Global: Fed comments boost the dollar Rand: Driven by the dollar SA: Scaling back Local rates: Bonds under pressure Nigeria: Naira under fire What to watch today: • SA HSBC PMI (09h15) • Eurozone services PMI (11h00) • SA business confidence (11h30) • UK services PMI (11h30) • Eurozone retail sales (12h00) • Eurozone GDP (12h00) • US services PMI (16h45) • US Federal Reserve releases Beige Book (21h00) Global, currencies and commodities Focus has switched from the oil price to the dollar. Upbeat comments on the economy from various Fed officials have pushed the greenback stronger against almost all currencies. USD/ZAR has been caught up in the move, pushing through resistance at 11.10. EUR/ZAR is stable at 13.75. EXPECTATIONS: A marginal improvement at most is suggested for US indices at the commencement of the session and although the European region will deliver a raft of economic data today investors will still focus their attention on data out of the US. The ADP non-farm employment change report takes centre stage with investors focusing on unit labour costs. In addition the services PMI figure, which represents the most substantial proportion of the US economy, will be released. The ISM sub index for non-manufacturing employment will be a particularly importance to FOMC watchers.
Posted on: Wed, 03 Dec 2014 06:49:23 +0000