Eurozone Services PMIs Edge up, Awaiting UK, EU Sales
The yen and dollar are higher as risk trades are pared heading into US employment data and the weekend. The Australian dollar is lagging. Chinas services PMI fell in January in a tentative, but premature, sign of a cooling economy. Eurozone-wide and individual Eurozone services PMIs all edged higher. Awaiting UK services PMI. Latest Premium Intermarket Insights ahead of Canada and US jobs report are out.
The Chinese services PMI fell to 52.9 from 56.0 in December. The indicator isnt as closely followed as the manufacturing data but it will grow in importance as it builds a track record and the Chinese consumer gains more clout.
The predominant theme in the session appeared to be positioning and flows ahead of non-farm payrolls, uncertainty about a Greek PSI deal and the weakened.
Japanese Fin Min Azumi may have taken a small step toward yen intervention, saying speculative JPY buying has been increasing over the past week due to falling US yields. The market did not reflect the comments as the yen rallies into the Japanese weekend.
The Feds resident hawk Fisher delivered comments saying QE3 is not needed. Fisher is near retirement but his constant anti-inflation rhetoric is interesting in light of revelations that he holds more than $20 million in assets.
Eurozone services PMI at 50.4 from 48.8. Germany Jan services PMI rose to 53.7 from 52.4 in Dec. France Jan services PMI at 52.3 from 50.3. Italys services PMI edged up to 44.8 from 44.5
The UK services PMI, at 0930 GMT, is expected to declined slightly to 53.5 from 54.0.
At 1000 GMT, European retail sales are expected up 0.4% in December after a 0.8% fall in November.
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