Trading news

Daily Forex Preview – 02/12

The Greenback was weaker during yesterday’s trading session, with the EURUSD, GBPUSD gaining as well as Gold and Crude oil managing to stage a modest rally. Gold futures particularly closed higher, as much as 2% for the day, despite the weekend Swiss referendum for Gold being rejected. Gold futures managed to climb back above the $1200 handle.

The Eurozone manufacturing PMI’s were released and were broadly mixed. German PMI manufacturing in particular was weaker, slipping below the 50 level of the PMI index indicating contraction and fuelling concerns of a continued slowdown in the German economy. The Euro however shrugged off the weaker fundamentals ahead of the ECB meeting this Thursday.

With Crude Oil prices managing to stage a modest rally, the Oil proxy currencies, namely the Canadian Dollar and the Norwegian Krone managed to gain some strength, with both the pairs seeking out modest gains. That wasn’t the case with the Russian Ruble as it weakened further by close to 1% trading near 53 rubles to the Dollar and sparking concerns of a continued crisis in the Russian forex markets.

Earlier today, the Reserve Bank of Australia decided to hold its overnight cash rate unchanged at 2.5% with the RBA monetary policy statement not wavering too far away from the usual rhetoric.

Today’s economic data is relatively light during the European session with the UK construction PMI. A speech by Fed Chair, Janet Yellen is scheduled during the US trading session.

Fundamentals Recap – December 1, 2014
• China manufacturing PMI 50.3 vs. 50.5
• HSBC Final manufacturing PMI 50 vs. 50 expectations
• Spanish manufacturing PMI rises above estimates to 54.7; Italian manufacturing PMI to falls to 49; German manufacturing PMI declined to 49.5 below estimates;
• Eurozone final manufacturing PMI softly weaker at 50.1
• UK Manufacturing PMI rises above estimates to 53.5
• US manufacturing PMI weaker at 54.8; ISM manufacturing PMI rises to 58.7 vs. 58
• Speech by FOMC member Dudley

Fundamentals – December 2 2014
• ANZ commodity prices m/m decline -1.6%, from -0.8% previously
• Australia building approvals m/m rises 11.4% above estimates
• Japan average cash earnings y/y falls to 0.5% below 0.8% estimates
• RBA cash rate unchanged at 2.5%
• UK construction PMI to be soft at 61.1
• Eurozone PPI m/m to decline -0.3%; PPI y/y to decline -1.3%
• Speeches by Janet Yellen and Fischer
• US construction spending m/m to rise 0.6%

Tuesday, 02 Dec, 2014 / 6:45

Source : https://www.orbex.com/blog/

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