The U.S. Commerce Department released construction spending data on Monday. Construction spending in the U.S. rose 0.1% in December, missing expectations for a 0.6% gain, after a 0.6% decrease in November. November’s figure was revised down from a 0.4%…
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FXStreet (Mumbai) – The Institute of Supply Management’s (ISM) manufacturing chairman Holocomb was on the wires stating the worst is not over yet and that new orders need to keep growing.
He added, “Slump in inventories having the most impact”. The headline ISM number bettered estimates, but stayed below 50.00, which indicates contraction of the activity in January.
Key points of the ISM report were
Purchasing managers index 48.2 Jan vs 48.0 Dec
Prices paid index 33.5 Jan vs 33.5 Dec (nsa)
New orders index 51.5 Jan vs 48.8 Dec
Employment index 45.9 Jan vs 48.0 Dec
Production index 50.2 Jan vs 49.9 Dec
Supplier delivery index 50.0 Jan vs 49.8 Dec
Order Backlog Index 43.0 Jan Vs 41.0 Dec (Nsa)
The Institute of Supply Management’s (ISM) manufacturing chairman Holocomb was on the wires stating the worst is not over yet and that new orders need to keep growing.
(Market News Provided by FXstreet)
Markit Economics released its final manufacturing purchasing managers’ index (PMI) for Greece on Monday. Greece’s manufacturing purchasing managers’ index (PMI) declined to 50.0 in January from 50.2 in December. Output and new orders rose in January, …
FXStreet (Guatemala) – James Knightley, analyst at ING Bank explained that US manufacturing ISM for January is a bit weaker than expected at 48.2 (consensus 48.4, previous 48.0) and marks the fourth straight sub-50 (contraction territory) outcome.
“However, the details are more encouraging with both production and new orders moving back above 50. The main weakness was in the employment component, which fell to 45.9 from 48.0 – the worst outcome since June 2009.
This suggests that the sector will be a drag on overall employment growth in Friday’s payrolls report and indicates the consensus is being a little optimistic in thinking that US manufacturing employment is only going to fall 2k. Indeed, we were seeing manufacturing employment fall by around 25-50k per month in 2009 when the ISM employment component was last at these sorts of levels. As a result, the overall payrolls consensus figure for Friday at 190k is looking a bit high too.”
James Knightley, analyst at ING Bank explained that US manufacturing ISM for January is a bit weaker than expected at 48.2 (consensus 48.4, previous 48.0) and marks the fourth straight sub-50 (contraction territory) outcome.
(Market News Provided by FXstreet)
FXStreet (Córdoba) – USD/CAD fell briefly below 1.4000 as the loonie strengthened slightly following Canadian manufacturing data, but quickly bounced back to the mid-1.40s zone.
USD/CAD slid to a session low of 1.3996 but failed to hold below the psychological level for long and climbed back to the 1.4050 area after mixed US PMIs reading. At time of writing, USD/CAD is trading at 1.4020
While RBC Canadian manufacturing PMI came in at 49.3 in January, separated data showed US Markit PMI dropped to 52.4 vs 52.7 expected. Meanwhile, the ISM manufacturing PMI came in line with expectations at 48.2.
USD/CAD levels to watch
As for technical levels, next supports are seen at 1.3946 (Jan 28 low), 1.3900 (psychological level) and 1.3869 (50-day SMA). On the flip side, immediate resistances could be found at 1.4061 (Feb 1 high), 1.4121 (Jan 28 high) and 1.4155 (Jan 27 high).
The European Central Bank (ECB) purchased €14.52 billion of government and agency bonds under its quantitative-easing program last week.
The ECB bought €1.68 billion of covered bonds, and €1.80 billion of asset-backed securities.
The European Central Bank (ECB) President Mario Draghi hinted at a press conference in January that the central bank may add further stimulus measures at its meeting in March as downside risks rose.
The Institute for Supply Management released its manufacturing purchasing managers’ index for the U.S. on Monday. The index rose to 48.2 in January from 48.0 in December. Analysts had expected the index to remain unchanged at 48.0. A reading above 50 …
A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from …
Markit Economics released its final manufacturing purchasing managers’ index (PMI) for the U.S. on Monday. The U.S. final manufacturing purchasing managers’ index (PMI) increased to 52.4 in January from 51.2 in December, down from the previous estimate…
FXStreet (Mumbai) – Dow Jones is carrying a report, which says Persian Gulf Arab states do not support emergency OPEC meeting. Comments from OPEC and non-OPEC members like Iran and Russia last week triggered hopes of a joint production cut. However, th…