– Australian building approvals strengthen
– Singapore’s unemployment rate fell to a 7-quarter low in Q3
– Chicago PMI and Swiss reserve accumulation in focus
– We recommend short-dated USDJPY downside RKI seagulls
What to watch for today
USD: The October data cycle heats up. The October data cycle heats up with the release of the Chicago PMI today, ahead of the national ISM tomorrow. Consensus is calling for the headline to recover to 51 after dipping below 50 last month for the first time since 2009. A result like this should generally reinforce the theme of steady growth at subdued levels and should be moderately supportive for risk sentiment. We continue to think risk-reward for tactical USDMXN shorts looks attractive heading into this week’s data.
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