Forex Analysis
FX Daily
Market movers today • Today we get a lot of US data. The two early releases of regional PMIs for August – Empire and Philly Fed
BusinessNZ PMI for July 2013
The BNZ-BusinessNZ seasonally adjusted PMI for July stood at 59.5, which was 4.3 points higher than June and a return to strong levels of expansion seen in May.
JPY Mid-day Analysis
The September Yen remains somewhat on the defensive this morning, and is showing few signs of regaining any large amount of recent lost ground in the wake of yesterday’s downside breakout.
USD Mid-day Analysis
The Dollar has been able to post modest gains this morning, and for the most part has consolidated this week’s recovery rally as Fed tapering prospects remain “the” front and
EUR Mid-day Analysis
The September Euro has given up modest gains early this morning, and is showing surprisingly little positive reaction so far to this morning’s economic data from the region.
CHF Mid-day Analysis
The September Swiss remains in a tailspin this morning, and may be heading for a new 3-week low later in today’s session.
USD/JPY: A rise beyond PPP+20%
During the August holiday period, USD/JPY has lost upside momentum on factors such as below-forecast US employment data.
The Global Macro Pulse
The Nikkei is flat despite the overnight rise in USDJPY in response to higher Treasury yields, and S&P futures are down 0.1%. Most other Asian equity markets are up marginally.
Eurozone economy still improving
This morning’s first estimate of Q2 Eurozone GDP is expected to illustrate that the Eurozone economy did emerge from recession in QII after 6 consecutive quarters of contraction.
FX Daily
Market movers today • Today’s release of euro area GDP will probably mark the end of six quarters of recession. Our hard data model suggests a 0.1% q/q increase.
Consumer Sentiment – August 2013
• Consumer sentiment rose by 3.5% in August to be 9.4% higher than a year ago.