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Risk Appetite Higher Despite Impending Congressional Vote on a Syria Attack

Risk Appetite Higher Despite Impending Congressional Vote on a Syria Attack

2013-09-02 11:37:00
Benjamin Spier, Technical Strategist
  • Risk Appetite Higher Despite Impending Congressional Vote on a Syria Attack
  • European equities higher following PMI releases
  • Schaeuble releases comments on possible additional Greek aid

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Following a beat of expectations and a previous estimate for the respective UK and Euro-zone manufacturing PMI’s for August, risk appetite seems to be high in the markets, despite an impending US Congressional vote on an attack on Syria. The major European equity indexes are trading more than 1% higher in today’s trading, while the Kiwi and Aussie Dollar are each more than 1% stronger than the US Dollar in Forex markets.

The UK PMI for manufacturing set a new 2.5 year high and sent the Pound 40 pips higher against the US Dollar, while the slightly higher revision of the EZ manufacturing PMI failed to significantly move the Euro. Also announced in the UK, the Bank of England said the Funding for Lending Scheme provided 1.6 billion Pounds of net lending flows in the second quarter, up from the 1 billion Pound contraction in lending flows seen in the first quarter.

German Finance Minister Schaeuble spoke to lawmakers today about a possible future additional Greek bailout package. CDU’s Barthle reported that Schaeuble said that the funding gap is 4 to 4.5 billion Euros. However, Schaeuble told reporters following the briefing that the new aid needs can’t be estimated until mid-2014.

The US markets are closed today for Labor Day, and there are no major economic releases during the North American session. However, BoE Governor Carney will brief the press ahead of the G20 Summit at 11:30 GMT.

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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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