Eurozone PMI data due today; will US employment claims data disappoint?
City Index November 21, 2013 2:58 PM
<p>Last night’s FOMC minutes gave USD a bid tone, with comments that tapering is due in the coming months, with improved data. Fed’s Bullard also […]</p>
Last night’s FOMC minutes gave USD a bid tone, with comments that tapering is due in the coming months, with improved data. Fed’s Bullard also added to this tone, with a comment that December tapering is definitely on the table.
In Asia Chinese PMI data was disappointing, adding pressure to risk currencies, particularly the Aussie which had the biggest fall overnight. The BoJ continuing with asset purchase and a rosy outlook for the economy has weakened JPY, pushing it just below the 101 mark.
The euro has taken a hit in early trading, with French PMI disappointing. The number dropped from 49.1 to 47.8 – below the growth mark of 50.0. German PMI came in slightly better than expected and above the 50 growth mark, giving the euro a bit of a lift back to pre-French PMI levels.
Today is all about the PMIs. The eurozone is still to come, with mixed French and German data so far. In the US PMI and Philly Fed manufacturing and unemployment claims are due out, with comments last night that the FOMC reaction could be volatile depending on the outcomes, better than expected would see very positive for the USD and bring tapering closer to the December meeting.
Supports 1.3410 1.3385 1.3360 | Resistance 1.3450 1.3490 1.3530
Supports 100.20 99.85 99.50 | Resistance 101.00 101.55 102.00
Supports 1.6050 1.5980 1.5850 | Resistance 1.6105 1.6145 1.6185
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