Friday's Job Report Looms Big...
Mark Noble |
May 04, 2015
The week starts quietly, as the major news for the week will be Friday's U.S. non-farm payroll report for April. The expected jobs number is currently +220K, which will offset the previous month's +126K and Q1's average of 197K. April is expected to reflect the continuation of the recent firming consumer confidence reports which have been buoyed by lower gasoline prices. Overall, the USD is little changed today across the board. Greece issues continue to be in the news as Prime Minister Tsipras tries to persuade officials to ease the flow of liquidity to the country. Overnight, the U.K. and Japan were closed for local holidays. GBP continues to be weighed down ahead of the national elections on Thursday. U.S. equites have opened positive via a positive carry-through from Asia and Europe.
• U.S. factory orders bounced 2.1% in Mar, as expected vs. -0.1% in Feb
• London and Tokyo centers closed today for public holidays in UK and Japan
• EMU final manufacturing PMI revised marginally higher to 52.0 from 51.9
• Greek talks stalled even as atmosphere improves, Greek exit talks intensify
• UK election on Thursday set to mark the beginning of an era of weak government
• Swiss manufacturing PMI unchanged @ 47.9, sector reeling from CHF appreciation
• Fedspeak due from a flock of doves: Rosengren, Tarullo, Evans and Williams
• China's HSBC/Markit PMI fell to 48.9 Apr from 49.2 prelim and 49.6 Mar
• NYMEX crude has found a floor under $59 bbl, consolidating after 23% April rally
05/05 EUR: PPI (Mar)
05/05 USD: ISM, Non-Manufacturing (Apr)
05/06 EUR: Retail Sales (Mar)
05/06 USD: ADP Employment (Apr)
05/07 AUD: Employment Reports (Apr)
05/07 CNY: Import/Export/Trade Balance Reports (Apr)
05/08 USD: Employment Reports (Apr)
05/08 CAD: Employment Reports (Apr)
05/11 GBP: BoE Rate Announcement
2 Year 0.591
3 Year 0.936
5 Year 1.483
10 Year 2.101
30 Year 2.815
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About the Author
Mark Noble is a senior foreign exchange advisor with SVB Silicon Valley Bank. He designs custom hedging strategies for clients with complex currency-related issues, advises clients in developing, implementing and monitoring foreign exchange strategies and educates clients in understanding foreign exchange products.
Noble has more than 20 years of experience in the financial industry with a dedicated focus on foreign exchanges services and treasury management products. Before joining SVB in 2007, Noble worked for Commonwealth Foreign Exchange and held multiple management positions including director of currency trading and senior manager of financial operations. Noble oversaw daily trading, client treasury management, account reconciliation and the timely delivery of client payments through various global treasury management banks.
Over his career, Noble has provided foreign exchange consulting services, executed hedging requirements utilizing spot, forward, swaps and option contracts and coordinated the issuance and maintenance of credit lines. While with a large pharmaceutical firm, Syntex Corporation, he managed many corporate treasury activities from a multi-million dollar foreign exchange risk portfolio, to the development and implementation a foreign exchange module as a part of its internal banking system to facilitate management and mitigate risk.
Noble holds a bachelor’s degree in business administration from California State University in Fullerton.
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