China PMIs, US NFP eyed - Westpac

By FXstreet.com | July 31, 2014 AAA

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, review the day ahead, outlining the Chinese PMIs and the US Non-Farm Payrolls as the key events for Friday.

Key Quotes

"China’s official manufacturing PMI for July dominates the regional calendar (11am Syd/9am local). The median forecast is for only incremental further gain in the headline index, to 51.4 from 51.0 in June. This would be a high since Nov 2013 but is hardly a booming reading. This is the key release today but we will also see the final HSBC-sponsored version 45 minutes later expected to remain at 52.0. The Markit PMIs in other Asian nations are also due today, as are the UK and final European surveys."

"The cautiousness of FX trade in Thursday trade was probably due to the proximity of the US July employment report. The headline NFP number has beaten consensus for five straight months. Naturally this has seen consensus push higher, to 230k. Excluding the distortions of temporary census hiring, this is the most bullish forecast since Jan 2006. Westpac is on 200k. The separately surveyed unemployment rate is expected to hold steady at 6.1%."

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  4. GBP/USD Daily Outlook - September 19
    Investing

    GBP/USD Daily Outlook - September 19

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center