Good afternoon #traders, The #IronFX Big Picture for Today: • The yen has recently risen as a safe-haven alternative to the #USD and upside for the #Japanese #currency could be seen again if the #Federal Reserve delays #tapering. A stronger yen depressed Japanese #stocks on Friday. Japan’s consumer prices rose in September from a year earlier for a fourth straight month, rising at nearly the fastest pace in almost five years. The #dollar remained under pressure. US initial #jobless claims declined by 12,000 to a seasonally adjusted 350,000. #Analysts had expected a fall of 22,000. The US trade deficit widened less than expected in August, but this did not boost the currency. The #euro was steady and not far from a two-year high against dollar despite Thursdays unexpected declines in #Eurozone PMIs, which showed that the pace of growth in euro zone business unexpectedly eased this month. The Canadian dollar slid to a two-week low on Thursday after a policy shift by the countrys Central Bank. The Australian dollar was down after an earlier boost from #Chinese manufacturing data. Concerns about the rising money market rates in #China may weigh on the Australian currency. #Gold is set to end higher for a second straight week amid expectations that the Federal Reserve will maintain its stimulus program for longer. • The main event in Europe today is the Ifo survey for October. The business climate index is expected to rise to 108.0 from 107.7 in September. The current assessment index is forecast to remain unchanged at 111.4, while the expectations index is estimated to be up to 104.5 from a previous reading of 104.2. Positive sentiment in the Eurozone’s largest economy may boost EUD/USD even more. At the same time we have Italian retail sales for August and Eurozone M3 for September. Italian retail sales are expected to have remained unchanged on a mom basis after a decline of -0.3% mom in July. This will bring the yoy rate down to -2.3% from -0.9%. Eurozone M3 is expected to continue accelerating to 2.4% yoy from 2.3% yoy, keeping the M3 3-month moving average at 2.3%. • In #UK, the focus will be on the advance Q3 #GDP release. Output is expected to rise 0.8% qoq, an acceleration from 0.7% in Q2, while the yoy rate is expected to be 1.5%, up from 1.3%. Later in the day, US durable goods orders for September are coming out. The headline figure is expected to accelerate to 2.2% mom from 0.1% in August. The ex-transportation release is forecast to be up by 0.5% mom, a turnaround from -0.1% in August. University of Michigan will release its final report on consumer sentiment in October which is expected to slightly fall to 75.0 from the initial estimate of 75.2. #Wholesale inventories for August are forecast to have risen by 0.3% mom, an acceleration from an increase of 0.1% mom in July. Join us to get more #IronFX daily analysis: bit.ly/1aqAsOw
Posted on: Fri, 25 Oct 2013 06:35:30 +0000
Trending Topics
Recently Viewed Topics
© 2015