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Market Vibrations: News and Commentary from the Europe Desk (1110 GMT)

Market Vibrations: News and Commentary from the Europe Desk (1110 GMT)

2012-02-03 06:15:00
Research, Research Team
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1110 GMT: German FinMin spokesman says Monday Euro group meeting is "not yet on our radar." Also, Merkel's popularity has recently soared to a two-year high, according to a new poll. Iranian leaders are upping their rhetoric with Supreme Leader saying Iran will "respond" to oil, military threats.

1017 GMT: Notwishtanding a strong Jan PMI services just now (56.0 vs. 53.3 exp.), the UK economy continues to look bad with the NIESR noting that the current depression (output below pre-crisis levels) has outlasted the Great Depression. The market remains poised for US NFTs later on which could be a market mover. EURUSD caught a breeze from UK PMI services and jumped to 1.3173 although ATR is still low. Eleswhere, FTSE and DAX are up some 0.4%.

0915 GMT: European PMI services are in with mixed results, with France coming in better than expected and Germany and Italy a bit worse. EC coming in pretty much as expected (actual, expectation, previous):

Market_Vibrations_body_BOE.jpg, Market Vibrations: News and Commentary from the Europe Desk (1110 GMT)

0645 GMT: Markets didn't move much during the Asian session with the Euro now by 1.3143. Markets are poised for the all-important US non-farm payroll indicator due out later today with the expectation being a 140K increase. Services PMIs are due out of Europe today as well as Italian inflation numbers. Asian session highlights included a downgrade of UK growth expectations by NIESR, as well as HSBC Chinese PMI services holding steady at 52.5. Official Chinese PMI came in at 52.9 in January, down from 56.0 in a sign that the Asian giant is starting to feel the demand crunch around the world.

Market Vibrations is a new DailyFX feature which follows the European trading session with real-time updates and breaking news and analysis. It is updated regularly, so check back for the latest FX developments.

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

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