#Goodmorning from #IronFX Hope you have a great day! Here are the #IronFX main points for today by Marshall Gittler: • FOMC minutes give no new clues to Committee views – No material change since March meeting – No worries about inflation, no growth/inflation trade-off – Concerned about how to raise rates as much as when – US rates unchanged = no change to market’s view • China HSBC/Markit PMI for May rises more than expected – Up to 49.7 from 48.1 (expectation was only 48.3); now close to 50 line. – AUD and NZD benefit, as do commodities – My view: too early to see a convincing turnaround from the long-standing and deep problems in China. I would fade the rally, although momentum can continue today • Today: – Eurozone: Manufacturing and service-sector PMIs due out. Majority forecast to have declined, which could add to negative EUR sentiment – UK: 2nd estimate of Q1 GDP – US: Indicators expected to be good: Markit manufacturing PMI expected to rise, 4wk moving average of jobless claims expected to fall, and existing home sales expected up. Only Chicago Fed index forecast lower. Good news could support USD.
Posted on: Thu, 22 May 2014 05:42:42 +0000
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