How to follow an uneventful day
Quote of the day: “Work hard, dream big!”
May 5th: Highlights
- Sterling up on PMI this morning
- Euro driven by counterparty movement
- Dollar down on disappointing jobs data
With little support, Sterling slid lower against the Euro, briefly moving below EUR1.26, and cable tested USD1.4450. Ahead of the referendum, the uncertainty (and poor domestic data) is driving increased volatility in Sterling currency pairs.
On the calendar this morning, we have had PMI Services. As Services account for 80% of the UK economy, the near miss (52.3 Vs. 53.5) has helped move the pound a little higher.
Eurozone PMI Services came in pretty much as expected (54.5 Vs 54.6) and the Euro was helped higher in the afternoon session when US jobs data disappointed. Chancellor Merkel commented that G7 needs structural, investment and policy reforms, which was taken as a fairly reasonable stance, once her advisors had talked her out of adding ‘and the moon on a stick’.
Despite the poor ADP jobs number (suggesting we might be in for weaker Non Farms Payroll data tomorrow) the USD still managed to post gains against GBP and JPY. The Dow Jones was sold off, largely in fear that the election is looking likely to produce either President Clinton or (deep breath) President Trump. Recent comments suggest that neither will be particularly good for Global trade.
Have a great day!
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