A raft of flash PMI releases from across the Euro area economies kicked-off with the French manufacturing and services sector activity reports. The French flash manufacturing PMI surprised positively, coming in at 56.7 in Oct vs. 56.0 expected and 56.1 last, while the services PMI also unexpectedly improved to 57.4 in the reported month vs.
NZD/GBP broke down last week, driven mostly by NZD factors as recent UK data has been firmer than expected, with Westpac’s data pulse model showing short term economic momentum running above average, explains Imre Speizer, Research Analyst at Westpac. Key Quotes “The UK event calendar highlight this week is Q3 GDP on Wed. Consensus is
Volume and open interest decreasing Rangebound likely ahead of ECB In light of CME Group’s preliminary figures for EUR futures markets, open interest decreased for the second straight session on Monday, this time by more than 2.6K contracts vs. Friday’s 446,288 contracts. Volume followed suit, down by more than 33K contracts, printing at the
According to Iris Pang, Economist at ING, there were two things to note on the closing of the 19th Congress: First, Xi Jinping Thoughts is approved in the Party’s revised charter, which strongly suggests that Xi Jinping has consolidated his power and second, Wang Qishan is no longer a member of the Politburo Standing Committee.
The NZD/EUR downtrend extended further last week, and could run to the 0.58 area during the weeks ahead, suggests Imre Speizer, Research Analyst at Westpac. Key Quotes “Catalonia rumbles on in the background, with Spanish equities sharply underperforming the Eurozone benchmark since the early Sep announcement of the referendum. But the common assumption seems to
With many investors still sidelined ahead of Thursday’s ECB meeting, futures led core yields lower yesterday, with the 10yr Bund giving back 2bp of Friday’s 6bp sell-off, notes the analysis team at ING. Key Quotes “10yr peripheral spreads were 2bp tighter, while Belgium performed out of the auctions to lead the modest tightening seen in
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