4 Nov 2013
European open: Week's focus on non-farms
FXstreet.com (London) - The Asian session was relatively quiet this morning – Japan is closed for a national holiday, with light data elsewhere. Chinese non-manufacturing PMI printed at a one-year high of 56.3. Australian retail sales rose 0.8 percent for the month, double consensus expectations.
AUD/USD climbed 0.52 percent to USD0.9498.
In Europe, we have the final October PMIs. Though we have already had German and French flash readings, today’s numbers will give us an idea of the condition of the periphery Eurozone economies. In recent months they have narrowed the gap between the core and the periphery and markets will be looking to see if this trend is continuing.
UK construction PMIs are expected to come in around 58.7.
Much of this week’s data focus in the US will be on the Friday non-farm payroll numbers and the Thursday third quarter GDP results. Expectations are for particularly weak jobs numbers, with consensus expectations at 130k versus last month’s 140k print, but there is potential for greater downside. Any additional weakness will take the wind out of expectations of a December tapering of the Fed’s asset purchase programme.
EUR/USD currently stands at USD1.3489 after a heavy weekly decline on expectations of a further ECB rate cut driven by below-expected inflation numbers.
AUD/USD climbed 0.52 percent to USD0.9498.
In Europe, we have the final October PMIs. Though we have already had German and French flash readings, today’s numbers will give us an idea of the condition of the periphery Eurozone economies. In recent months they have narrowed the gap between the core and the periphery and markets will be looking to see if this trend is continuing.
UK construction PMIs are expected to come in around 58.7.
Much of this week’s data focus in the US will be on the Friday non-farm payroll numbers and the Thursday third quarter GDP results. Expectations are for particularly weak jobs numbers, with consensus expectations at 130k versus last month’s 140k print, but there is potential for greater downside. Any additional weakness will take the wind out of expectations of a December tapering of the Fed’s asset purchase programme.
EUR/USD currently stands at USD1.3489 after a heavy weekly decline on expectations of a further ECB rate cut driven by below-expected inflation numbers.