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- Nov, 19 U.K. Budget Deficit Remains At Concerning Levels
- Nov, 18 Canadian Inflation Postive For First Time In Five Months, Will BoC Remain On Hold?
- Nov, 17 A Rise in U.K. Inflation May Not Deter BoE From Additional QE
- Nov, 16 Euro-Zone Inflation Continues To Decline Leaving ECB on Hold
- Nov, 13 Euro-Zone Emerges From Reccesion Led By Germany, Broader Weakness Remains A Concern
- Nov, 12 European Industrial Production Gains For Fifth Month, But Shows Signs Of Slowing
- Nov, 11 U.K. Labor Market Improving, But BoE Remains On Alert With Recovery On Hard Path
- Nov, 10 German Investor Confidence Drops As Stimulus Efforts Come To An End
- Nov, 09 German Output and Exports Surge Fueling Optimism For Recovery
- Nov, 06 Swiss Unemployment rises to 4.0%, While Canadaian Employers Shed 43,200 Jobs
- Nov, 05 ECB, BoE Remain On Hold But Sees Signs Of Improvement
- Nov, 02 U.K. Manufacturing Unexpectedly Expanded Casting Doubt On BoE’s Direction
- Oct, 30 EZ Inflation Remains Subdued, Keeping ECB on Hold.
- Oct, 29 An Improving German Labor Market Fuels Euro-Zone Confidence
- Oct, 28 Australian Inflation Remains Subdued Casting Doubt on RBA Rate Hike
- Oct, 27 U.K. Consumer Consumption Expected To Rebound, Will BoE Remain On Hold?
- Oct, 26 German Consumer Confidence Weakens in November, Ex-BoE Member Blanchflower Sees Room For Further Easing
- Oct, 23 Euro-Zone Business Activity and Confidence Rises, Putting The ECB On Alert
- Oct, 22 Flat U.K. Retail Sales Raises Growth Questions
- Oct, 21 BoE Minutues Point Toward Possible Policy Change In November
The U.K. PMI service gauge rose to 56.9, its highest level since August, 2007. Economists had predicted an improvement to 55.5 from 55.3 in September. A rise in new business to 55.4 from 54.0 led to the improvement and is an encouraging sign for future growth.
Fundamental Headlines
• World's Oil Thirst Expected to Ease – Wall Street Journal
• ECB to Resist Tightening – Wall Street Journal
• World Bank raises east Asia growth forecast – Financial Times
• Stocks, Gold Rally as Dollar Drops on Speculation Fed Will Keep Rates Low – Bloomberg
• Bernanke Tries to Acknowledge Rebound Without Foreshadowing Rate Increase -Bloomberg
EUR/USD – Euro-zone producer prices in September declined 7.7% from a year ago which was in line with expectations and lower from -7.5% the month prior. A 17.6% drop in energy costs on an annual basis led to the month straight month of declining prices. The lack of consumer demand has forced companies to continue slashing prices which led to a 0.4% decline in prices over the month of September. Durable consumer goods fell for a third straight month by 0.1% which led to a flat core reading. As long as inflationary pressure remain subdued the ECB will be able to maintain their accommodative monetary policy. The central bank is expected to keep rate s on hold at tomorrow’s policy meeting despite signs that growth is emerging.
GBP/USD – The U.K. PMI service gauge rose to 56.9, its highest level since August, 2007. Economists had predicted an improvement to 55.5 from 55.3 in September. A rise in new business to 55.4 from 54.0 led to the improvement and is an encouraging sign for future growth. The service sector accounts for close to 70% of overall GDP and a U.K. recovery will be dependent on its continued expansion. The BoE will vote tomorrow on whether to change their benchmark interest rate and the future of their asset purchase program. Although the central bank will almost certainly keep rates on hold there is much debate on whether they will continue their quantitative easing efforts.
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