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- Cable taking heart from good PMI data
- EURUSD orders
- GBPUSD orders
- UK construction PMI april: 49.4 vs 48.00 exp
- Italian producer prices april: m/m 0.0 % vs +0.1% prev
- Eurozone manufacturing PMI april : 46.7 vs 46.5 exp
- German manufacturing PMI april: 48.1 vs 47.9 exp
- French manufacturing PMI april: 44.4 vs 44.4 exp
- Italian manufacturing PMI april: 45.5 vs 44.8 exp
- Swiss PMI april: 50.2 vs 49 exp
- Spanish manufacturing PMI april: m/m 44.7 vs 44.2 prev
- European equity markets open lower
- EURUSD fails to hold early gains
- The problems facing the ECB even with a rate cut
- Nikkei 225 closes down 0.76% at 13,694.04
- UK mortgage time-bomb
- AUD lower on talk of weaker Chinese GDP
- Data coming up in this session
- Option expiries 10am NY cut
- ForexLive Asia Wrap posted now – follow this for the link
| Cable taking heart from good PMI data Posted: 02 May 2013 01:57 AM PDT Good morning one and all. The better that expected construction PMI data gave a small boost to the pound popping it to 1.5580. It’s the first to beat expectations since December when it fell below the all important 50 mark. The figure has shown a marked improvement each month since the March low of 46.8. It’s just another small part of the economy that’s looking like it’s starting to turn around, albeit very slowly. It may not be enough to change Mike’s view of the economy but the arrows are beginning to point up not down. Cable still hasn’t managed to force its way through the upper channel line, though we have managed to get a foot hold above the 100 dma. If we can get a close above it then we should get a further push up.
As you can see we still have the 50 fib level at 1.5604 to contend with, as well as Mike’s aforementioned large orders at 1.5600. Aside from what happens today, tomorrows UK Services PMI will be the figure to watch. The Feb read broke above the 50 mark and the service sector is usually the one that shows the most strength in a recovery. The expectation is for an unchanged read at 52.4 so a better print will underpin cable further and dent any hopes of further QE from the BOE next week.
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| Posted: 02 May 2013 01:53 AM PDT The 1.3150 area is proving a good base for the moment with bids all the way down to 1.3130. Low post 1.3147. Sellers 1.3190, 1.3200, 1.3240,1.3250,1.3280, 1.3300, 1.3320, 1.3350 Buyers 1.3140, 1.3130, ( stop loss selling if breached), 1.3100,1.3085,1,3050,1.3030,1.3000
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| Posted: 02 May 2013 01:42 AM PDT That jump just now after construction PMI was short lived with orders at 1.5580-85 and the larger interest at 1.5600 still in place I hear. Currently 1.5567. Sellers 1.5585,1.5600,1.5625,1.5640,1.5675 Buyers 1.5545,1.5525,1.5500,1.5480,1.5450,1.5425
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| UK construction PMI april: 49.4 vs 48.00 exp Posted: 02 May 2013 01:30 AM PDT
GBP higher immediately with GBPUSD at 1.5578 from 1.5560 but stalling as I type
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| Italian producer prices april: m/m 0.0 % vs +0.1% prev Posted: 02 May 2013 01:00 AM PDT
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| Eurozone manufacturing PMI april : 46.7 vs 46.5 exp Posted: 02 May 2013 12:58 AM PDT
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| German manufacturing PMI april: 48.1 vs 47.9 exp Posted: 02 May 2013 12:54 AM PDT
A little better than forecast but remember that anything below 50 is still contraction as with the other numbers just posted. EURUSD a tad higher at 1.3162 but hearing that an Asian sovereign is selling up above 1.3160
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| French manufacturing PMI april: 44.4 vs 44.4 exp Posted: 02 May 2013 12:48 AM PDT
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| Italian manufacturing PMI april: 45.5 vs 44.8 exp Posted: 02 May 2013 12:43 AM PDT
Euro unimpressed with EURUSD still at 1.3158
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| Swiss PMI april: 50.2 vs 49 exp Posted: 02 May 2013 12:30 AM PDT
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| Spanish manufacturing PMI april: m/m 44.7 vs 44.2 prev Posted: 02 May 2013 12:18 AM PDT
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| European equity markets open lower Posted: 02 May 2013 12:04 AM PDT
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| EURUSD fails to hold early gains Posted: 01 May 2013 11:38 PM PDT The earlier move up in this pair failed to hold above 1.3180 and is now testing support at 1.3150 Buy orders noted here with stop-loss selling if breached. ACB noted on the bid for reserve diversification previously. EURJPY and EURGBP also lower at 127.95 and 0.8461
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| The problems facing the ECB even with a rate cut Posted: 01 May 2013 11:18 PM PDT There is growing expectation of a rate cut later from the ECB but just how much it might help remains the big question Here’s the BBC’s respected economics editor’s take on the problematic decision |
| Nikkei 225 closes down 0.76% at 13,694.04 Posted: 01 May 2013 11:02 PM PDT
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| Posted: 01 May 2013 10:46 PM PDT This is not going to help increase spending in the economy as mortgagees shore up their defences and draw down reserves, or try and borrow more to cover. Let’s hope that FLS scheme really does do the job but it won’t be for what it was intended in this case. Damage limitation at best. |
| AUD lower on talk of weaker Chinese GDP Posted: 01 May 2013 10:28 PM PDT There’s talk out there that the next Chinese GDP figure will give real cause for concern. Just to add to the earlier weak Chinese PMI reading and growing calls for a rate cut by the RBA AUDUSD continues its fall and now looks to run into the strong buying interest that we’ve been posting about for days at 1.0200-1.0220. Currently 1.0228.. low posted 1.0226
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| Data coming up in this session Posted: 01 May 2013 09:28 PM PDT Good day everyone, Ready for the event that we’ve all been waiting for ?! No prizes for guessing which of the following has priority but there’s plenty of other releases too before the main events Good luck to you all and may your trades be inspired ones Times BST (GMT+1)
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| Posted: 01 May 2013 09:20 PM PDT
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| ForexLive Asia Wrap posted now – follow this for the link Posted: 01 May 2013 09:04 PM PDT |
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