Good morning everyone, here are the #IronFX main points for today by Marshall Gittler: • Putin’s speech calms fears over Russian intervention in Ukraine – Says he sees no immediate need to invade Ukraine, but leaves open the possibility – Market declares “all clear” – Russian stocks recover half their losses, #RUB rebounds – Gold falls, US bond yields up, stocks hit record high, demonstrating “risk off” is over – #USD falls vs high-beta #NOK, #SEK, #AUD and #NZD; gains vs safe-haven #JPY and #CHF – EM currencies largely recover, especially Eastern European currencies • EUR/USD largely unchanged – Market may be worried about Thursday’s #ECB meeting, or perhaps USD has support from wider interest rate advantage over #EUR • Market to go back to worrying about data. I expect US data to improve as weather improves and for USD to gain as a result. • Today: service sector #PMIs, #ADP data – Eurozone: Final service-sector PMIs for France, Germany, Eurozone, plus final composite Eurozone PMI – UK: service-sector PMI expected to decline; #GBP-negative – US: Service-sector PMI expected to decline; ADP report forecast at 155k, about the same as market expectation for Friday’s non-farm payroll number. That could be USD-supportive Join us for more daily #Forex news: bit.ly/1aqAsOw
Posted on: Wed, 05 Mar 2014 06:45:08 +0000
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