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Key events: US under spotlight and ADP - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Analysts at Westpac Banking Corporation explained that the Asian calendar is unlikely to impact markets but pointed to key events in the EZ and US shift.

    Key Quotes:

    "The Bank of Thailand is expected to remain on hold at 1.5%. We see China Oct services PMI, a low key release. USD/CNY closed local trade at 6.3366. Stronger USD/majors argues for a fixing above 6.34 but the recent ‘tweaks’ suggest a firmer yuan is a policy preference so something in the 6.3350/80 area would be consistent. This would still be up on Tuesday’s 6.3310.

    We also have the final reading on Oct Eurozone PMIs plus the only print of UK services PMI. The highlights of the US calendar are ADP employment change and ISM non-manufacturing.

    Consensus for ADP is +180k. Oct ISM non-manufacturing is expected at 56.5, supported by labour market gains and remaining above the manufacturing measure. Also on the calendar is Sep trade balance (-$41bn expected).

    The stronger US dollar is still material concern for exporters. Several Fed speakers are scheduled to speak, including Chair Yellen, but given her testimony is on bank regulation there should be little on monetary policy. Most eyes then should be on FOMC Vice Chair Dudley in the NY afternoon."
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