USD/JPY falls below 111.00 USD/JPY is approaching the lowest levels of the week. The pair is now down 60 pips on the day to 110.94. A close below 110.90 would trace out a minor three-day reversal in what could be the start of trouble for this pair.
US July factory orders and revisions to durable goods orders Durable goods orders revisions – July durable goods orders -1.7% vs -1.7% – Ex transportation +0.1% vs +0.2% prelim The revision to core orders is a solid sign but factory orders overall were on the soft side. Core orders have risen for four consecutive months in…
ISM non-manufacturing index – Prices paid 62.8 vs 63.4 prior – New orders 60.4 vs 57.0 prior – Employment 56.7 vs 56.1 prior — highest since January That’s two days in a row where the ISM and Markit numbers completely diverged.
Talks resume at 1 pm ET NAFTA negotiators are hoping to make a deal today or tomorrow. There hasn’t been any relevant news since late yesterday when there were some positive signs that a.
Markit August final services PMI The ISM non-manufacturing index is due at the top of the hour and this number adds a bit of downside risk. From Markit: “The survey data so far for Q3 signal annualised GDP growth of just under 3.0%. However, further momentum was lost in August, and the weakest rise in…
This market is unstoppable You wonder what the entire narrative would look like if US markets weren’t up 8% this year (and the NASDAQ up 16%)? You can argue that’s all about a tax cut.
Base case is that pound is fairly valued Goldman Sachs sees a 30% chance that Brexit negotiators fail to reach a deal and that’s a scenario that would send cable quickly to 1.15 and EUR/GBP to 1.00.
Canadian July building permits Note that the revision covered the miss in the most recent month. Data released earlier today from the Toronto Real Estate Board said sales were up 8.5% in August compared to the prior year and up 2% from July. August prices were up 4.7%.
Continuing claims 1707K vs 1720K expected The US initial jobless claims came in at 203K versus 213K expected. The prior week came in at 213K. ForexLive
Third quarter productivity data ForexLive