Analysis and Recommendations: The EUR/JPY was flat at 132.71 as the euro climbed on weakness in the US dollar. Chinese data is keeping the markets
The EUR/JPY was flat at 132.71 as the euro climbed on weakness in the US dollar. Chinese data is keeping the markets confused with the official Chinese manufacturing PMI remaining in contraction and missing expectations. The Private Caixin manufacturing PMI data printed higher than expected but also remained in contraction.
European Central Bank President Mario Draghi said in an interview published Saturday that it isn’t yet clear whether the central bank needs to embark on new measures to boost the eurozone economy at its next meeting.
The comments follow remarks he made earlier this month that experts said strongly hinted at an expansion of the central bank’s bond-buying program at its next meeting in early December.
In an interview with Italian newspaper Il Sole 24 Ore, which was published on the ECB’s website , Mr. Draghi still stressed downside risks to growth and inflation, saying that it would take longer than previously thought for inflation to get back to the central bank’s medium-term target of just below 2%.
Asian stocks slid on Monday after soft Chinese factory surveys stoked global growth concerns, while the dollar edged back against the safe-haven yen as risk appetite waned.
With most central banks except the U.S. Federal Reserve committed to an easing bias, focus now falls on this week’s run of U.S. data, including the all-important non-farm payrolls due on Friday, and how they could affect the Fed’s stance on hiking interest rates.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Today’s economic releases:
Cur. |
Event |
Actual |
Forecast |
Previous |
|||
AUD |
AIG Manufacturing Index (Oct) |
50.2 |
|
52.1 |
|
||
AUD |
Building Approvals (MoM) (Sep) |
2.2% |
2.0% |
-9.5% |
|||
CNY |
Caixin Manufacturing PMI (Oct) |
48.3 |
47.5 |
47.2 |
Upcoming Economic Events that you should be monitoring:
Tuesday, November 3, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
|
||
|
Japan – Culture Day |
||||||
AUD |
Interest Rate Decision (Nov) |
|
2.00% |
2.00% |
|
||
GBP |
Construction PMI (Oct) |
|
58.8 |
59.9 |
|
||
NZD |
GlobalDairyTrade Price Index |
|
|
-3.1% |
|
||
USD |
Factory Orders (MoM) (Sep) |
|
-0.9% |
-1.7% |
|
Government Bond Auctions
Date Time Country
Nov 03 10:10 Austria Holds RAGB bond sale
Nov 04 15:30 Sweden Announces details of Bond on 11 Nov
Nov 04 N/A Holland Announces details of Bond on 10 Nov
Nov 05 09:30 Spain Auctions Bonos
Nov 05 09:50 France Auctions OATs
Nov 05 10:03 Sweden Holds I/L bond auction