Forex News
France still doesn’t care much about the Stability Pact
French manufacturing production increased by just 0.3 % m/m (-1.6% y/y) in August, confirming the lacklustre state of the economy.
Labour Force – September 2013
* Employment rose by 9.1k in September. Full-time jobs rose by 5.0k and part-time jobs by 4.1k.
Manufacturing Growth…Check
* PMI slows further in September * Further hints of a peaking Canterbury pulse
Minutes: Most saw QE tapering this year
Evidently there was a lengthy debate between those who wanted to wait and those who favored a small reduction in bond purchases in September already.
Norway: Everybody expects somewhat lower inflation
Everybody forecast lower inflation Core inflation rose from 1.4% in June to 2.5% in August surprising everybody including Norges Bank.
Consumer Sentiment – October 2013
* Consumer sentiment fell by 2.1% in October to be 9.2% higher than a year ago. * Confidence is at an elevated level, but concerns remain around household finances.
Canadian Housing Starts Rebounded in September
* Housing starts rose 5.3% to 193,600 annualized units in September 2013, thereby beating market expectations for a 185,000 reading in the month.
Canadian August Merchandise Trade Deteriorates
* The August 2013 merchandise trade deficit unexpectedly deteriorated to $1.3 billion from an upwardly revised deficit in July of $1.2 billion (originally $0.9 billion).
Economy Watch – QSBO: Inflation Drivers Complete Le Mans Start
This morning’s Quarterly Survey of Business Opinion (QSBO) was, overall, about as we expected. As such, it was consistent with the idea that GDP growth is picking up to an above-trend pace,
Monthly Business Survey
Animal spirits lift again. Confidence surges toits highest level in 3½ years. Business conditions, however, still subdued – with employment poor.
Sweden: Service sector production recovering
Production in the private service sector increased by a healthy 1.5% m/m in August, well above our call at 0.7%. Production also increased over the year, +0.9%.
Morning FX Market Commentary
Sterling corrects against dollar and euro No big news from the Hill and few eco data, but profit taking on sterling long exposure dominated trading yesterday.