New quarter resilience
1 October, 2015
There was a certain resilience evident in overnight markets, with the release of not so exciting data in China and Japan failing to deter gains in equities and also risk currencies. There is something about the Aussie that means it does not want to stay below the 0.70 level on a sustained basis, with a reasonable bounce seen overnight up to the 0.7050 level. The key Japan Tankan index was mixed, with the large manufacturing series slightly weaker at 12 (expected 13) with non-manuf rising by greater than expected 25 (expected 20). USDJPY weakened back above the 120 level, so for now at least a sustained move below this level remains elusive. The interest one to watch remains cable, which continues to break lower towards the 1.50 level. The non-manuf PMI data in China was broadly in line at 49.8.
For today, we have a raft of final PMI data in Europe, together with the initial release of manufacturing PMI in the UK at 08:30 GMT. It’s then about the weekly claims data and the ISM manufacturing series in the US at 14:00 GMT. After the gyrations seen earlier in the week, we’ve at least seen some stabilisation in the in equities and emerging market FX, which has also fed back into the the weaker yen and stronger Aussie mentioned above. We’ve seen one of the worst quarters for emerging market FX since the late 90s so there is naturally some feeling that the sector is more ripe for some correction.
Source link
Related materials
The Bank of Japan maintained their monetary policy on Friday whilst upgrading their assessment of private consumption...
The crucial US labour market data for May will be released today, June 2nd at 13:30 BST. It includes non-farm payrolls...
The Brexit negotiation process is one of the focuses of the upcoming UK election. Although the Conservative Party has pledged a smooth and orderly...
On Thursday, OPEC announced that the existing output cut agreement will be extended for an additional 9 months...
Trump administration has presented its 2018 budget plan to Congress last evening. The budget plan calls to slash $3.6 trillion...
The dollar index hit a new post presidential election low of 96.95 on Friday May 19th. EUR/USD hit a high of 1.1211...
To date the dollar index has almost given up all of the post presidential election rally...
ECB Governor Draghi will make a speech in the Dutch Parliament at 12:00 BST today. It will be Draghi first speech...
US Treasury Secretary Mnuchin announced Trump’s tax reform plan in a press conference...
Top Brokers offering Daily Forex Market Reviews
Forex Currencies Forecasts
| # | Broker | Review | |
|---|---|---|---|
| 1 |  | Easy Markets | 87% |
| 2 |  | FXTM | 85% |
| 3 |  | FxPro | 83% |
| 4 |  | FIBO Group | 80% |
| 5 |  | FXCM | 76% |
| 6 |  | HYCM | 74% |
| 7 |  | Fort Financial Services | 72% |
| 8 |  | Exness | 69% |
| 9 |  | HotForex | 68% |
| 10 |  | Windsor Brokers | 66% |
