Weekly Sentiment Paper Distributed by: One Financial

For the Week of: 10/19 through 10/25 Written by: Andrei Wogen
Email: nance.wogen@gmail.com
Week in Review 2
Australian Dollar 2
New Zealand Dollar 4
Japanese Yen 5
China Renminbi; Onshore, Yuan 6
Euro Area: Euro 8
British Pound 10
Canadian Dollar 12
United States Dollar 13
Order Levels 15
Week in Review
Australian Dollar
Overall View
Overall sentiment for the Australian Dollar now is neutral. The main reason for this has
to do with the RBA. They are currently in neutral stance and seem comfortable with that at this
point. Because of this data, general movements in other currencies and global asset moves is
US Retail Sales lower than expected reigniting global growth worries as the US consumer
looks weaker than some thought
United Kingdom ination falls again for the month of September giving yet more signs of
a world-wide deation-like scenario taking form
German and European sentiment drops again for September
China Ination also falls for September
The number of unemployed in the UK fell less than expected though the unemployment
rate dropped, against expectations, and wages rose; both positive signs
Italy and France ination also weakens for September while Euro Zone and German CPI
data come in same as previous
Fed Speaker Bullard (a known hawk) surprises most by saying that he would support a
pause in exiting QE; quite a dovish statement showing that the Fed as a whole may be
slower than some think in raising rates
New Zealand milk prices get a bounce after several months of declines; however the
picture still looks bleak especially for farmers
Ebola becoming more of a focus for markets as economic growth implications are the main
theme of the concerns (though the actual and potential loss of human life is the main
concern of all)
Canadian Ination data
what is driving the AUD right now and this can and has changed on a week-to-week basis.
Right now with global growth worries the AUD is continuing to weaken. As for domestic data,
this continues to be mixed to weak as well. The employment sector continues to be weak
which includes wages. The mining sector continues to decline and the non-mining sector is
having trouble achieving adequate growth to help support the overall economy as the mining
industry has done in the past. Because of what is going on I expect the RBA to continue to
remain neutral and to even become more dovish as global growth continues to slow causing
them to give increased downward expectations in terms of growth and ination. The one wild
card though is what they do about the housing market, which the RBA has voiced increasing
concerns about recently.
Last Week in Review
Last week there were three key releases.. First was NABs Business Condence which fell
for September showing deteriorating business conditions. Consumer Condence numbers
though were better than previous but overall consumer sentiment continues to remain weak
and fragile for the consumer in Australia after its big fall occurred in response to the
governments latest budget. Speaking of the budget too, Australias Treasurer recently
commented that due to lower commodity prices and lower wages, growth would likely be
lower going forward which could likely prompt the government to make more spending cuts in
order to meet its decit target which would therefore cause another hit to consumer condence.
A hit to consumer condence would mean most likely even lower growth going forward too.
The other data of note last week was Consumer ination expectations which came in lower than
previous showing a dip in expectations from consumers for higher prices going forward and
continuing the decline in these expectations seen over the past few months. Since about May of
this year. Overall though, as mentioned, global growth worries continued to hamper the AUD
and caused it to move lower last week.
The Week Ahead and Other Thoughts
This week focus will be on third quarter ination data due on Tuesday. Year-over-year
ination has been climbing steadily over the past few months; for almost a year straight in fact.
However if recent ination data from other regions of the world are any indication, ination in
Australia will also likely show weakness going forward now. Other important data will be
NABs quarter-three business condence numbers which will likely show weakness given last
weeks business condence surveys for September. This business sentiment survey is for the
whole of the third quarter. The other thing of note will be RBA meeting minutes being released
on Monday. There is a good chance in my opinion for a change in their tone in relation to not
only Chinas economic conditions but also in overall global growth. So in reality I expect that
the minutes will be a bit more dovish that last months minutes. Global growth concerns or lack
there of will continue to be a main driver of the AUD going forward.
New Zealand Dollar
Overall View
Overall sentiment for the New Zealand Dollar is neutral negative/negative right now as
the currency continues to be sold off. This sell-off right now is driven mainly by continued
lower milk prices, a more neutral RBNZ that is happy to leave rates alone for now after raising
them during the beginning of the year, recent conrmation of RBNZ intervention in the NZD
market to bring the currency down and due to continued global growth worries. Other
concerns are surfacing too which include some weakness in the real estate sector as house prices
have begun to fall some. As for the milk prices again, the lower milk prices go the lower buying
power farmers will have going forward which I expect will put a damper on consumer
condence and spending thereby lowering overall growth in New Zealand. However, beneath
these worries there are bright spots which include overall robust growth, as seen by recent GDP
numbers, rising immigration and a jobs sector that remains strong overall. Also New Zealands
Manufacturing sector and Industrial sector remain strong overall according to the latest data
while the consumer remains strong overall right now too as retail sales continue to be strong.
Last Week in Review
Data from last week continued to show strength in the manufacturing sector as it rose for
the fourth month in a row in September. The components were strong too. New Orders rose,
employment rose and deliveries came in at their highest reading since July of 2013. Finish stock
also rose and came in at its highest level since the survey began in 2002. Production was the one
point of weakness in the overall data though only falling by a point. Overall then the New
Zealand manufacturing sector seems to be doing well in part aided by a weaker New Zealand
Dollar which has fallen in recent months. The other key data for the week was Milk price data
which showed a bounce in prices after several consecutive releases of declines. This gave some
relief Im sure to not only New Zealand Dollar bulls but also farmers in general. However
estimates for full-year payouts to milk farmers continue to be revised lower with yet another
bank doing so this past week. Overall then this bounce in prices last week does nothing to
change the overall picture. Other data last week as house price data which showed a drop in
prices from last release. This continues to point to a slowing in the housing market in New
Zealand. Also food price index numbers showed a decline into negative territory, driven lower
mostly by dairy prices. But as is the case with the Australian Dollar, the Kiwi continues to be
driven lower right now by global growth worries and now a re-pricing of Fed rate expectations
both things I believe will continue to drive the currency one way or the other for the time being.
The Week Ahead and Other Thoughts
Ination data for the third quarter being released on Wednesday will be the key data for
the week from New Zealand. Year-over-year ination data for the country has been steady over
the past few quarters, but not rising. If we do get a decent uptick in ination this week that will
likely pull forward expectations of additional rate hikes coming from the RBNZ and sooner
than expected too. But, same with the point I made when talking about Australias ination data
this week, if the rest of the worlds ination data is any indication I am not very optimistic that
we will see a good number from New Zealand this week. The pieces of data will be Trade
Balance data for September including exports and imports. The latter tow will give indication of
global and domestic demand respectively and at least with the former, the indication I am
thinking will not be very positive. One point too that helps support my downward expectations
for the exports portion of the Trade Balance data is the fact that China reported a negative
reading in imports from New Zealand during their Trade Balance data, which came out last
week. So basically, the demand for New Zealand products has declined it would seem from its
biggest trading partner, of course being China. The other piece of data that is important, in not
only my view but in the view of the RBNZ, will be visitor arrivals data. The RBNZ looks at this
as a leading indicator of sorts of future consumer demand and therefore ination possibilities.
The number of arrivals has been dropping though in past months and so there is some
downside risk to this release in my view.
Japanese Yen
Overall View
Sentiment for the Japanese Yen continues to be Neutral to Negative. The main drivers of
this sentiment right now include a weakening domestic economy, and expectations of further
easing going forward by the BoJ as well as due to better developments in other regions of the
world, namely the US. Other things driving the neutral side of sentiment include a fairly
neutral and optimistic BoJ that continues to see growth improving in Japan going forward. But
the negatives still weigh overall including weak overall growth, as seen by recent dismal GDP
numbers, a weakening consumer as well as a struggling Services sector and weak industrial
production. So overall the story is pretty bleak for Japan and expectations from the market for
Japan going forward are not very good either. However recent developments around the world
have given the Yen a boost versus many of its counterparts. But the underlying picture of the
Yen is still very negative for the Yen due to domestic developments that continue to get worse.
Last Week in Review
Last week Industrial production and Capacity Utilization numbers, the two most
important releases for the week, both came in weaker than previous readings. With the BoJ
recently voicing their concerns about the weakness of the industrial sector in particular, this
continued weakness is surely grabbing their attention and could be part of the reason they
decide to add to their QE amount they are doing, which I still expect they will have to do. Other
than that for data, Money Supply came in same as previous and Domestic Corporate Goods
Price Index for September came in lower than expected and previous for year-over-year but a
bit better than previous fro month-over-month data. This data set is of particular interest to me
as it measures the cost of goods that domestic companies pay for goods. This is a good rst
indicator for the overall ination level of Japan and points to more possible weakness in
ination overall for Japan. But we will have to wait a few weeks yet to nd out for sure. Other
than that though at this point, the Yen is moving more based on developments elsewhere in the
world, particularly in the Euro Zone and China but also in relation to ebola scares.
The Week Ahead and Other Thoughts
Trade balance data for September, released on Tuesday, will be released this week along
with exports and imports data. Both exports and imports continue to be weak and so any more
weakness will be taken noticed of but also just reinforce the whole weak growth story of Japan.
Also, Manufacturing Purchasing Manager Index (Manufacturing PMI) number will be released
for October on Wednesday. Also on Monday, All Industry Activity numbers will be released.
Overall though most movements for now will likely be due to developments elsewhere.
China Renminbi; Onshore, Yuan
Overall View
Since the Yuan is controlled by the PBoC at this point in time, it is easier to talk about the
sentiment surrounding China as a whole. So as for the country, sentiment is currently negative-
neutral. Main drivers of this negative sentiment continue to be an overall weak economy, as
seen recently in manufacturing and services PMI data, lower house prices, and overall slower
growth as China implements reforms to move the country to a more market-orientated one. As
for the neutral side, the main driver of this sentiment is current expectations of further easing by
the Chinese govt and PBoC in light of recent weak economic data, even though they did ease
some recently. Other concerns adding to the negative sentiment include a frothy real estate
market, despite prices going lower recently and due to a loan industry that is getting out of
hand somewhat, especially in the shadow banking industry (though this has been reigned in
some recently) as well as now even lower and continued falling ination.
Last Week in Review
Last week the big data was ination data which came in worse than expected while PPI
numbers also came in weaker than expected and previous. As for ination, this continues to
move lower and is now sitting far below the PBoCs 3.5% target level. However the easing
methods the Bank has pushed through are doing little if anything to spur ination and growth
higher. In terms of easing measures last week, the PBoC cut the 14-day repo rate to ease
nancing for small companies and injected 200 billion Yuan into regional banks. This cut in the
repo rate is the second of its kind in the last month alone. Now too the market is beginning to
price in a rate cut by the PBoC as seen by the swaps market which fell below Chinas main
interest rate for the rst time since 2012. Another data release of interest last week was Trade
Balance data for September which showed a sizable rise in imports and a good increase in
imports. As for the imports, this is an encouraging sign as it may mean that the Chinese
consumer is gaining strength. However a fall in the amount of imports from New Zealand tells
me that the consumer is still strained. As for exports.now this is a different story. At rst the
number seemed to be very good; up over 15% for the month of September. However a deeper
look into the numbers showed some interesting explanations for the rise in the exports. Exports
to Hong Kong rose 34% for September and the big part of this number is is the exports of
precious metals which have been at the center of dodgy invoicing in the past. This 34% rise in
exports even surpasses the amount exported to the US and this is part of the reason why
analysts (and myself included) are doubting this number. Plus, with protests going on in Hong
Kong through part of the month of September, I personally highly doubt there would be reason
or the need for more goods in Hong Kong, especially at an increase at that level. So we will see
what happens with this but if this is false reporting again, it once again points to a rather shady
picture of just how well (or not is more likely) China is doing. One of the ways though that
some analyze China to get a more accurate picture of how Chinas economy is doing is via
power consumption numbers which for September came in better than Augusts but was the
second worst performance in 18 months. However one encouraging sign is that usage by light
and heavy industry increased by a good amount from previous months data. But overall this
may be pointing to lower growth for China. Other data from China last week was new loans for
September which continued to improve after a sharp drop a couple of months ago while
Foreign Direct Investment continued to print in negative territory but slightly better than
previous. Other news was of new massive railroad projects to help boost investments in the
country. Time will tell really if these measures will actually work but in my humble opinion, all
this easing is just making the crash that is coming a whole lot worse.
The Week Ahead and Other Thoughts:
Third quarter GDP will be in focus this week; released on Monday. Expectations are for a
lower number than second quarter GDP showed us and rightly so in my opinion. The real risk
here though is for the GDP number to be lower than even expectations at this point and in my
opinion the chances for this to happen are better than chances for a better number. Chinas
economy has been quite weak recently and with global growth also falling quite a bit, this has
indeed put negative pressure on overall growth in China. Also on Monday, Retail Sales data and
Urban Investment for September will be released both with bearish expectations when
compared with previous results. One bright spot in terms of expectations for important data
releases from China this week comes in the form of Industrial production also being released on
Monday. A busy Monday for China. The other data piece of interest will be HSBC
Manufacturing PMI numbers on Wednesday and House Price Index on Thursday. The latter I
am expecting will show more weakness in housing prices. Overall though the key release will
be GDP and could spark another rout of selling or a relief rally across the globe depending on
the result.
Euro Area: Euro
Overall View
Sentiment for the Euro is currently and fully negative. The main driving themes of this
negative sentiment are a dovish ECB that has now eased policy further during their September
meeting, weak and falling Euro Zone growth (particularly in countries like Germany and
France) and continuing falling ination. Other themes in the background that continue to feed
that negative sentiment include high unemployment, weak political structures, weak
consumption, weak loan growth, high debt-to-GDP and weak business investment which has
led to, in part, that high unemployment already mentioned. Another thing that is helping to
feed this negative sentiment are the current sanctions put against Russia in light of their
involvement in the conict continuing in Ukraine have caused and are expected to continue to
cause weak growth across the Euro Zone. Overall then the picture is quite bleak. There is one
upside risk to the Euro though at this point and that is with the fact that the Euro, due to its
now very low interest rates that are attached to it, has become a funding currency for carry
trades. What this means is that, particularly in times of stress (risk-off), the Euro will likely get a
bid as investors move their money to the Euro in order to keep it in a safe place during these
high-risk times. Because of this too, its downside could very well be limited going forward.
Last Week in Review
Last week German and Euro Zone sentiment surveys were the key releases and once
again showed weakness in these data sets yet again. German Sentiment numbers came in at
negative territory, the rst time since November of 2012. The other release of importance was
Euro Zone Industrial production which came in lower than expected and into negative territory
again while CPI data from Euro Zone and Germany came in as expected overall. We also heard
from ECB President Draghi, twice this past week, but both messages were of nothing new.
Other data for the week was Spain and France nal September CPI numbers, the latter coming
in a bit below expectations for month-over-month data and Euro Zone Trade Balance data
which came in better than expected. Other than that we heard from several ECB members who,
for the most part, stayed to script. The haircut on Greek bonds were also reduced last week by
the ECB a sign that Greece has likely turned a corner as their debt is now cheaper to trade in the
markets with lower margin requirements. The other development during the week was from
Catalonia which turned 180 degrees again and decided that they will now NOT be holding their
independence vote on November ninth. They will instead be holding a Consultation of
Citizens on November 9th but the vote will have no real legal standing it will be a clear
statement of the wishes of Catalonians and will be a sort of bargaining chip for whatever they
decide to do in the future. Overall though growth worries is still the name of the game. ECB
member Nowotny said they may even have to revise Euro Zone 2015 GDP forecast down from
1.6% due most likely to the crisis in Ukraine continuing to put pressure on the economy. In
regards to the Ukraine crisis a meeting occurred last week between Ukraine President
Poroshenko, Russian President Putin, German Chancellor Merkel and France President
Hollande. Overall though the tone of disagreement continued particularly in regards to
Ukraines sovereignty.
The Week Ahead and Other Thoughts
This week things are quiet in terms of the amount of important data from the Euro Zone.
The most important this week will be Preliminary Manufacturing and Services PMI numbers
for October for Germany, France and the Euro Zone on Thursday. Expectations are looking
weak yet again which I continue to agree with mostly though in my mind there will likely be a
bounce soon in these numbers, particularly form Germany. But whether that is this month or
not, we will have to wait and see. We will also have, on Friday, GfK Consumer Condence
numbers which have downward expectations as well. The other release for the week that I think
will garner some interest, if not this week then over a longer term, are Italy retail sales data (and
for the longer term, retail sales data overall). A couple of weeks ago we had some encouraging
signs in terms of retail spending come from Germany and Euro Zone in particular. This is
interesting to me in that since there appears to be a deation-like scenario forming in the Euro
Zone, retail sales should be falling overall as consumers put off purchases in expectations of
lower prices. However, looking at the year-over-year Euro Zone data in particular, retail sales
has been on a pretty steady up trend since the rst couple of months this year. Germanys
equivalent data has not been so optimistic as it has been falling. As for month-over-month data
from both this continues to be rather choppy but has been showing some improvements over
the past couple of months. The point of the matter is, if retail sales continue to improve, this
could very likely sooth worries about deation.
British Pound
Main Longer-Term Themes
Current sentiment of the British Pound is neutral to negative. Overall it is doing good but
has slowed in the past few months. Also worries continue over ination that continues to move
lower over the past few months and wages that still remain low with both, particularly the
latter, being a concern of the BoE and this has pushed the Pound lower recently. Neutral
sentiment is driven by a fairly decent economy, though as mentioned already has been weaker
in recent months. The neutral story is also being driven by rate hike expectations that continue
to be that the BoE will raise rates by the end of the rst half of next year. Recent minutes showed
two dissenters within the BoE who have voted for rate hikes and so will only be a bit of time yet
before members move in that direction and the majority see a need for higher rates. Overall
though, the Pound will now continue to be driven by the lower wage growth and ination both
which will still put pressure on the Pound going forward as well as lower growth now and so
therefore the main sentiment of the Pound continues to remain more in the negative territory.
Last Week in Review
Last week, September ination data was the key release and is what showed, yet again,
falling prices in the UK as the trend lower continues. Both year-over-year and month-over-
month came in good amount lower than expected and previous with month-over-month
coming in at zero percent. This lower ination will most likely push the BoE back even further
in terms of when they will ultimately be raising rates. The main contributors to the fall in prices
came from transports, restaurants, and hotels and recreation and culture which to me is a pretty
good sign that these lower prices in this ination release were due to companies in these sectors
trying to encourage demand not just competition orientated. Supporting this idea too was the
BRC Retail Sales monitor numbers which measures the change in the actual value of retail sales
from different companies, fell into negative territory for September. One encouraging sign in the
data though was that demand for big ticket items continues to be strong with furniture
outperforming everything. The other data release last week of importance, and which showed
some encouraging signs, was the Claimant Count and wage data for September. Now, the
Claimant count (the number of employed in the UK) fell less than expected. However the
unemployment rate fell more than expected and wage growth rose. This included wages ex-
bonuses. This is an encouraging sign though is small in the overall weakness of wages in the UK
so something to continue to keep an eye on though more for analyzing potential future
consumer demand rather than for when the BoE might raise rates as they recently indicated that
a lack of wage growth would not stop them from raising rates when the time comes for them to
do so.
The Week Ahead and Other Thoughts
This week the BoE meeting minutes for their September meeting will be released with
close watch b the market. The minutes have been getting more hawkish overall though over the
past minutes or two they have taken a step back in that tone in light of some weaker domestic
data and due to geopolitical growth risks around the world. So interest will be on the tone of the
meeting minutes as well as any new movements in the views of the BoE members in terms of
their vote on rates. The other important piece of data this week for the GBP, and maybe even
more important than the BoE meeting minutes as those are more backwards looking, is the
preliminary reading of GDP for the third quarter. Expectations are for a lower reading from the
second quarter and this is what I expect too given the weakness in the overall growth seen in
the UK over the past few months. Other key data will include Retail sales data on Thursday and
House price data on Sunday as well as Services PMI data on Friday. Events this week though
could very well set the tone for the Pound going forward for a while so denitely interest
should be given to them.
Canadian Dollar
Overall View
Overall the current sentiment for the Canadian Dollar is neutral to negative. The economy
continues to remain weak with both the consumer and businesses remaining weak in spending
and investment respectively. Oil is also putting a strain on the economy as lower prices hurt
prots that would otherwise be obtained by oil producing companies in Canada. Lower oil
prices are also causing the Loonie to fall. The housing sector is the one bright spot with prices
continuing to rise and demand continuing to be good. However housing continues to be a
concern by the central bank though as long as rates stay low (and minus any drastic measures to
help cool it) the housing market is destined to continue to be strong with prices also likely to
continue increasing. The employment sector is also weak and the central bank continues to
strike a neutral to slightly dovish tone on the economy and ination. Speaking of ination, this
is the one of the few bright spots of the economy though the central bank has also been negative
about this saying the numbers are just noise. As for overall growth numbers, these continue to
be mixed as quarter-over-quarter and year-over-year data remains strong while month-over-
month data has been weaker as of late. Overall then things remain weak for the Canadian
economy.
Last Week in Review
Ination data for the month of September was the key release last week for Canada.
Overall things came in as expected both the headline and the core. These numbers though were
lower than previous and so takes a bit of the pressure off the BoC (if there was any) to consider
their tone towards growth and in particular, ination outlook for Canada. With the country on
holiday during the rst part of the week though data out of Canada was sparse.
The Week Ahead and Other Thoughts
This week the Bank of Canada meeting will be the key event for the Loonie. Overall I see
some risks for a more dovish statement as oil prices, a key part of Canadas economy, continue
to move lower. It will also be interesting to see what they have to say about the employment
sector after recent data showed more than expected strength. The Bank will also be releasing
their Monetary Policy Report which will show their assessment of the economic conditions in
Canada and indicates a new scal policy so the tone of this will be watched closely. Following
all of this, the BoC will hold their press conference as well. So an important week for the Bank of
Canada and CAD traders alike. The other thing though to continue to watch is the performance
of the oil markets. It may be that the oil market has gotten ahead of itself in the move lower it
has had recently and so a bounce is likely in order which would help support the CAD for a bit.
But I expect that the medium-to-longer term trend in oil is still lower and so it will likely be in
the CAD.
United States Dollar
Overall View
The overall sentiment for the USD right now is neutral to slightly positive. The things
driving the slight positive sentiment include an overall strong and improving US economy,
steady ination that is very close to the Feds target, expectations that the Fed will raise rates
soon, a slowly tightening Fed that is expected to get out of their QE program ofcially this
month, and deteriorating fundamentals in other major economies including Japan and the Euro
Zone. As for the economy, this has put a more neutral tone on the Dollar as this continues to
improve overall though there has been some weakness seen lately though so far this is not a
huge concern of the markets as the data has been strong overall and so the recent weakness has
been seen as a simple pullback. The other main thing that is driving the neutral sentiment is a
housing market that is currently slowing some in price and activity and a jobs market that is,
though on the surface quite good, continues to struggle underneath which could very likely
lead to weaker growth going forward for the US. Overall though things are quite fairly positive
for the USD right now though has taken a step back lately as Fed rate hike expectations have
been pulled back some and growth is weakening some.
Last Week in Review
Retail sales data last week came in lower than expected for the month of September
surprising markets a bit. This is a sign of more than expected weakness in the consumer right
now in the States and could be pointing to lower quarter three growth and lower holiday
spending, which would negatively impact quarter four growth. So something to watch as the
consumer strength, or lack there of, would also impact any Fed decisions going forward. Other
data last week as Initial jobless claims which fell to their lowest level since April of 2000.
Industrial Production and Capacity Utilization and Philly Fed Manufacturing survey numbers
all came in better than expected. So did housing starts and the UoM/Reuters Consumer
Sentiment number. As for negative data, there was the Retail sales data as already mentioned,
business inventories, the weekly Fed Redbook and building permits data. The big news of the
week though came in the form of moves in the USD as it fell by a pretty good amount overall.
This is due to Fed rate hike expectations being redone and re-thought of some as expectations
are being pushed back a bit in light of both recent data but also recent comments by Fed
ofcials. The two most interesting comments last week came from Bullard and Williams. Bullard
mentioned that he would consider holding off on getting fully out of QE if things continue to
weaken both domestically and globally. The second interesting comment came from Williams
who said he would consider doing QE again. Both these comments show me what I have
suspected for a while now; the Fed is in no hurry to raise rates and I think would rather pull
back those expectations than move expectations up for interest rate hikes. So things will be
watched closely both in economic conditions and what the Fed has to say. With the global
picture getting shakier which now appears to be negatively affecting the US some, these areas
will be focused on for any indication of what the Fed might or might not do in terms of rates.
The Week Ahead and Other Thoughts
This week ination data is due for September. Expectations are for a slightly better
number though in my opinion with recent low ination across the world overall, I think these
expectations are too optimistic. Whatever the number is though it will affect rate expectations,
puling them forward some or pushing them back further with the latter being at a greater risk
of occurring. Other data will be Existing Home sales on Tuesday and Housing Price index,
Manufacturing PMI, Initial Jobless claims and CB Leading indicator number all on Thursday.
Also on Friday new Home Sales will be on Friday. So a pretty good week for data with CPI
being the key release that has the most implications for Fed policy.
Order Levels
Currency Bids Offers
AUD/USD
EUR/JPY
EUR/USD
NZD/USD
GBP/JPY
GBP/USD
USD/JPY
USD/CAD
0.86400 0.89000
0.85400 0.88600
0.86700
134.00 141.30
135.00 139.20
135.70 138.00
1.26000 1.30000
1.25000 1.29000
1.22000
0.77800 0.80000
0.77000 0.81000
167.70 175.00
179.00
181.00
1.58500 1.62500
1.65300
1.64200
105.100 110.000
104.600 107.600
103.500
1.12000 1.14000
1.10600
1.0800