6 Nov 2013
Morning outlook: COntinued focus on US GDP and NFPs later in the week
FXstreet.com (London) - The US continues its focus on the end of the week and the third quarter GDP figures as well as Friday’s non-farm payroll numbers. Stronger than expected ISM number could indicate that the US economy was not as affected by the US government shutdown as had first been thought.
Overnight, data released showed that the Australian trade deficit shrank to –AUD284m versus the consensus expectation of -AUD500m, giving AUD some support. Exports came in at +0.5 percent with imports -1 percent. Third quarter exports climbed 3.6 percent and imports 3.7 percent, pointing to a correction from today’s lower-than-expected print.
New Zealand unemployment rose 1.2 percent year-on-year in the third quarter, beating market expectations for a 0.5 percent rise. The unemployment rate fell to 6.2 percent, down from 6.4 percent.
AUD/USD climbed 0.05 percent to USD0.9507, down from highs at USD0.9527.
NZD/USD climbed 0.13 percent to USD0.8374, selling off from USD0.8403.
Today in Europe we will get the rest of the Eurozone services PMIs, as well as German factory orders where expectations are for a 0.5 percent gain.
UK manufacturing numbers are expected to see a gain of 0.3 percent on September. With the ONS predicting a 1.2 percent gain as part of its third quarter GDP estimate, the softer print could lead the way to a slight downgrade of the ONS number.
Overnight, data released showed that the Australian trade deficit shrank to –AUD284m versus the consensus expectation of -AUD500m, giving AUD some support. Exports came in at +0.5 percent with imports -1 percent. Third quarter exports climbed 3.6 percent and imports 3.7 percent, pointing to a correction from today’s lower-than-expected print.
New Zealand unemployment rose 1.2 percent year-on-year in the third quarter, beating market expectations for a 0.5 percent rise. The unemployment rate fell to 6.2 percent, down from 6.4 percent.
AUD/USD climbed 0.05 percent to USD0.9507, down from highs at USD0.9527.
NZD/USD climbed 0.13 percent to USD0.8374, selling off from USD0.8403.
Today in Europe we will get the rest of the Eurozone services PMIs, as well as German factory orders where expectations are for a 0.5 percent gain.
UK manufacturing numbers are expected to see a gain of 0.3 percent on September. With the ONS predicting a 1.2 percent gain as part of its third quarter GDP estimate, the softer print could lead the way to a slight downgrade of the ONS number.