Forex Analysis
CHF Mid-day Analysis
The Swiss has been unable to capitalize on safe-haven flows from events in the Ukraine, as well as adecent reading from today’s Swiss PMI number, and is holding its ground near unchanged levels this morning.
JPY Mid-day Analysis
The Yen found little benefit from last night’s Japanese data and Ukraine tensions and remains somewhat onthe defensive coming into this morning’s trading.
USD Mid-day Analysis
While the Dollar has managed to hold its ground above yesterday’s low, it has seen minimal followthroughafter Thursday’s reversal as it continues to be weighed down by mixed US economic signals this week.
CAD Mid-day Analysis
While the Canadian will have to wait until next Friday for their own jobs data, it shouldreceive a moderate boost from a positive reception for US Payroll numbers this morning.
GBP Mid-day Analysis
The Pound continues to slide back from yesterday’s 4 1/2 year high and is finding moderate pressurethis morning. A surprising miss in the April UK Construction PMI number has been a source of pressure earlytoday,
Central European Daily
Czech and Polish PMIs have decoupled in April Quiet regional markets eye the US payrolls report The Labour Day holiday cooled market activity in Central Europe despite ongoing tensions in
Beware, These Extended FX Positions Are Vulnerable In May
Large currency exposures tend to be scaled back between May and August according to BNP Paribas’ FX Positioning Analysis.
FX Daily
The key event will be the US employment report for April (14:30 CET). We lookfor a solid rise of 220k in non-farm payrolls,
FI Eye-Opener: Forget the weak Q1 – the future looks quite different
While much of Europe was on holiday yesterday, US bonds continued to rally and the curve bull-flattened further, as fresh data suggested US GDP might have actually contracted during the first quarter of this year.
AUD/USD Analysis
The pair opened this morning at $0.9274 after a $0.9261 to $0.9282 range in the US overnight. It held around $0.9270 in early dealings, marking out an initial $0.9263 to $0.9282 range this morning.
GBP/USD Analysis
The pair closed in NY Thursday at $1.6891 after sterling had been given a boost on release of stronger than forecast UK mfg PMI data which had spiked cable to a high of $1.6921,
EUR/USD Analysis
A very quiet start for the pair after it opened at $1.3870 this morning as it kept to a tight $1.3860 to $1.3872 range early this morning.