Major Economic Data to keep an eye on:
Make sure to keep track of economic news related to your open positions.
By the time you read this morning review, there were some economic news coming out of Australia. Australian’s CPI came out and both YoY and CoC came higher than expected.
GBP – BBA Mortgage Approvals – 9:30 GMT
GBP – MPC Meeting Minutes – 9:30 GMT
USD – Import Price Index (MoM) – 13:30 GMT
USD – House Price Index (MoM+YoY) – 14:00 GMT
CAD – Interest Rate Decision – 15:00 GMT
EUR – Consumer Confidence – 15:00 GMT
CAD – BoC Monetary Policy Report – 15:30 GMT
USD – Crude Oil Inventories – 15:30 GMT
CAD – BoC Gov Poloz Speaks – 16:15 GMT
NZD – Trade Balance – 22:45 GMT
The S&P 500 (+0.6%) registered its fifth consecutive advance despite seeing some volatility during the first half of the session.
Equity indices opened in positive territory after the September nonfarm payrolls report missed expectations (148K actual, 183K Briefing.com consensus). While the disappointing report underscored the subpar condition of the labor market, participants did not appear too concerned with the news knowing the Federal Reserve has pledged to maintain its loose monetary policy until conditions improve notably.
The market’s response to the jobs report was a reflection of the belief that the Fed would not reduce the size of its asset purchases in the immediate term.
Asian markets lose much of their earlier gains, with strength in the yen weighing on Japanese stocks.
Fears of the Fed removing its easy-money policy resulted in a volatile summer for Asian markets, and nonfarm payrolls were watched intensely as a possible forecast of the central bank’s intentions. The worse-than-expected jobs reading overnight reinforces the idea that stimulus will remain unchanged until next year.
Although the region started the day higher, most markets lost much of their earlier gains to hang around the breakeven mark
The yen strengthened Wednesday, with the dollar last at ¥97.41, compared with ¥98.13 late Tuesday in New York. The firm currency weighed on the Nikkei , which fell 1.2%.
The U.S. dollar traded mixed against its major rivals during Wednesday’s Asian session as traders in the region digested a disappointing September jobs report out of the U.S.
In Asian trading Wednesday, EUR/USD was flat at 1.3782, which is still around two-year highs for the euro against the dollar. Later Wednesday, the European Commission delivers consumer sentiment data.
GBP/USD inched up 0.04% to 1.6244 after data showed that the U.K. public sector deficit narrowed to GBP11.1 billion in September from GBP12.1 billion in September 2012.
USD/CHF inched down 0.01% to 0.8948 while USD/CAD fell 0.02% to 1.0288.
Gold futures traded lower on Wednesday, giving back a portion of the hefty gains notched in the wake of disappointing monthly U.S. jobs numbers a day earlier.
In electronic trade, December gold gave up $3.80, or 0.3%, to $1,341.60 an ounce. Silver shed 10 cents, or 0.4%, to $22.69 an ounce.
Oil futures continued trading lower during Wednesday’s Asian, following a weak showing Tuesday at the hands of some disappointing data points.
On the New York Mercantile Exchange, Crude Oil futures for December delivery lost 0.11% to $98.19 per barrel in Asian trading Wednesday. The December contract settled lower by 1.38% at $98.30 per barrel on Tuesday.
