Euro off six week lowsNovember 04, 2013 Posted by: Pete Karabatos
The USD is weaker against most majors this morning, driven in part by stronger data overseas. The Euro came off of six-week lows against the USD after the Eurozone PMI release showed manufacturing in the region expanded for the fourth straight month. The AUD gained against all other majors after Australian retail sales came in much stronger than expected.
• U.K. Construction PMI came in stronger at 59.4 vs. 58.7 expected; the GBP is trading a bit stronger as a result.
• Fed Governor Powell speaks today at a Federal Reserve Bank conference. Powell was one of several Board members to emphasize that the decision to delay tapering was a close one due to the risk associated with continued stimulus. Market participants will be watching for any clues on the timing and size of any tapering.
• Dallas Fed President Fischer stated today that he is “not a proponent of increasing government spending without restraint” and the central bank should move back to an interest rate driven monetary policy as soon as possible. Fischer said that he “wouldn’t rule out” tapering before March.
• The U.S. purchasing manager index of current conditions rose to 59.3 from 53.6, beating expectations.
11/04 USD: Factory Orders (Sept.)
11/04 AUD: RBA Cash Rate Target
11/05 EUR: PPI (Sept.)
11/06 EUR: Retail Sales (Sept.)
11/06 GBP: Industrial/Manufacturing Production (Sept.)
11/07 USD: GDP Annualized 3Q
11/07 EUR: ECB Announces Interest Rates
11/07 USD: Core PCE 3Q
11/08 USD: Non-farm Payroll (Oct.)
11/08 USD: Unemployment Rate (Oct.)
11/08 CAD: Unemployment Rate (Oct.)
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