economics from the University of California, Berkeley.
    Copyright 2014, GlobalViewpoint, Inc All rights reserved


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